2023 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.