§ 612. New York adjusted gross income of a resident individual. (a)\nGeneral. The New York adjusted gross income of a resident individual\nmeans his federal adjusted gross income as defined in the laws of the\nUnited States for the taxable year, with the modifications specified in\nthis section.\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, to the extent not\nproperly includible in federal adjusted gross income;\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 income taxes;\n (3) Income taxes. (A) General. Income taxes imposed by this state or\nany other taxing jurisdiction, to the extent deductible in determining\nfederal adjusted gross income and not credited against federal income\ntax.\n (B) Shareholders of S corporations. In the case of a shareholder of an\nS corporation, with respect to taxes imposed upon or payable by the\ncorporation, the term "income taxes" in subparagraph (A) of this\nparagraph shall also include the taxes imposed under article nine-A of\nthis chapter, regardless of the measure of such tax.\n (C) Pass-through entity tax deduction. (i) In the case of a partner,\nmember or shareholder of an electing partnership or electing S\ncorporation, the term "income taxes" in subparagraph (A) of this\nparagraph shall not include the taxes imposed under article\ntwenty-four-A of this chapter to the extent such taxes are added to\nfederal adjusted gross income under subparagraph (A) of paragraph\nforty-three of this subsection or the taxes imposed under article\ntwenty-four-B of this chapter to the extent such taxes are added to the\nfederal adjusted gross income under paragraph forty-three-a of this\nsubsection.\n (ii) In the case of a partner, member or shareholder of a partnership\nor S corporation, the term "income taxes" in subparagraph (A) of this\nparagraph shall not include pass-through entity taxes substantially\nsimilar to the tax imposed pursuant to article twenty-four-A of this\nchapter imposed by another state of the United States, a political\nsubdivision of such state, or the District of Columbia upon income both\nderived therefrom and subject to tax under this article to the extent\nsuch taxes are added to federal adjusted gross income under subparagraph\n(B) of paragraph forty-three of this subsection.\n (4) Interest on indebtedness incurred or continued to purchase or\ncarry obligations or securities the interest on which is exempt from tax\nunder this article, to the extent deductible in determining federal\nadjusted gross income.\n (5) Expenses paid or incurred during the taxable year for (i) the\nproduction or collection of income which is exempt from tax under this\narticle, or (ii) the management, conservation or maintenance of property\nheld for the production of such income, and the amortizable bond premium\nfor the taxable year on any bond the interest on which is exempt from\ntax under this article, to the extent that such expenses and premiums\nare deductible in determining federal adjusted gross income.\n (6) In the case of a taxpayer who has exercised the election permitted\nby subsection (g) or (h) of this section, the amount or amounts required\nby said subsections to be added to federal adjusted gross income.\n (7) In the case of a taxpayer who is a shareholder of a corporation\norganized under article fifteen or authorized to do business in this\nstate under article fifteen-a of the business corporation law, for the\ntaxpayer's taxable years beginning before nineteen hundred eighty-eight,\nthe amount which is deductible by such corpo
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