§ 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 (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 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. (1) The federal items of tax preference with respect to depletion shall be excluded from the computation of items of tax preference. (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. (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. (4) The federal item of tax preference with respect to tax-exempt interest shall be excluded from the computation of items of tax preference. (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 (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. (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.
§ 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 (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 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. (1) The federal items of tax preference with respect to depletion shall be excluded from the computation of items of tax preference. (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. (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. (4) The federal item of tax preference with respect to tax-exempt interest shall be excluded from the computation of items of tax preference. (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 (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. (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.
§ 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 (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 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. (1) The federal items of tax preference with respect to depletion shall be excluded from the computation of items of tax preference. (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. (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. (4) The federal item of tax preference with respect to tax-exempt interest shall be excluded from the computation of items of tax preference. (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 (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. (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.
