Relates to itemized deductions for New York residents

2025 Regular Session Introduced by Andrew Gounardes

Relates to NY itemized deductions, potentially changing conformity with federal rules; impacts itemizing residents and tax professionals.

REFERRED TO BUDGET AND REVENUE

Summary: Bill S 3386 – Relates to itemized deductions for New York residents

Basic information

Bill number: S 3386

Title: Relates to itemized deductions for New York residents

Sponsor (primary): Senator Andrew Gounardes

Introduced: January 27, 2025

Status: Referred to Budget and Revenue

Related bills:

S 9524 (prior-session)
A 797 (companion) — Assembly counterpart

Legislative actions to date

January 27, 2025 — Referred to Budget and Revenue (listed twice in the record)

Purpose and intent

The bill’s title indicates it would address itemized deductions for New York residents, likely relating to how itemized deductions are treated for New York state income tax purposes. The exact policy changes, scope, and mechanisms are not provided in the materials available here. As introduced, the bill is pending review by the Budget and Revenue committee to assess fiscal impact and policy details.

Key provisions (availability and limitations)

Note: The textual provisions of S 3386 are not provided in the available materials. Therefore, specific changes to itemized deduction rules (e.g., categories affected, conformity with federal rules, caps or phaseouts, interaction with standard deduction, or temporary vs. permanent adjustments) cannot be enumerated here.

Once the bill text is released, the following would typically be clarified:

Which itemized deduction categories are affected (e.g., mortgage interest, property taxes, charitable contributions, medical expenses, state and local taxes, etc.).
Whether New York conforms to or decouples from federal itemized deduction rules.
Any caps, phaseouts, or refundability changes.
Effective dates and transitional provisions.

Who would be affected

Primary audience: New York residents who itemize deductions on state income tax.

Other stakeholders: Taxpayers’ advisors/CPAs, corporate tax departments, and the New York Department of Taxation and Finance, which would implement and administer any changes.

Procedural and timeline aspects

The bill has been introduced and is currently in the Budget and Revenue committee, indicating a fiscal-policy orientation and potential assessment of revenue impact.

Typical next steps (subject to legislative process): committee hearings and amendments, floor votes in the Senate and Assembly, potential conference committee if differences arise, and final passage followed by gubernatorial action.

No specific enactment date is provided; timeline will depend on committee action and legislative scheduling.

Observations and context

The existence of a companion in the Assembly (A 797) and a related S 9524 suggests ongoing interest in reforming or adjusting itemized deductions in New York.

Readers should monitor for the bill’s text and fiscal notes to understand exact provisions, fiscal impact, and implementation details.

If you’d like, I can update this summary once the bill text or fiscal impact statement is released.