New York S 8921: Relates to modifications increasing federal adjusted gross income

Bill Text

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S08921 Summary:

BILL NOS08921A

&nbsp

SAME ASSAME AS A10318

&nbsp

SPONSORGOUNARDES

&nbsp

COSPNSRCOMRIE

&nbsp

MLTSPNSR

&nbsp

Amd §§208, 612 & 1503, Tax L

&nbsp

Adds certain gains with respect to small business stock excluded pursuant to section 1202 of the Internal Revenue Code as an increase to adjusted gross income.

Go to top S08921 Actions:

BILL NOS08921A

&nbsp

01/15/2026REFERRED TO BUDGET AND REVENUE

02/10/2026AMEND (T) AND RECOMMIT TO BUDGET AND REVENUE

02/10/2026PRINT NUMBER 8921A

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There are no Assembly votes for this bill in this legislative session.

Go to topS08921 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8921--A

 IN SENATE

 January 15, 2026
 ___________

 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue --
 committee discharged, bill amended, ordered reprinted as amended and
 recommitted to said committee

 AN ACT to amend the tax law, in relation to modifications increasing
 federal adjusted gross income

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Paragraph (b) of subdivision 9 of section 208 of the tax
 2 law is amended by adding a new subparagraph 28 to read as follows:
 3 (28) For taxable years beginning on or after January first, two thou-
 4 sand twenty-five, the amount of any gain excluded pursuant to section
 5 1202 of the Internal Revenue Code, with respect to such exclusion the
 6 amount of the deduction allowable under section 1202 of the Internal
 7 Revenue Code.
 8 § 2. Subsection (b) of section 612 of the tax law is amended by adding
 9 a new paragraph 44 to read as follows:
 10 (44) For taxable years beginning on or after January first, two thou-
 11 sand twenty-five, the amount of any gain excluded pursuant to section
 12 1202 of the Internal Revenue Code, with respect to such exclusion the
 13 amount of the deduction allowable under section 1202 of the Internal
 14 Revenue Code.
 15 § 3. Paragraph 2 of subdivision (b) of section 1503 of the tax law is
 16 amended by adding a new subparagraph (AA) to read as follows:
 17 (AA) For taxable years beginning on or after January first, two thou-
 18 sand twenty-five, the amount of any gain excluded pursuant to section
 19 1202 of the Internal Revenue Code, with respect to such exclusion the
 20 amount of the deduction allowable under section 1202 of the Internal
 21 Revenue Code.
 22 § 4. This act shall take effect immediately, and shall apply to taxa-
 23 ble years beginning on or after January 1, 2025.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14477-03-6

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