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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
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Sponsor's memo
BILL NUMBER:S4126
Title of bill
An act to repeal subsection (i) of section 612 of the tax law relating to the elimination of the personal income tax deduction for percentage depletion
Purpose
To eliminate the addback for purposes of the New York State income tax for residents of the federal depletion allowance for mining-related businesses.
Summary of provisions
Section 1 of the bill would repeal subsection (i) of Section 612 of the tax law.
Section 2 specifies the effective date.
Justification
Chapter 1 of the laws of 1972 enacted a series of revenue proposals to address the State's fiscal crisis during an extraordinary session of the Legislature called by Governor Rockefeller Included in the enactments was a provision to require the add-back for purposes of the New York State personal income tax for residents the federal depletion allowance for mining related businesses The federal depletion allowance reflects the capital intensive nature of these businesses, and for over 40 years this industry has been denied the benefit of this reduction at the State level, Repeal would insure that those with mining operations would have an incentive to continue to be headquartered within New York.
Legislative history
2015-16 New Proposal
Fiscal implications
to be determined
Effective date
This act shall take apply to all taxable years beginning on or after January first, two thousand fifteen.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.