§ 12. City adjusted gross income of a resident individual.--(a)\nGeneral.--The city adjusted gross income of a resident individual means\nhis federal adjusted gross income as defined in the laws of the United\nStates for the taxable year, with the modifications specified in this\nsection.\n (b) Modifications increasing federal adjusted gross income.--There\nshall be added to federal adjusted gross income:\n (1) Interest income on obligations of any state other than this state\nor of a political subdivision of any such other state unless created by\ncompact or agreement to which this state is a party;\n (2) Interest or dividend income on obligations or securities of any\nauthority, commission, or instrumentality of the United States, which\nthe laws of the United States exempt from federal income tax but not\nfrom state or local income taxes;\n (3) Income taxes imposed by the city, this state or any other taxing\njurisdiction, to the extent deductible in determining federal adjusted\ngross income and not credited against federal income tax;\n (4) Interest on indebtedness incurred or continued to purchase or\ncarry obligations or securities the income from which is exempt from tax\nunder this local law, to the extent deductible in determining federal\nadjusted gross income;\n (5) Expenses paid or incurred during the taxable year for (A) the\nproduction or collection of income which is exempt from tax under this\nlocal law, or (B) the management, conservation or maintenance of\nproperty held for the production of such income, and the amortizable\nbond premium for the taxable year on any bond the interest on which is\nexempt from tax under this local law, to the extent that such expenses\nand premiums are deductible in determining federal adjusted gross\nincome; and\n (6) In the case of a taxpayer who has exercised the election permitted\nby subdivisions (g) or (h) of this section, the amount or amounts\nrequired by said subdivisions to be added to federal adjusted gross\nincome.\n (c) Modifications reducing federal adjusted gross income.--There shall\nbe subtracted from federal adjusted gross income:\n (1) Interest income on obligations of the United States and its\npossessions to the extent includible in gross income for federal income\ntax purposes;\n (2) Interest or dividend income on obligations or securities of any\nauthority, commission or instrumentality of the United States to the\nextent includible in gross income for federal income tax purposes but\nexempt from state or local income taxes under the laws of the United\nStates;\n (3) Pensions to officers and employees of this state, its subdivisions\nand agencies, to the extent includible in gross income for federal\nincome tax purposes;\n (4) Interest or dividend income on obligations or securities to the\nextent exempt from income tax under the laws of this state authorizing\nthe issuance of such obligations or securities but includible in gross\nincome for federal income tax purposes;\n (5) The amount of any refund or credit for overpayment of income taxes\nimposed by the city, the state, or any other taxing jurisdiction, to the\nextent properly included in gross income for federal income tax\npurposes;\n (6) Interest on indebtedness incurred or continued to purchase or\ncarry obligations or securities the income from which is subject to tax\nunder this local law but exempt from federal income tax, to the extent\nthat such interest is not deductible in determining federal adjusted\ngross income and is attributable to a trade or business carried on by\nthe taxpayer;\n (7) Ordinary and necessary expenses paid or incurred during the\ntaxable year for (A) the production or collection of income which is\nsubject to tax under this local law but exempt from federal income tax,\nor (B) the management, conservation or maintenance of property held for\nthe production of such income, and the amortizable bond premium for the\ntaxable year on any bond the interest on
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