NY - American Jobs Act of 2004 Conformity
From TaxAlmanac
New York American Jobs Act of 2004
New York does conform to the American Jobs Act of 2004 that was signed into law on October 22, 2004. This legislation provides for various business tax and agricultural tax incentives, deduction of state and local general sales taxes and various other provisions. This includes the following provisions:
- The exclusion of gain on sale of a principal residence does not apply if the principal residence was originally acquired in a like-kind exchange in which any gain was not recognized within the prior five years.
- A tax deduction for charitable contributions of patents and similar intellectual properties is allowed on form 8283.
- A taxpayer can expense up to $5,000 of business start-up costs under IRC §195(b) up to $5,000 of organizational costs under IRC §§248(a) and 709(b).
- Individuals may elect to deduct state sales and use taxes rather than state and local income taxes on their federal returns on Schedule A, line 5b.
New York does not allow the exclusion of the gain from the sale of a principal residence if the residence was acquired in a like-kind exchange. The gain is included in New York taxable income on Form IT-201, Line 7. New York allows the deductions recognized on the federal return for charitable contributions of patents and for state sales and use taxes on Form IT-201-ATT. Start-up and organizational costs allowed on the federal return are also allowed on the New York return.
