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pursuant to paragraph seven of subsection (b) of this section, an amount with respect to recovery property equal to the amount allowable as the depreciation deduction under section one hundred sixty-seven of the internal revenue code as such section would have applied to property placed in service on December thirty-first, nineteen hundred eighty,

§ 9. Subparagraphs (F) and (G) of paragraph one of subdivision (b) of section fifteen hundred three of such law, as amended by chapter fifteen of the laws of nineteen hundred eighty-three, are amended to read as follows:

(F) for taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred (eighty-four] eighty-one, except with respect to property which is a qualified mass commuting vehicle described in subparagraph (D) of paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue. code (selating to qualified mass commuting vehicles), any amount which is included in the taxpayer's taxable income for federal income tax purposes solely as a result of an election made pursuant to the provisions of such paragraph eight as it was in effect for agreements entered into prior to January first, nineteen hundred eightyfour;

(G) for taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred (eighty-four] eighty-one, except with respect to property which is a qualified mass commuting vehicle described in subparagraph (D) of paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue code (relating to qualified mass commuting vehicles) any amount which the taxpayer could have excluded from its taxable income for federal income tax purposes had it not made the election provided for in such paragraph eight as it was in effect for agreements entered into prior to January first, nineteen hundred eighty-four;

§ 10. Subparagraphs (K), (L) and (M) of paragraph two of subdivision (b) of section fifteen hundred three of such law, as amended by chapter fifteen of the laws of nineteen hundred eighty-three, are amended to read as follows:

(K) for taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred Çeighty-four] eighty-one, except with respect to property which is a qualified mass commuting vehicle described in subparagraph (D) of paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue code (relating to qualified mass commuting vehicles), any amount which the taxpayer claimed as a deduction for federal income tax purposes solely as a result of an election made pursuant to the provisions of such paragraph eight

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in effect for agreements entered into prior to January first, nineteen hundred eightyfour;

(L) for taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred Çeighty-four] eighty-one, except with respect to property which is a qualified mass commuting vehicle described in subparagraph (D) of paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue code (relating to qualified mass commuting vehicles), any amount which the taxpayer would have been required to include in the computation of its taxable income for federal income tax purposes had it not made the election permitted pursuant to such paragraph eight as it was in effect for agreements entered into prior to January first, nineteen hundred eighty-four;

(M) for taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred eighty-one, except with respect to recovery property subject to the provisions of section two hundred eighty-F of the internal revenue code and recovery property placed in service in this state in taxable years beginning after December thirty-first, nineteen hundred eightyfour, the

amount allowable a deduction under section one hundred sixty-eight of the internal revenue code; and

§ 11. Paragraph ten of subdivision (b) of section fifteen hundred three of such law, as amended by chapter fifteen of the laws of nineteen hundred eighty-three, is amended to read as follows: (10) For taxable

years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and nineteen hundred eighty-four) after EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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December thirty-first, nineteen hundred eighty-one, except with respect to recovery property [for which a deduction is allowed under section one hundred sixty-eight of the internal revenue code] subject to the provin, sions of section two hundred eighty-F of the internal revenue code and recovery property placed in service in this state in taxable years beginning after December thirty-first, nineteen hundred eighty-four, and provided (such] a deduction has not been excluded from the determination of entire net income pursuant to subparagraph (K) of paragraph two of this subdivision, a taxpayer shall be allowed [a deduction in computing entire net income' for] with respect to recovery property the depreciation deduction allowable under section one hundred sixty-seven of the internal revenue code as such section would have applied to property placed in service on December thirty-first, nineteen hundred eighty.

၌ 12. Subparagraphs eight and nine of paragraph (a) of subdivision eight of section R46-2.0 of the administrative code of the city of New York, as amended by local law number forty-three of the city of New York for the year nineteen hundred eighty-three, are amended to read

as follows: (8) for

taxable years

years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred ,Çeighty-four] eighty-one except with respect to property which is a qualified mass commuting vehicle described in subparagraph (D) of paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue code, (relating to qualified mass commuting vehicles), any amount which is included in the taxpayer's federal taxable income solely as a result of an election made pursuant to the provisions of such paragraph eight as it was in effect for agreements entered into prior to January, first, nineteen hundred eighty-four;

(9) for taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred Çeighty-four] eighty-one, except with respect to property which is a qualified mass commuting vehicle described in subparagraph (D) of paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue code (relating to qualified mass commuting vehi

any amount which the taxpayer could have excluded from federal taxable income had it not made the election provided for in such

paragraph eight it was in effect for agreements entered into prior to January first, nineteen hundred eighty-four;

§ 13. Subparagraphs_nine, ten and eleven of paragraph (b) of subdivision eight of section R46-2.0 of such code, as amended' by local law number. forty-three of the city of New York' for the year nineteen hundred eighty-three, are amended to read as follows:

(9) for taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred Çeighty-four) eighty-one, except with respect to property which is a qualified mass commuting vehicle described in subparagraph (D) of paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue code (relating to qualified mass commuting vehicles), any amount which the taxpayer claimed as a deduction in computing its federal taxable income solely as a result of an election made puro suant to the provisions of such paragraph eight as it was in effect for agreements enetered* into prior to January first, nineteen hundred eighty-four;

(10) for taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred Çeighty-four) eighty-one, except with respect to property which is a qualified mass commuting vehicle described in subparagraph (D) of paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue code (relating to qualified mass commuting vehicles), any amount which the taxpayer would have been required to include in the computation of its federal taxable income had it not made the election permitted pursuant to such paragraph eight as it was in effect for agreements entered into prior to `January first, nineteen hundred eighty;

[ nineteen hundred eighty-three and] after December thirty-first, nineteen hundred eighty-one, except with respect to recovery property subject to the provisions of section two hundred eighty-f of the internal revenue code and recovery property placed in service in this state in taxable years beginning after December thirty-first, nineteen hundred eighty

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four, the amount allowable a deduction under section one hundred sixty-eight of the internal revenue code;

$14. Paragraph (j) of subdivision eight of section R46-2.0 of such code, as amended by local law number forty-three of the city of New York for the

year

nineteen hundred eighty-three, is amended to read as follows: (j) For taxable

years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and nineteen hundred eighty-four] after December thirty-first, nineteen hundred eighty-one, except with respect to recovery property [for which a deduction is allowed under section one hundred sixty-eight of the internal revenue code] subject to the provisions of section two hundred eighty-F of the internal revenue code and recovery property placed in service in this state in taxable years beginning after December thirty-first, nineteen hundred eighty-four, and provided [such] a deduction has not been excluded from entire net income pursuant to subparagraph (9), of paragraph (b) of this subdivision, taxpayer shall be allowed [in the determination of entire net income] with respect to recovery property the depreciation deduction allowable under section hundred sixty-seven of the internal revenue code as such section would have applied to property placed in service on December thirty-first, nineteen hundred eighty.

§ 15. Paragraphs four, five and six of subdivision (b) of section R4637.3 of such code, as amended by local law number forty-three of the city of New York for the year nineteen hundred eighty-three, are amended to read as follows:

(4) for taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty first*, nineteen hundred [eighty-four] eighty-one, except with respect to property which is a qualified mass commuting vehicle described in subparagraph (D) of paragraph eight of subsection (f) of section one hundred sixtyeight of the internal revenue code (relating to qualified mass commuting vehicles), any amount which the taxpayer claimed as a deduction in computing its federal taxable income solely as a result of an election made pursuant to the provisions of such paragraph eight as it was in effect for agreements entered into prior to January first, nineteen hundred eighty-four;

(5)' for 'taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred Çeighty-four] eighty-one, except with respect to property which is a qualified mass commuting vehicle described in subparagraph (D) of paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue code (relating to qualified

commuting vehicles), any amount which the taxpayer claimed as a deduction in computing its federal taxable income solely as a result of an election made pursuant to the provisions of such' paragraph eight as it was in effect for agreements entered into prior to January first, nineteen hundred eightyfour; (6) for taxable

beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred eighty-one, except with respect to recovery property subject to the provisions of section two hundred eighty-F of the internal revenue code and recovery property placed in service in this state in taxable years beginning after December thirty-first, nineteen hundred eighty

the amount allowable a deduction under section one hundred sixty-eight of the internal revenue code;

$ 16. Paragraphs five, six and seven of subsection (e) of section R4637.3 of such code, as amended by local law number forty-three of the city of New York for the year nineteen hundred eighty-three, are amended to read as follows:

(5) for taxable , years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred (eighty-four) eighty-one, except with respect to property which is a qualified mass commuting vehicle described in subparagraph (D) of paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue code (relating to qualified

commuting vehicles),

any amount which is included in the taxpayer's federal taxable income solely as a result of an election made pursuant to the provisions

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to be omitted.

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of such paragraph eight as it was in effect for agreements entered into prior to January first, nineteen hundred eighty-four,

(6) for taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred [eighty-four] eighty-one, except with respect to property which is a qualified mass commuting vehicle described in subpararaph (D) of paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue code (relating to qualified mass commuting vehicles) any amount which the taxpayer could have excluded from federal taxable income had it not made the election provided for in such paragraph eight as it was in effect for agreements entered into prior to January first, nineteen hundred eighty-four,

(7) for taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and nineteen hundred eighty-four) after December thirty-first, nineteen hundred eighty-one, except with respect to recovery property [for which a deduction is allowed under section one hundred sixty-eight of the internal revenue code] subject to the provisions of section two hundred eighty-F of the internal revenue code and recovery property placed in service in this state in taxable years beginning after December thirty-first, nineteen hundred eighty-four, and provided (such] a deduction has not been excluded from entire net income pursuant to paragraph sevent of subsectiont (b) of this section, amount with

respect to recovery property equal to the amount allowable as the depreciation deduction under section one hundred sixty-seven of the internal revenue code as such section would have applied to property placed in service on December thirty-first, nineteen hundred eighty,

§ 17. Paragraph eight of subsection (b) of section S46-5.8 of such code, as amended by local law number forty-three of the city of New York for the year nineteen hundred eighty-three, is amended to read as follows: (8) For taxable years beginning

beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred (eighty-four] eighty-one, except with respect to property, which is a qualified mass commuting vehicle described in subparagraph (D) of paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue code (relating to qualifyed mass commuting vehicles), any amount which would properly be includible for federal income tax purposes had the taxpayer not made the election permitted pursuant to such paragraph eight' as it was in effect for agreements entered into prior to January first, nineteen hundred eighty-four.

S 18. Paragraph six of subdivision (c) of section S46-5.0 of such code, as amended by local law number forty-three of the city of New York, is amended to read as follows:

(6) For taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred Çeighty-four] eighty-one, except with respect to property which is a qualified mass commuting vehicle described in subparagraph (D) of paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue code (relating, to qualified mass commuting vehicles), any amount properly includible in federal gross income solely as a result of an election made pursuant to the provisions of such parasiaphrweight, as inéte wasundredferthforfagreements entered into prior to

§ 19. Subdivisions twelve, thirteen, fourteen and fifteen of section S46-6.0 of such code, as amended by local law number forty-three of the city of New York for the year nineteen hundred eighty-three, are amended to read as follows:

(12) For taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred (eighty-four] eighty-one, except with respect to property, which is a qualified mass commuting vehicle described in subparagraph (D) of paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue code, (relating to qualified mass commuting vehicles), deduction shall be allowed for any amount which the taxpayer could have excluded for purposes of this title had it not made the election provided for in such paragraph eight as it was in effect for agreements entered into prior to January first, nineteen hundred eightyfour.

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(13) For taxable

beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred Çeighty-four) eighty-one, except with respect to property which is a qualified mass commuting vehicle described in subparagraph (D) of paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue code (relating to qualified mass commuting vehicles), no deduction shall be allowed for any amount deductible for federal income tax purposes solely as a result of an election made pursuant to the provisions of such paragraph eight as it was in effect for agreements entered into prior to January first, nineteen hundred eightyfour.

(14) For taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred eighty-one, except with respect to recovery property subject to the provisions of section two hundred eighty-F of the internal revenue code and recovery property placed in service in this state in taxable years beginning after December thirty-first, nineteen hundred eightyfour, no deduction shall be allowed for the amount allowable as a deduction under section one hundred sixty-eight of the internal revenue code.

(15) For taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and nineteen hundred eighty-four] after December thirty-first, nineteen hundred eighty-one, except with respect to recovery property [for which a deduction is allowed under section one hundred sixty-eight of the internal revenue code] subject to the provisions of section two hundred eighty-F of the internal revenue code and recovery property placed in service in this state in taxable years beginning after December thirty-first, nineteen hundred eighty-four, and provided (such] a deduction has not been disallowed pursuant to subdivision thirteen of this section, a taxpayer shall be allowed with respect to

recovery property the depreciation deduction allowable under section one hundred sixty-seven of the internal revenue code such section would have applied to property placed in service on December thirtyfirst, nineteen hundred eighty.

§ 20. Paragraphs twenty-four, twenty-five and twenty-six of subdivision b of section 146-112. 0 of such code, as amended by chapter fifteen of the laws of nineteen hundred eighty-three, are amended to read as follows: (24) For taxable

years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred ,(eighty-four] eighty-one, except with respect to property which is a qualified mass commuting vehicle described in subparagraph (D) of paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue code (relating to qualified mass commuting vehicles), any amount which the taxpayer claimed as a deduction in computing its federal adjusted gross income solely as a result of an election made pursuant to the provisions of such paragraph eight as it was in effect for agreements entered into prior to January first, nineteen hundred eighty-four;

725) For taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred (eighty-four) éighty-one, except with respect to property which is a qualified mass commuting vehicle described in subparagraph (D) of paragraph eight of subsection (f) of section one hundred sixty-eight of the internal revenue code (relating to qualified, mass commuting vehicles), any amount which the taxpayer would have been required to include in the computation of its federal adjusted gross income had it not made the election permitted pursuant to such paragraph eight as it was in effect for agreements entered into prior to January first, nineteen hundred eighty-four;

(26) For taxable years beginning [in nineteen hundred eighty-two, nineteen hundred eighty-three and] after December thirty-first, nineteen hundred eighty-one, except with respect to recovery property subject to the provisions of section' two hundred eighty-f of the internal revenue code and

recovery property placed in service in this state in taxable years beginning after December thirty-first, nineteen hundred eighty. four, the amount allowable á deduction under section one hundred sixty-eight of the internal revenue code;

§ 21. Paragraphs twenty-three, twenty-four and twenty-five of subdivision (c) of section T46-112.0 of such code, as amended by chapter fifEXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

to be omitted.

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