Relates to the treatment of certain deductions allowable under the internal revenue code in calculating federal adjusted gross income

Summary

The bill amends New York’s tax code so that, beginning in 2025, deductions for qualified production property, research and experimental (R&E) expenditures, and Section 179 property are calculated using the same federal rules that apply after recent IRS changes. It affects businesses that claim these deductions, ensuring state treatment mirrors federal treatment and clarifying how election choices are handled.

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