N.Y. GCT Law § 15 — New York Code / Act GCT / Article 2-D / Part 1-6 / Part 2 / Section 25-A-15
City itemized deduction of a resident individual
Status: in_force

§ 15. City itemized deduction of a resident individual.-- (a)\nGeneral.--If federal taxable income of a resident individual is\ndetermined by itemizing deductions from his federal adjusted gross\nincome, he may elect to deduct his city itemized deduction in lieu of\nhis city standard deduction. The city itemized deduction of a resident\nindividual means the total amount of his deductions from federal\nadjusted gross income, other than federal deductions for personal\nexemptions, as provided in the laws of the United States for the taxable\nyear, with the modifications specified in this section.\n  (b) Husband and wife.--(1) A husband and wife, both of whom are\nrequired to file returns under this local law, shall be allowed city\nitemized deductions only if both elect to take city itemized deductions.\n  (2) The total of the city itemized deductions of a husband and wife\nwhose federal taxable income is determined on a joint return, but whose\ncity taxable incomes are determined separately, may be taken by either\nor divided between them as they may elect.\n  (c) Modifications reducing federal itemized deductions.-- The total\namount of deductions from federal adjusted gross income shall be reduced\nby the amount of such federal deductions for:\n  (1) income taxes imposed by the city, this state or any other taxing\njurisdiction;\n  (2) interest on indebtedness incurred or continued to purchase or\ncarry obligations or securities the income from which is exempt from tax\nunder this local law; and\n  (3) ordinary and necessary expenses paid or incurred during the\ntaxable year for (A) the production or collection of income which is\nexempt from tax under this local law, or (B) the management,\nconservation or maintenance of property held for the production of such\nincome, and the amortizable bond premium for the taxable year on any\nbond the interest on which is exempt from tax under this local law.\n  (d) Modifications increasing federal itemized deductions.--The total\namount of deduction from federal adjusted gross income shall be\nincreased by:\n  (1) an amount, not exceeding one hundred fifty dollars in the\naggregate, for net premiums paid or incurred by a taxpayer during the\ntaxable year with respect to any life insurance or endowment policy upon\nhis life;\n  (2) interest on indebtedness incurred or continued to purchase or\ncarry obligations or securities the income from which is subject to tax\nunder this local law but exempt from federal income tax, to the extent\nthat such interest is not deductible for federal income tax purposes and\nis not subtracted from federal adjusted gross income pursuant to\nparagraph six of subdivision (c) of section twelve; and\n  (3) ordinary and necessary expenses paid or incurred during the\ntaxable year for (A) the production or collection of income which is\nsubject to tax under this local law but exempt from federal income tax,\nor (B) the management, conservation or maintenance of property held for\nthe production of such income, and the amortizable bond premium for the\ntaxable year on any bond the interest on which is subject to tax under\nthis local law but exempt from federal income tax, to the extent that\nsuch expenses and premiums are not deductible in determining federal\nadjusted gross income and are not subtracted from federal adjusted gross\nincome pursuant to paragraph seven of subdivision (c) of section twelve.\n  (e) Partners.-- The amounts of modifications under subdivision (c) or\nunder paragraphs two or three of subdivision (d) required to be made by\na partner with respect to items of deduction of a partnership shall be\ndetermined under section seventeen.\n