N.Y. Tax Law § 617-A — Residents; special provisions

§ 617-a. Residents; special provisions. Notwithstanding any other\nprovisions of this article, the New York adjusted gross income and the\nNew York taxable income of a resident individual or partner of a\npartnership doing an insurance business as a member of the New York\ninsurance exchange described in section six thousand two hundred one of\nthe insurance law, shall not include any item of income, gain, loss or\ndeduction of such business, which is the individual's distributive or\npro rata share for federal income tax purposes or which the individual\nis required to take into account separately for federal income tax\npurposes. Provided however, such individual's New York adjusted gross\nincome shall include his distributive or pro rata share of the allocated\nentire net income as determined by such business under sections fifteen\nhundred three and fifteen hundred four of this chapter. In the event\nsuch allocated entire net income is a loss, there shall not be\nsubtracted from federal adjusted gross income in computing New York\nadjusted gross income such individual's distributive share of such loss.\n