Bill Text: NY A03896 | 2013-2014 | General Assembly | Amended

New York Assembly Bill 3896 (Prior Session Legislation)

Bill Title: Provides for an additional franchise tax on life insurance policies obtained by companies on its employees and/or retirees.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-06-17 - held for consideration in ways and means [A03896 Detail]

Download: New_York-2013-A03896-Amended.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        3896--A
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 29, 2013
                                      ___________
       Introduced by M. of A. CRESPO -- read once and referred to the Committee
         on Ways and Means -- recommitted to the Committee on Ways and Means in
         accordance  with Assembly Rule 3, sec. 2 -- committee discharged, bill
         amended, ordered reprinted as amended and recommitted to said  commit-
         tee
       AN  ACT  to  amend  the  tax law, in relation to providing an additional
         franchise tax on certain life insurance policies
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  tax  law is amended by adding a new section 182-b to
    2  read as follows:
    3    S 182-B. ADDITIONAL FRANCHISE TAX ON CERTAIN LIFE INSURANCE  POLICIES.
    4  1.  NOTWITHSTANDING ANY OTHER PROVISION OF THIS CHAPTER, OR OF ANY OTHER
    5  LAW, FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
    6  SEVENTEEN, AN ANNUAL TAX IS HEREBY IMPOSED UPON EVERY COMPANY  RECEIVING
    7  BENEFITS  FROM  LIFE INSURANCE POLICIES IT HAS OBTAINED ON ITS EMPLOYEES
    8  AND/OR RETIREES EQUAL TO FIFTY PER CENTUM OF ITS GROSS RECEIPTS FROM ALL
    9  PROCEEDS FROM SUCH LIFE INSURANCE POLICIES, FOR THE PRIVILEGE  OF  EXER-
   10  CISING  ITS  CORPORATE  FRANCHISE, OR OF DOING BUSINESS, OR OF EMPLOYING
   11  CAPITAL, OR OF OWNING OR LEASING PROPERTY IN THIS STATE IN  A  CORPORATE
   12  OR  ORGANIZED  CAPACITY,  OR OF MAINTAINING AN OFFICE IN THIS STATE, FOR
   13  ALL OR ANY PART OF EACH OF ITS TAXABLE YEARS.
   14    2. EVERY COMPANY SUBJECT TO TAX UNDER THIS  SECTION  SHALL  KEEP  SUCH
   15  RECORDS  OF  ITS  BUSINESS IN SUCH FORM AS THE COMMISSIONER MAY REQUIRE,
   16  AND SUCH RECORDS SHALL BE PRESERVED FOR A PERIOD OF THREE YEARS,  EXCEPT
   17  THAT THE COMMISSIONER MAY CONSENT TO THEIR DESTRUCTION WITHIN THAT PERI-
   18  OD OR MAY REQUIRE THAT THEY BE KEPT LONGER.
   19    S 2. This act shall take effect immediately and shall apply to taxable
   20  years beginning on or after January 1, 2017.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00444-03-4