Bill Text: NY A05944 | 2013-2014 | General Assembly | Introduced

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Bill Title: Relates to the imposition of the personal income tax upon foreign limited partnerships.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-01-08 - referred to ways and means [A05944 Detail]

Download: New_York-2013-A05944-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5944
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                     March 8, 2013
                                      ___________
       Introduced  by M. of A. MORELLE -- read once and referred to the Commit-
         tee on Ways and Means
       AN ACT to amend the tax law,  in  relation  to  the  imposition  of  the
         personal income tax upon foreign partnerships
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subsection (f) of section 601 of the tax law, as amended by
    2  chapter 248 of the laws of 1997, is amended to read as follows:
    3    (f) Partners and partnerships. (1) A partnership as such shall not  be
    4  subject to tax under this article. Persons carrying on business as part-
    5  ners  shall  be liable for tax under this article only in their separate
    6  or individual capacities. As used in this article,  the  term  "partner-
    7  ship"  shall  include, unless a different meaning is clearly required, a
    8  subchapter K limited liability company. The term "subchapter  K  limited
    9  liability  company" shall mean a limited liability company classified as
   10  a partnership for federal income tax purposes. The term "limited liabil-
   11  ity company" means a domestic limited liability  company  or  a  foreign
   12  limited  liability company, as defined in section one hundred two of the
   13  limited liability company law, a limited  liability  investment  company
   14  formed  pursuant  to section five hundred seven of the banking law, or a
   15  limited liability trust company formed pursuant to section  one  hundred
   16  two-a of the banking law.
   17    (2)  A  FOREIGN  PARTNERSHIP SHALL NOT BE DEEMED TO HAVE NEXUS IN THIS
   18  STATE, AND THE NON-RESIDENT PARTNERS OF SUCH FOREIGN  PARTNERSHIP  SHALL
   19  NOT  BE DEEMED TO HAVE NEW YORK-SOURCE INCOME, BY REASON OF SUCH FOREIGN
   20  PARTNERSHIP USING FULFILLMENT SERVICES OF A PERSON OR ENTITY AND  OWNING
   21  PROPERTY  STORED ON THE PREMISES OF SUCH PERSON OR ENTITY IN CONJUNCTION
   22  WITH SUCH SERVICES. THE TERM "FULFILLMENT SERVICES" SHALL  MEAN  ANY  OF
   23  THE  FOLLOWING SERVICES PERFORMED BY AN ENTITY ON ITS PREMISES ON BEHALF
   24  OF A PURCHASER: (I) THE ACCEPTANCE OF ORDERS ELECTRONICALLY OR BY  MAIL,
   25  TELEPHONE,  TELEFAX  OR INTERNET; (II) RESPONSES TO CONSUMER CORRESPOND-
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08544-01-3
       A. 5944                             2
    1  ENCE OR INQUIRIES ELECTRONICALLY  OR  BY  MAIL,  TELEPHONE,  TELEFAX  OR
    2  INTERNET;  (III) BILLING AND COLLECTION ACTIVITIES; OR (IV) THE SHIPMENT
    3  OF ORDERS FROM AN INVENTORY OF PRODUCTS OFFERED FOR SALE BY THE PURCHAS-
    4  ER.
    5    S 2. This act shall take effect immediately and shall apply to taxable
    6  years beginning on or after January 1, 2014.