reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 112 - New York Adjusted Gross Income Of A Resident Individual › Section 112.13 - Modification for acquisition-related interest

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 612(t)
For purposes of the modification increasing Federal adjusted gross income required by section 612 (b)(30)  of the Tax Law (see section 112.2[z]  of this Part) and the modification reducing Federal itemized deductions required by section 615(c)(7) (see section 115.2[f]  of this Article) the following terms have these meanings:
(a)
Stock or asset acquisition
means (except as provided in subdivision [b] of this section):
(1) a corporate acquisition by an acquiring person, as defined in section 208 (15)  of the Tax Law (see section 1-2.12  of this Title), where the acquiring person is the taxpayer, a partnership of which the taxpayer is a partner, an S corporation of which the taxpayer is a shareholder, if the election provided for in section 660 (a)  of the Tax Law is in effect with respect to such S corporation, or an estate or trust of which the taxpayer is a beneficiary, and if the value (based on cost) of such acquiring person's total interest (at any time during the year in which such acquisition occurred) in any target corporation, as described in section 208 (15)  of the Tax Law (see section 1-2.12  of this Title), so acquired exceeds five million dollars;
(2) acquisition of (i) all or substantially all of the assets of a corporation (other than assets disposed of in the usual or regular course of business actually conducted by such corporation) pursuant to a vote by the shareholders of such corporation pursuant to section 909  of the Business Corporation Law or any similar statute of any other state or foreign nation, by an acquiring person, as such term is referred to in section 208 (15)  of the Tax Law (see section 1-2.12  of this Title), where the acquiring person is the taxpayer, a partnership of which the taxpayer is a partner, an S corporation in which the taxpayer is a shareholder, if the election provided for in section 660 (a)  of the Tax Law is in effect with respect to such S corporation, or an estate or trust of which the taxpayer is a beneficiary; or (ii) in the absence of such a statutory requirement, an asset of a corporation, such that immediately prior to the acquisition date such acquiring person owned less than 80 percent of the assets of the corporation (as of the date 18 months prior to such acquisition date) and immediately thereafter owned 80 percent or more of such assets (other than assets disposed of by such corporation in the usual or regular course of business actually conducted by such corporation) but, (iii) only where the value of the assets (valued at cost) so acquired exceeds five million dollars and only where such acquisition occurred on or after the effective date of the enactment of section 612 (t)  of the Tax Law (
i.e.,
April 19, 1989).
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 113 - New York Deduction Of A Resident Individual › Section 113.1 - New York deduction of a resident individual

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 613
(a) The New York deduction of a resident
					 individual on the New York State return shall be the individual's New York
					 standard deduction, as allowed under section 614  of the Tax Law, unless the individual
					 elects to deduct the New York itemized deduction, as allowed under section 615  of the Tax Law.
(b) A resident individual may only elect to
					 claim itemized deductions on the New York State return if itemized deductions
					 were claimed on the individual's Federal income tax return for the same taxable
					 year.
(c) For more information
					 concerning the New York deduction of a resident individual, see Parts 114 and
					 115 of this Article.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 114 - New York Standard Deduction Of A Resident Individual › Section 114.1 - New York standard deduction of a resident individual

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 614
(a)
General.
(1) A resident individual may claim the New
					 York standard deduction on such individual's New York State personal income tax
					 return, even though itemized deductions were claimed for the same year on such
					 individual's Federal income tax return. The amount of the New York standard
					 deduction which can be claimed must be determined in accordance with section 614  of the Tax Law.
(2) Where a husband and wife file separate
					 New York State personal income tax returns, both must use the New York standard
					 deduction unless they both elect to take New York itemized
					 deductions.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 115 - New York Itemized Deduction Of A Resident Individual › Section 115.1 - New York itemized deduction of a resident individual

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 615(a) and (b)
(a)
General.
(1) A resident individual may elect to use
					 itemized deductions in computing New York taxable income only if itemized
					 deductions were claimed for the same taxable year on such individual's Federal
					 income tax return.
(2) Except as
					 provided under section 715(f) of the Tax Law, the New York itemized deduction
					 of a resident individual means the total amount of 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 required by section 615 (c) and (d)  of the Tax
					 Law.
(3) The New York itemized
					 deduction includes such items as contributions, interest, taxes and medical
					 expenses listed under "Itemized Deductions" in the Federal income tax return.
					 It does not include any item deducted in computing the amount of Federal
					 adjusted gross income,
e.g.,
business expenses deducted in
					 computing profit or loss from a business or profession, or depreciation or
					 repairs deducted in computing rental income.
(4) Where certain Federal itemized deductions
					 are subject to annual limitations (
e.g.,
medical expenses,
					 contributions, casualty and theft losses and certain miscellaneous expenses),
					 the net amount of such Federal itemized deductions allowed for these items is
					 carried over into the New York itemized deduction without change.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 115 - New York Itemized Deduction Of A Resident Individual › Section 115.3 - Modifications increasing Federal itemized deductions

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 615(d)
(a) The total amount of itemized deductions
					 from Federal adjusted gross income should be increased by the amount of the
					 items specified in section 615 (d)  of the Tax
					 Law.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 115 - New York Itemized Deduction Of A Resident Individual › Section 115.5 - Limitation

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 615(f)
(a) The New York itemized deduction allowable
					 under section 615 (a)  of the Tax Law (see
					 section
					 115.1 
					 of this Part) shall be reduced by the sum of the amounts determined under
					 paragraphs (b)(1) and (2) of this section.
(b) For taxable years beginning in 1989 and
					 thereafter.
(1) An amount equal to the
					 itemized deduction otherwise allowable under section 615 (a)  of the Tax Law (see
					 section
					 115.1 
					 of this Part) multiplied by 25 percent, the product of which is multiplied by a
					 fraction, the numerator of which is the lesser of $50,000; or
(i) for an unmarried individual, other than a
					 head of household or a surviving spouse, or married individual filing a
					 separate New York State personal income tax return, the excess of such
					 individual's New York adjusted gross income over $100,000;
(ii) for a married individual filing a joint
					 New York State personal income tax return or a surviving spouse, the excess of
					 such individual's New York adjusted gross income over $200,000;
(iii) for an individual who is a head of
					 household, the excess of such individual's New York adjusted gross income over
					 $150,000;
and the denominator of which is $50,000.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 116 - New York Exemptions Of A Resident Individual › Section 116.1 - New York exemptions of a resident individual

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 616
(a)
General.
For taxable years beginning after 1987, a resident individual is allowed a New York exemption of $1,000 for each dependent exemption properly allowable to such individual under section  151(c) of the Internal Revenue Code. Such individual, or such individual's spouse, is not allowed a New York exemption for a personal exemption allowable under section  151(b) of the Internal Revenue Code.
(b)
Husband and wife.
Where a husband and wife file a joint Federal income tax return and also a joint New York State personal income tax return, they are allowed the same number of dependent exemptions on their joint New York State personal income tax return as they are allowed under section  151(c) of the Internal Revenue Code on their joint Federal income tax return. Likewise, where a husband and wife file separate Federal income tax returns, the same number of dependent exemptions are allowed on each separate New York State personal income tax return as are allowed under section  151(c) of the Internal Revenue Code on their respective separate Federal income tax returns. However, where a husband and wife file a joint Federal income tax return, but are required to file separate New York State personal income tax returns, each spouse is entitled to one New York dependent exemption for each Federal exemption he or she would have been entitled to under section  151(c) of the Internal Revenue Code of they had filed separate Federal income tax returns.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 116 - New York Exemptions Of A Resident Individual › Section 116.2 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 116 - New York Exemptions Of A Resident Individual › Section 116.3 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 116 - New York Exemptions Of A Resident Individual › Section 116.4 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 116 - New York Exemptions Of A Resident Individual › Section 116.5 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 116 - New York Exemptions Of A Resident Individual › Section 116.6 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 116 - New York Exemptions Of A Resident Individual › Section 116.7 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 116 - New York Exemptions Of A Resident Individual › Section 116.8 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 116 - New York Exemptions Of A Resident Individual › Section 116.9 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 116 - New York Exemptions Of A Resident Individual › Section 116.10 to 116.12 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 117 - Resident Partners › Section 117.1 - New York State personal income tax treatment of partnership income generally

Current through Register Vol. 46, No. 28, July 10, 2024
A partnership itself does not pay a New York State
						personal income tax, but the individual partners are taxed on their respective
						distributive shares of the partnership income, whether or not such shares are
						actually distributed to them. As to nonresident partners, see Part 137 of this
						Title.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 117 - Resident Partners › Section 117.2 - Income from partnership included in New York adjusted gross income

Current through Register Vol. 46, No. 28, July 10, 2024
A resident partner's distributive share of partnership
						income is included in his Federal adjusted gross income and, therefore, is
						included in his New York adjusted gross income, subject to certain
						modifications described in this Part.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 117 - Resident Partners › Section 117.4 - Character of items

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 617(b)
(a) In order that the modifications may be
					 properly applied to partnership items of income, gain, loss or deduction,
					 whenever applicable, each of such partnership items must have the same
					 character for a partner under the New York State personal income tax law as for
					 Federal income tax purposes. Where an item is not characterized for Federal
					 income tax purposes, the item must have the same character for a partner as if
					 realized directly from the source from which realized by the partnership or
					 incurred in the same manner as incurred by the partnership. If a partnership
					 item is not required to be taken into account for Federal income tax purposes
					 (such as interest on bonds of the State of California), the character of the
					 item for a partner for New York State personal income tax purposes is the same
					 as if such partner had realized or incurred the item directly.
(b) Where a partner is a member in a
					 partnership, and such partnership (hereinafter referred to as the "upper tier
					 partnership") is a partner in another partnership (hereinafter referred to as
					 the " lower tier partnership"), the character of such member' s distributive
					 share of each partnership item of the upper tier partnership which is
					 attributable to the lower tier partnership retains the character determined at
					 the level of the lower tier partnership using the provisions of subdivision (a)
					 of this section. Such character is not changed by reason of the fact that such
					 item flows through the upper tier partnership to such member.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 117 - Resident Partners › Section 117.5 - New York State personal income tax avoidance or evasion

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 617(c)
(a) If a partnership agreement provides for an allocation of any item of partnership income, gain, loss or deduction to a partner but the allocation does not have substantial economic effect in accordance with section  704(b) of the Internal Revenue Code, the allocation shall be disregarded for Federal income tax purposes. In such a case, a partner's distributive share of such item is determined in accordance with the partner's interest in the partnership (determined by taking into account all facts and circumstances). This treatment and distribution of the item is reflected in each partner's Federal adjusted gross income and therefore in each partner's NewYork adjusted gross income, even if no New York State personal income tax avoidance or evasion may be involved.
(b) An allocation of an item, amount or activity, even if recognized for Federal income tax purposes, will not be recognized where it has as a principal purpose the avoidance or evasion of New York State personal income tax. Where an allocation is not recognized, the partner's distributive share shall be determined in accordance with the partner's interest in the partnership (determined by taking into account all facts and circumstances).
(c) The determination of whether a principal purpose of an allocation of an item, amount or activity is the avoidance or evasion of New York State personal income tax depends on all the surrounding facts and circumstances. Among the relevant circumstances to be considered are the following:
(1) whether the partnership or a partner individually has a business purpose for the allocation;
(2) whether the allocation has substantial economic effect, that is, whether the allocation may actually affect the dollar amount of the partners' shares of the total partnership income or loss independently of the New York State personal income tax consequences;
(3) whether the related items of partnership income, gain, loss or deduction from the same source are subject to the same allocation;
(4) whether the allocation was made without recognition of normal business factors and only after the amount of the allocated item could reasonably be estimated;
(5) the duration of the allocation; and
(6) the overall New York State personal income tax consequences of the allocation.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 117 - Resident Partners › Section 117.10 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 117 - Resident Partners › Section 117.11 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 117 - Resident Partners › Section 117.12 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 117 - Resident Partners › Section 117.13 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 118 - New York Taxable Income Of A Resident Estate Or Trust › Section 118.1 - New York taxable income of a resident estate or trust

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 618
(a)
General.
(1) The New York taxable income of a resident
					 estate or trust is its Federal taxable income, as defined by the Internal
					 Revenue Code for the taxable year, subject to the modifications explained in
					 sections
					 118.2
					 through
					 118.5 
					 of this Part. The New York taxable income of a resident estate or trust is
					 subject to the ordinary tax at the rates prescribed in section 602  of the
					 Tax Law, plus a tax surcharge at the rate and for the years in effect
					 prescribed in section 601-B of the Tax Law. For taxable years beginning on or
					 after January 1, 1978, if a resident estate or trust has New York personal
					 service taxable income and otherwise meets the requirements of section 603-A of
					 the Tax Law, such estate or trust must compute its maximum tax in accordance
					 with the provisions of such section in lieu of computing the ordinary tax on
					 its New York taxable income. The New York State minimum taxable income of a
					 resident estate or trust is determined as described in Part 122 of this
					 Article, the New York State separate tax of a resident estate or trust on the
					 termination of a qualified higher education fund is determined as described in
					 section 601-D of the Tax Law and the New York State separate tax of a resident
					 estate or trust on the ordinary income portion of lump sum distributions is
					 determined as described in Part 124 of this Article.
(2) See sections
					 106.1,
					 106.4,
					 106.6 and
					 106.8 
					 of this Title and Parts 120 and 121 of this Article for credits against the
					 taxes imposed on a resident estate or trust.
(3) The definition of a resident estate or
					 trust is contained in section
					 105.23 
					 of this Title. For the definition of a nonresident estate or trust, see section
					 105.24 of this Title. The New York taxable income of a nonresident estate or
					 trust is determined as described in Part 138 of this Title.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 118 - New York Taxable Income Of A Resident Estate Or Trust › Section 118.2 - Modification for difference in exemptions

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 618(1)
Every estate or trust is allowed a New York personal
						exemption of $600 regardless of the amount of its Federal deduction for a
						personal exemption. This amount is allowed even though the particular New York
						State fiduciary return file may be for a taxable period of less than 12 months.
						For Federal income tax purposes, the deduction for a personal exemption
						allowable to an estate is also $600, so that, in the case of an estate, the
						modification of Federal taxable income does not affect the final result. In the
						case of trusts, however, the Federal deduction for a personal exemption may be
						either $100 or $300, depending on the provisions of the particular trust
						instrument. Therefore, in the case of a trust, Federal taxable income must be
						modified for this difference between the Federal deduction for a personal
						exemption and the New York personal exemption. This modification is made by
						adding to Federal taxable income the Federal deduction for a personal exemption
						of the trust ($100 or $300, as the case may be), and then subtracting the New
						York personal exemption of $600.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 118 - New York Taxable Income Of A Resident Estate Or Trust › Section 118.4 - Modification for share of estate or trust in New York fiduciary adjustment

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 618(3)
The share of an estate or trust in the New York fiduciary
						adjustment, as determined under Part 119 of this Article, must be added to or
						subtracted from, as the case may be, the Federal taxable income of the estate
						or trust in determining its New York taxable income.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 118 - New York Taxable Income Of A Resident Estate Or Trust › Section 118.10 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 118 - New York Taxable Income Of A Resident Estate Or Trust › Section 118.11 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 118 - New York Taxable Income Of A Resident Estate Or Trust › Section 118.12 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 119 - New York Fiduciary Adjustment › Section 119.4 to 119.5 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 120 - Resident Credits For Income Taxes Of Another State, A Political Subdivision Of Another State, The District Of Columbia, Or A Province Of Canada › Section 120.1 - Credit against ordinary tax for income tax of another state, a political subdivision of another state, the District of Columbia, or a province of Canada

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 620(a)
(a)
General.
(1) Where a resident individual receives
					 income derived from sources within another state of the United States, a
					 political subdivision of another state, the District of Columbia, or a province
					 of Canada, such resident individual is entitled to a credit against his or her
					 ordinary tax (see section
					 101.1 
					 of this Title) for any income tax imposed on such income by the other
					 jurisdiction. The term
income tax imposed,
as used in this
					 section and in sections
					 120.2
					 through
					 120.5 
					 of this Part, does not include the portion of such tax (determined in
					 accordance with the provisions of section
					 120.6[b] 
					 of this Part) imposed on the ordinary income portion (or part thereof) of a
					 lump sum distribution which is subject to the separate tax imposed by section 603  of the Tax Law. (See section
					 120.6 
					 of this Part for the credit allowable against the separate tax on the ordinary
					 income portion [or part thereof] of a lump sum distribution.) A resident estate
					 or trust is also entitled to a similar credit against ordinary tax, computed in
					 the same way and subject to the same exception and limitations, set forth in
					 this section and sections
					 120.2
					 through
					 120.5 
					 of this Part, as in the case of a resident individual.
(2) The credit against ordinary tax is
					 allowable only for that portion of the income tax imposed by another state of
					 the United States, a political subdivision of another state, the District of
					 Columbia, or a province of Canada (or both another state of the United States
					 and also one or more of its political subdivisions) which is applicable to the
					 income derived from sources within such other taxing jurisdiction. (See section
					 120.4[d] 
					 of this Part for the definition of the term
income derived from sources
					 within
another jurisdiction, and subdivision [c] of such section for
					 the definition of
income tax imposed by the other
					 jurisdiction.
)
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 120 - Resident Credits For Income Taxes Of Another State, A Political Subdivision Of Another State, The District Of Columbia, Or A Province Of Canada › Section 120.3 - Limitations where credit against ordinary tax is claimed for income taxes paid both to a state and also to one or more of its political subdivisions

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 620(b)
When both a state (other than New York State) and one or
						more of that state's political subdivisions impose income taxes on the same or
						different amounts of income derived from sources within such state and
						political subdivision, the maximum resident credit against ordinary tax is the
						lowest of the amounts determined after computing the following three
						limitations:
(a) The credit for the
					 taxable year cannot exceed the total of income taxes payable to the other state
					 and the subdivision or subdivisions of such state. (For notification of a
					 change of tax payable to the other state or a subdivision thereof, see section
					 120.2[a] 
					 of this Part.)
(b) The credit for
					 the taxable year cannot exceed the amount obtained by multiplying the New York
					 State tax payable (see section
					 120.4[b] 
					 of this Part) by a percentage determined by dividing the portion of the
					 taxpayer's New York income subject to taxation in such other jurisdictions (the
					 numerator) by the taxpayer's total New York income (the denominator). Where
					 different amounts of income are subject to income tax by both the other state
					 and by one or more of its subdivisions, the larger amount of income subject to
					 tax by either the state or one or more of its subdivisions must be used in the
					 numerator of this computation.
(c)
					 The credit for the taxable year for total income taxes paid to both a state and
					 to one or more of its political subdivisions cannot reduce the New York State
					 tax payable to an amount less than would have been due if the income subject to
					 taxation by the other jurisdictions (or, where different amounts of income are
					 subject to income tax by the other jurisdictions, the larger of such amounts)
					 were excluded from the taxpayer's New York income.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 120 - Resident Credits For Income Taxes Of Another State, A Political Subdivision Of Another State, The District Of Columbia, Or A Province Of Canada › Section 120.4 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 620(c)
The following definitions apply for purposes of sections
						120.1 
						-120.3 of this Part:
(a)
Total
					 New York income.
(1) In the case of a
					 resident individual, the term
total New York income
means New
					 York adjusted gross income as determined under section 612  of the Tax Law.
(2) In the case of a resident estate or
					 trust, the term
total New York income
means the amount of its
					 income determined as if the estate or trust were a resident individual
					 computing New York adjusted gross income under section 612  of the Tax Law.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 120 - Resident Credits For Income Taxes Of Another State, A Political Subdivision Of Another State, The District Of Columbia, Or A Province Of Canada › Section 120.5 - S corporation shareholders

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 620(d)
For a shareholder of an S corporation, the term
income tax
in section
						120.1(a) 
						of this Part does not include any tax imposed upon or paid by the corporation,
						but does include any such tax imposed upon or payable by the shareholder to
						another jurisdiction calculated on the income of the corporation, regardless of
						whether the corporation is an S corporation in the other state by virtue of a
						separate state election or in conformity with the Federal
						election.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 120 - Resident Credits For Income Taxes Of Another State, A Political Subdivision Of Another State, The District Of Columbia, Or A Province Of Canada › Section 120.25 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 120 - Resident Credits For Income Taxes Of Another State, A Political Subdivision Of Another State, The District Of Columbia, Or A Province Of Canada › Section 120.26 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 120 - Resident Credits For Income Taxes Of Another State, A Political Subdivision Of Another State, The District Of Columbia, Or A Province Of Canada › Section 120.27 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 121 - Credit To Resident Beneficiary Of Trust Receiving Accumulation Distribution › Section 121.1 - Credit to resident beneficiary of trust receiving accumulation distribution

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 621(a)
(a)
General.
A resident beneficiary of a trust, whose New York adjusted gross income includes all or part of an accumulation distribution, as defined in section  665 of the Internal Revenue Code, is entitled to a credit determined under this Part against the New York State personal income tax otherwise due from the resident beneficiary for the taxable year. The amount of the credit is the portion of the excess tax, as defined in subdivision (b) of this section, paid by the trust making the accumulation distribution for each prior taxable year affected by the accumulation distribution which is attributable to the amount included in the resident beneficiary's New York adjusted gross income for the taxable year with respect to the accumulation distribution and any New York fiduciary adjustment applicable; see subdivision (c) of this section. See section 121.2  of this Part for limitations on the amount of accumulation distribution credit which may be claimed under this Part.
(b)
Excess tax.
The excess tax must be determined in accordance with the provisions of this subdivision. For purposes of this Part, the term
excess tax
means any amount of New York State personal income tax paid by the trust for a prior taxable year which would not have been payable if the trust:
(1) had made a distribution to beneficiaries in the amount deemed to have been distributed during such prior taxable year under section  666 of the Internal Revenue Code;
(2) had allocated to the beneficiary the beneficiary's share of the redetermined New York fiduciary adjustment by reason of the accumulation distribution; and
(3) had eliminated from the recomputed New York taxable income of the trust that portion of the amount of any of the New York modifications relating to amounts allocated to principal which are no longer includible in the New York taxable income of such trust by reason of the accumulation distribution.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 121 - Credit To Resident Beneficiary Of Trust Receiving Accumulation Distribution › Section 121.2 - Limitation

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 621(b)
The amount of the credit allowable under this Part may
						not reduce the New York State personal income tax otherwise due from the
						resident beneficiary to an amount less than the amount which would have been
						due if the accumulation distribution and the New York fiduciary adjustment
						applicable thereto were excluded from the beneficiary's New York adjusted gross
						income.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 121 - Credit To Resident Beneficiary Of Trust Receiving Accumulation Distribution › Section 121.3 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 121 - Credit To Resident Beneficiary Of Trust Receiving Accumulation Distribution › Section 121.4 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 121 - Credit To Resident Beneficiary Of Trust Receiving Accumulation Distribution › Section 121.5 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 122 - New York State Minimum Taxable Income Of Residents › Section 122.1 - New York State minimum taxable income of residents

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 622(a)
(a)
General.
The New York State minimum taxable income of a resident individual or of a resident estate or trust is the total of the New York items of tax preference reduced, but not below zero, by the aggregate of the following:
(1) the specific deduction described in section 122.7  of this Part;
(2) the New York State personal income tax described in paragraph (b)(2) of this section; and
(3) any net operating loss for the taxable year available as a carryover to a succeeding taxable year (see subdivision [c] of this section).
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 122 - New York State Minimum Taxable Income Of Residents › Section 122.2 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 122 - New York State Minimum Taxable Income Of Residents › Section 122.3 - Modification of Federal items of tax preference for depletion

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 622(b)(3)
The Federal items of tax preference for depletion must be
						excluded in computing the New York items of tax preference.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 122 - New York State Minimum Taxable Income Of Residents › Section 122.4 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 122 - New York State Minimum Taxable Income Of Residents › Section 122.5 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 122 - New York State Minimum Taxable Income Of Residents › Section 122.6 - Modification of Federal items of tax preference for accelerated cost recovery system deductions

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 622(b)(6)
For property placed in service before January 1, 1985,
						the Federal items of tax preference with respect to accelerated cost recovery
						system deductions must be excluded in computing total New York items of tax
						preference.
New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 2 - Residents › Part 122 - New York State Minimum Taxable Income Of Residents › Section 122.7 - Specific deduction

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 662(c)
(a)
Resident individuals.
The specific deduction of a resident individual or
						married individuals filing a joint return is $5,000. In the case of married
						individuals filing separate returns, regardless of whether on separate forms or
						on one form, the specific deduction is $2,500 for each spouse.
(b)
Resident estates or trusts.
(1) The specific deduction of a resident
					 estate or trust is an amount, not to exceed $5,000, which bears the same ratio
					 to $5,000 as the sum of the New York items of tax preference of the estate or
					 trust (determined as explained in section
					 122.1[b]
					 [1]  of this Part) bears to the sum of the
					 Federal items of tax preference of the estate or trust (including the portion
					 thereof allocated to the beneficiaries of such estate or trust) with the
					 modifications described in sections
					 122.3
					 and
					 122.6 
					 of this Part and increased by any net operating loss used to reduce the sum of
					 the New York items of tax preference in a previous year (see section
					 122.1[c][2] 
					 of this Part).
Example:
For the calendar year 1994, a trust reports rental income
						for which accelerated depreciation was used for property placed in service
						before 1987. The trust distributes 60 percent of such income to the
						beneficiaries. The total Federal items of tax preference (including the portion
						thereof allocable to the beneficiaries) is $10,000 (excess of depreciation
						claimed for regular tax purposes over depreciation refigured using the straight
						line method), and the New York and Federal items of tax preference allocable to
						the trust would be $4,000 (40 percent of $10,000). The specific deduction
						allowable under this paragraph would be computed as follows:
Amount for Federal (without
								  allocation)
Amount for New York (without
								  allocation)
Items of tax preference
$10,000
$4,000
Specific deduction:
$4,000/ $10,000 × $5,000 = $2,000
(2) Reduction of the specific deduction is
					 required only in cases where the fiduciary has allocated items of tax
					 preference to the beneficiaries of the estate or trust during the taxable
					 year.