2006 New York Code - New York Minimum Taxable Income Of Resident Individual.

 
    § 622. New York minimum taxable income of resident individual. (a) The
  New  York  minimum  taxable  income  of a resident individual, estate or
  trust shall be the sum of the items of tax preference, as  described  in
  subsection  (b)  of  this  section,  reduced (but not below zero) by the
  aggregate of the following:
    (1) the applicable specific deduction described in subsection  (c)  of
  this section;
    * (2)  the tax on New York taxable income determined under section six
  hundred one for the taxable year, reduced by  the  sum  of  the  credits
  allowable  under  this  article, except for the credit under section six
  hundred seventy-three; and
    * NB Applies to taxable years beginning after 1986
    (3) to the extent that the sum of the items of tax preference  exceeds
  the  applicable  specific  deduction described in subsection (c) of this
  section plus the tax described in paragraph two above, the amount of any
  net operating loss of the taxpayer, as determined for federal income tax
  purposes,  which  remains  as  a  net  operating  loss  carryover  to  a
  succeeding  taxable  year. In such case, however, the amount of such net
  operating loss used to reduce the sum of the  items  of  tax  preference
  shall  be  treated  as  an item of tax preference in the next succeeding
  taxable years, in order of  time,  in  which  such  net  operating  loss
  carryover reduces federal taxable income.
    (b) * For purposes of this article, the term "items of tax preference"
  shall  mean  the federal items of tax preference, as defined in the laws
  of the United States, of a resident individual,  estate  or  trust  (but
  only to the extent apportioned to such estate or trust under such laws),
  as   the  case  may  be,  for  the  taxable  year,  with  the  following
  modifications--
    * NB Applies to taxable years beginning prior to 1987
    * For purposes of this article, the term  "items  of  tax  preference"
  shall  mean  the  federal items of tax preference, as defined in section
  fifty-seven of the internal revenue  code,  of  a  resident  individual,
  estate  or  trust  (but only to the extent apportioned to such estate or
  trust under such code), as the case may be, for the taxable  year,  with
  the  modifications specified in this subsection and adjusted as provided
  for in subsection (e) of this section.
    * NB Applies to taxable years beginning after 1986
    * (1)  Excess  investment  interest  shall  be  computed  as  if   the
  modifications  described  in paragraphs one and two of subsection (b) of
  section six hundred twelve, paragraphs one, two and  six  of  subsection
  (c)  of  such section and paragraphs three of subsections (c) and (d) of
  section six hundred fifteen were required to be made in determining  net
  investment  income, and the modifications described in paragraphs two of
  subsections (c) and (d) of section six hundred fifteen were required  to
  be  made  in determining investment interest expense, provided, however,
  that such modifications shall be applicable only to the extent that  the
  items  of  income or deduction covered thereby were not derived from the
  conduct of a trade or business.
    * NB Repealed as applied to taxable years beginning after 1986
    * (1) The federal items of tax preference with  respect  to  depletion
  shall be excluded from the computation of items of tax preference.
    * NB Renumbered as applied to taxable years beginning after 1986
    * (2)  The  federal  items  of  tax  preference  for  amortization  of
  certified pollution  control  facilities  shall  be  excluded  from  the
  computation  of items of tax preference with respect to industrial waste
  treatment facilities and air pollution control facilities which  qualify
  for  elective  deductions  under  subsection  (h) of section six hundred
  twelve.
    * NB Repealed as applied to taxable years beginning after 1986
    * (2)  Except  with  respect  to  recovery  property  subject  to  the
  provisions of section two hundred eighty-F of the internal revenue  code
  and  recovery  property placed in service in this state in taxable years
  beginning after December thirty-first, nineteen hundred eighty-four, the
  federal item of tax preference with  respect  to  the  accelerated  cost
  recovery  deduction  shall  be excluded from the computation of items of
  tax preference.
    * NB Renumbered as applied to taxable years beginning after 1986
    * (3) The federal items of tax preference with  respect  to  depletion
  shall be excluded from the computation of items of tax preference.
    * NB Applies to taxable years prior to 1987
    * (3)  In  the  case  of  a  shareholder of an S corporation where the
  election provided for in subsection (a) of section six hundred sixty has
  not been made with respect to such corporation, the federal items of tax
  preference of the corporation shall be excluded from the computation  of
  items of tax preference.
    * NB Renumbered as applied to taxable years beginning after 1986
    * (4)  The  federal  item of tax preference for capital gains shall be
  computed  by  subtracting  from  such  tax  preference  item  an  amount
  sufficient  (if  necessary)  to reduce such tax preference item to sixty
  percent of net capital gains.
    * NB Repealed as applied to taxable years beginning after 1986
    * (4) The federal item of tax preference with  respect  to  tax-exempt
  interest  shall  be  excluded  from  the  computation  of  items  of tax
  preference.
    * NB Renumbered as applied to taxable years beginning after 1986
    * (5) The  federal  item  of  tax  preference  for  adjusted  itemized
  deductions  shall  be  computed  as if the required reduction of federal
  adjusted gross income by the amount of the taxpayer's federal  deduction
  for  state  and  local  taxes did not include any amount includable as a
  modification reducing federal itemized deductions pursuant to  paragraph
  one of subsection (c) of section six hundred fifteen.
    * NB Repealed as applied to taxable years beginning after 1986
    * (6)  Except  with  respect  to  recovery  property  subject  to  the
  provisions of section two hundred eighty-F of the internal revenue  code
  and  recovery  property placed in service in this state in taxable years
  beginning after December thirty-first, nineteen hundred eighty-four, the
  federal item of tax preference with  respect  to  the  accelerated  cost
  recovery  deduction  shall  be excluded from the computation of items of
  tax preference.
    * NB Applies to taxable years prior to 1987
    * (7) In the case of a shareholder  of  an  S  corporation  where  the
  election provided for in subsection (a) of section six hundred sixty has
  not been made with respect to such corporation, the federal items of tax
  preference  of the corporation shall be excluded from the computation of
  items of tax preference.
    * NB Applies to taxable years prior to 1987
    (c) Specific deduction.
    (1) Resident individuals.--Five thousand dollars  for  individuals  or
  married persons filing joint returns and twenty-five hundred dollars for
  married individuals filing separate returns.
    (2)  Resident  estates  or  trusts.--An  amount,  not  to  exceed five
  thousand dollars, which bears the same ratio to five thousand dollars as
  the items of tax preference of  such  estate  or  trust  computed  under
  subsection  (b)  of  this  section  bear  to the sum of the items of tax
  preference of such estate or trust computed under the laws of the United
  States for the taxable year, with the modifications  described  in  such
  subsection  (b), but without regard to any apportionment of the items of
  tax preference between  such  estate  or  trust  and  the  beneficiaries
  thereof under such laws of the United States.
    * (d)  Disallowance  of  credits.--The  credits against tax under this
  article, except for the credits under paragraph two  of  subsection  (d)
  and  subsection  (e)  of  section  six hundred six and under section six
  hundred seventy-three, shall not be allowed against the tax  imposed  by
  section six hundred two.
    * NB Applies to taxable years beginning after 1986
    * (d)  Disallowance  of  credits.--The  credits against tax under this
  article, except for the credits under paragraph two of  subsection  (c),
  paragraph  two  of  subsection  (d)  and  subsection  (e) of section six
  hundred six, and under section six hundred seventy-three, shall  not  be
  allowed against the tax imposed by section six hundred two.
    * NB Applies to taxable years beginning on or after January 1, 1996
    * (e)  The  items of tax preference determined under subsection (b) of
  this section shall be adjusted where the tax treatment  giving  rise  to
  such  items  will  not  result  in  the  reduction of the taxpayer's tax
  determined under section six hundred one for any taxable year.
    * NB Applies to taxable years beginning after 1986