Bill Text: NY A06117 | 2013-2014 | General Assembly | Introduced

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Bill Title: Requires the commissioner of taxation and finance to issue an annual report disclosing the aggregate amount claimed on certain tax credits for the preceding state fiscal year.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-06-17 - held for consideration in ways and means [A06117 Detail]

Download: New_York-2013-A06117-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6117
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 15, 2013
                                      ___________
       Introduced  by  M.  of  A.  ENGLEBRIGHT -- read once and referred to the
         Committee on Ways and Means
       AN ACT to amend the tax law, in relation to requiring  the  commissioner
         of  taxation  and  finance  to  issue  an annual report disclosing the
         aggregate amount claimed on certain  tax  credits  for  the  preceding
         state fiscal year
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 171 of the tax law  is  amended  by  adding  a  new
    2  subdivision twenty-ninth to read as follows:
    3    TWENTY-NINTH.   ANNUALLY, NO LATER THAN DECEMBER THIRTY-FIRST, ISSUE A
    4  REPORT DISCLOSING, FOR EACH CREDIT AUTHORIZED BY THIS  CHAPTER  THAT  IS
    5  CLAIMED  BY  AT  LEAST  THREE TAXPAYERS, THE AGGREGATE AMOUNT CLAIMED ON
    6  RETURNS AND REPORTS FILED FOR TAXABLE YEARS ENDING DURING THE IMMEDIATE-
    7  LY PRECEDING STATE FISCAL YEAR. WHEN DETERMINING WHETHER  A  CREDIT  HAS
    8  BEEN  CLAIMED BY AT LEAST THREE TAXPAYERS, TAXPAYERS CLAIMING A PRO-RATA
    9  SHARE OF A CREDIT THAT HAS BEEN REPORTED  BY  AN  ENTITY  WHICH  IS  NOT
   10  SUBJECT  TO  TAX  ON AMOUNTS DISTRIBUTED TO ITS BENEFICIAL OWNERS, OR IS
   11  EXEMPT FROM ENTITY-LEVEL TAXATION SHALL BE DISREGARDED AND THE REPORT OF
   12  THE ENTITY SHALL BE COUNTED. SUCH  REPORTING  REQUIREMENT  SHALL  BE  IN
   13  ADDITION TO ANY OTHER REPORTING REQUIREMENTS PRESCRIBED BY THIS CHAPTER.
   14  FOR  PURPOSES OF THIS SUBDIVISION, STATE FISCAL YEAR SHALL HAVE THE SAME
   15  MEANING AS SECTION THREE OF THE STATE FINANCE LAW.
   16    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08467-01-3