S T A T E O F N E W Y O R K
________________________________________________________________________
6014
2011-2012 Regular Sessions
I N A S S E M B L Y
March 3, 2011
___________
Introduced by M. of A. BURLING, FINCH, RAIA -- read once and referred to
the Committee on Ways and Means
AN ACT to amend chapter 298 of the laws of 1985, amending the tax law
relating to the franchise tax on banking corporations imposed by the
tax law, authorized to be imposed by any city having a population of
one million or more by chapter 772 of the laws of 1966 and imposed by
the administrative code of the city of New York and relating to other
provisions of the tax law, chapter 883 of the laws of 1975 and the
administrative code of the city of New York which relates to such
franchise tax; to amend the business tax reform and rate reduction act
of 1987; and to amend chapter 525 of the laws of 1988, amending the
tax law and the administrative code of the city of New York relating
to the imposition of taxes in the city of New York, in relation to
making permanent the provisions of such chapters
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Section 51 of chapter 298 of the laws of 1985, amending the
2 tax law relating to the franchise tax on banking corporations imposed by
3 the tax law, authorized to be imposed by any city having a population of
4 one million or more by chapter 772 of the laws of 1966 and imposed by
5 the administrative code of the city of New York and relating to other
6 provisions of the tax law, chapter 883 of the laws of 1975 and the
7 administrative code of the city of New York which relates to such fran-
8 chise tax, as amended by chapter 67 of the laws of 2010, is amended to
9 read as follows:
10 S 51. This act shall take effect immediately and shall apply to taxa-
11 ble years beginning on or after January 1, 1985[, except that:
12 (a) sections one through eight shall not apply to taxable years begin-
13 ning on or after January 1, 2011;
14 (b) sections nine, twelve, the amendment made to paragraph 9 of
15 subsection (a) of section 1452 of the tax law by section thirteen,
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03190-01-1
A. 6014 2
1 sections fifteen, sixteen, eighteen, nineteen, twenty, twenty-three,
2 twenty-seven, thirty and thirty-two, the amendment made to paragraph 9
3 of subdivision (a) of section 11-640 of the administrative code of the
4 city of New York by section thirty-three, sections thirty-five, thirty-
5 six, thirty-eight, thirty-nine, forty, and forty-five shall not apply to
6 corporations other than savings banks and savings and loan associations
7 for taxable years beginning on or after January 1, 2011;
8 (c) sections twenty-one, twenty-two, twenty-four, forty-one and
9 forty-two shall not apply to corporations other than savings banks and
10 savings and loan associations for taxable years beginning on or after
11 January 1, 2011, provided, however, that the provisions of such sections
12 which relate to the alternative minimum tax measured by taxable assets
13 shall continue to apply to all taxpayers for taxable years beginning on
14 or after January 1, 2011;
15 (d) the amendment to the section heading and the opening paragraph of
16 section 11-643.3 of the administrative code of the city of New York made
17 by section forty-three shall not apply to corporations other than
18 savings banks and savings and loan associations for taxable years begin-
19 ning on or after January 1, 2011 with respect to those provisions of
20 such section 11-643.3 which relate to the basic tax measured by entire
21 net income; and
22 (e) section twenty-eight, and the addition of new section 11-643.5 of
23 the administrative code of the city of New York made by section forty-
24 four shall not apply to corporations other than savings banks and
25 savings and loan associations for taxable years beginning on or after
26 January 1, 2011, provided, however, that the provisions of such sections
27 which relate to the alternative minimum taxes measured by assets, issued
28 capital stock and one hundred twenty-five dollars shall continue to
29 apply to all taxpayers for taxable years beginning on or after January
30 1, 2011].
31 S 2. Subdivisions (d) and (f) of section 110 of chapter 817 of the
32 laws of 1987, constituting the business tax reform and rate reduction
33 act of 1987, as amended by chapter 67 of the laws of 2010, are amended
34 to read as follows:
35 (d) The provisions of section sixty-seven of this act except insofar
36 as it amends paragraph 10 of subsection (b) of section 1453 of the tax
37 law, seventy-one and seventy-four shall apply to taxable years beginning
38 after December 31, 1986[, provided, however, that new paragraphs 11 and
39 12 of subsection (b) of section 1453 of the tax law as added by section
40 sixty-seven of this act, the amendments made by section seventy-one of
41 this act, and new subsection (i) of section 1453 of the tax law as added
42 by section seventy-four of this act shall not apply to taxable years
43 beginning on or after January 1, 2011];
44 (f) The provisions of section one hundred four of this act shall apply
45 to taxable years beginning after December 31, 1986[, and shall not apply
46 to corporations other than savings banks and savings and loan associ-
47 ations for taxable years beginning on or after January 1, 2011,
48 provided, however, that the provisions of such section which relate to
49 the alternative minimum tax measured by taxable assets shall continue to
50 apply to all taxpayers for taxable years beginning on or after January
51 1, 2011].
52 S 3. Subdivisions (c) and (d) of section 68 of chapter 525 of the
53 laws of 1988, amending the tax law and the administrative code of the
54 city of New York relating to the imposition of taxes in the city of New
55 York, as amended by chapter 67 of the laws of 2010, are amended to read
56 as follows:
A. 6014 3
1 (c) The provisions of sections one, thirty-one, thirty-two, thirty-
2 three, thirty-six, thirty-seven, forty through forty-five, forty-seven
3 and forty-eight of this act shall apply to taxable years beginning after
4 December 31, 1986[, provided, however, that the amendments made by
5 sections thirty-six and forty-one of this act, and new subdivision (i)
6 of section 11-641 of the administrative code of the city of New York as
7 added by section forty-four of this act shall not apply to taxable years
8 beginning on or after January 1, 2011];
9 (d) The provisions of section forty-six of this act shall apply to
10 taxable years beginning after December 31, 1986[, and shall not apply to
11 corporations other than savings banks and savings and loan associations
12 for taxable years beginning on or after January 1, 2011, provided,
13 however, that the provisions of such section which relate to the alter-
14 native minimum tax measured by taxable assets shall continue to apply to
15 all taxpayers for taxable years beginning on or after January 1, 2011];
16 S 4. This act shall take effect immediately.