NY Gen City L § 25-A-15 (2021)
2021 New York Laws GCT - General City Article 2-D - City Personal Income Tax on Residents 25-A-15 - City Itemized Deduction of a Resident Individual.

§ 15. City   itemized   deduction  of  a  resident  individual.--  (a) General.--If  federal  taxable  income  of  a  resident  individual   is determined  by  itemizing  deductions  from  his  federal adjusted gross income, he may elect to deduct his city itemized deduction  in  lieu  of his  city  standard deduction. The city itemized deduction of a resident individual means  the  total  amount  of  his  deductions  from  federal adjusted  gross  income,  other  than  federal  deductions  for personal exemptions, as provided in the laws of the United States for the taxable year, with the modifications specified in this section.  (b) Husband and wife.--(1) A  husband  and  wife,  both  of  whom  are required  to  file  returns  under this local law, shall be allowed city itemized deductions only if both elect to take city itemized deductions.  (2) The total of the city itemized deductions of a  husband  and  wife whose  federal taxable income is determined on a joint return, but whose city taxable incomes are determined separately, may be taken  by  either or divided between them as they may elect.  (c)  Modifications  reducing  federal itemized deductions.-- The total amount of deductions from federal adjusted gross income shall be reduced by the amount of such federal deductions for:  (1) income taxes imposed by the city, this state or any  other  taxing jurisdiction;  (2)  interest  on  indebtedness  incurred  or continued to purchase or carry obligations or securities the income from which is exempt from tax under this local law; and  (3) ordinary and  necessary  expenses  paid  or  incurred  during  the taxable  year  for  (A)  the production or collection of income which is exempt  from  tax  under  this  local  law,  or  (B)   the   management, conservation  or maintenance of property held for the production of such income, and the amortizable bond premium for the  taxable  year  on  any bond the interest on which is exempt from tax under this local law.  (d)  Modifications  increasing federal itemized deductions.--The total amount  of  deduction  from  federal  adjusted  gross  income  shall  be increased by:  (1)  an  amount,  not  exceeding  one  hundred  fifty  dollars  in the aggregate, for net premiums paid or incurred by a  taxpayer  during  the taxable year with respect to any life insurance or endowment policy upon his life;  (2)  interest  on  indebtedness  incurred  or continued to purchase or carry obligations or securities the income from which is subject to  tax under  this  local law but exempt from federal income tax, to the extent that such interest is not deductible for federal income tax purposes and is not  subtracted  from  federal  adjusted  gross  income  pursuant  to paragraph six of subdivision (c) of section twelve; and  (3)  ordinary  and  necessary  expenses  paid  or  incurred during the taxable year for (A) the production or collection  of  income  which  is subject  to tax under this local law but exempt from federal income tax, or (B) the management, conservation or maintenance of property held  for the  production of such income, and the amortizable bond premium for the taxable year on any bond the interest on which is subject to  tax  under this  local  law  but exempt from federal income tax, to the extent that such expenses and premiums are not  deductible  in  determining  federal adjusted gross income and are not subtracted from federal adjusted gross income pursuant to paragraph seven of subdivision (c) of section twelve.  (e)  Partners.-- The amounts of modifications under subdivision (c) or under paragraphs two or three of subdivision (d) required to be made  by a  partner  with respect to items of deduction of a partnership shall be determined under section seventeen.