Bill Text: NY A06444 | 2013-2014 | General Assembly | Introduced
Bill Title: Extends certain provisions of the tax law related to temporary deferral of certain tax credits and temporary deferral payout credits.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-01-08 - referred to ways and means [A06444 Detail]
Download: New_York-2013-A06444-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
6444
2013-2014 Regular Sessions
I N A S S E M B L Y
March 27, 2013
___________
Introduced by M. of A. BRENNAN -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to extending certain provisions
of law relating to temporary deferral of certain tax credits and
temporary deferral payout credits; and providing for the repeal of
certain provisions upon expiration thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Paragraph (a) of subdivision 1 of section 33 to the tax
2 law, as added by section 1 of part Y of chapter 57 of the laws of 2010,
3 is amended to read as follows:
4 (a) For taxable years beginning on or after January first, two thou-
5 sand ten and before January first, two thousand [thirteen] EIGHTEEN, the
6 excess over two million dollars of the total amount of the tax credits
7 specified in subdivision three of this section that in each of those
8 taxable years would otherwise be used to reduce the taxpayer's tax
9 liability to the amount otherwise specified in this chapter or be
10 refunded or credited as an overpayment will be deferred to and used or
11 refunded in taxable years beginning on or after January first, two thou-
12 sand [thirteen] EIGHTEEN in accordance with the provisions of section
13 thirty-four of this article. Interest shall not be paid on the amounts
14 of credit deferred.
15 S 2. Subdivisions 1 and 2 of section 34 of the tax law, as added by
16 section 2 of part Y of chapter 57 of the laws of 2010, is amended to
17 read as follows:
18 1. The amounts of nonrefundable credits that are deferred pursuant to
19 section thirty-three of this article in taxable years beginning on or
20 after January first, two thousand ten and before January first, two
21 thousand [thirteen] EIGHTEEN shall be accumulated and constitute the
22 taxpayer's temporary deferral nonrefundable payout credit. The taxpayer
23 may first claim this credit in the taxable year beginning on or after
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09890-02-3
A. 6444 2
1 January first, two thousand [thirteen] EIGHTEEN and before January
2 first, two thousand [fourteen] NINETEEN. The taxpayer shall be allowed
3 to claim this credit until the accumulated amounts are exhausted. The
4 credit shall be allowed against the taxpayer's tax as provided in the
5 provisions referenced in paragraph (a) of subdivision three of this
6 section.
7 2. The amounts of refundable credits that are deferred pursuant to
8 section thirty-three of this article in taxable years beginning on or
9 after January first, two thousand ten and before January first, two
10 thousand [thirteen] EIGHTEEN shall be accumulated and constitute the
11 taxpayer's temporary deferral refundable payout credit. In the taxable
12 year beginning on or after January first, two thousand [thirteen] EIGH-
13 TEEN and before January first, two thousand [fourteen] NINETEEN, the
14 taxpayer shall be allowed to claim a credit equal to fifty percent of
15 the amount accumulated. In the taxable year beginning on or after Janu-
16 ary first, two thousand [fourteen] NINETEEN and before January first,
17 two thousand [fifteen] TWENTY, the taxpayer shall be allowed to claim a
18 credit equal to seventy-five percent of the balance of the amount accu-
19 mulated. In the taxable year beginning on or after January first, two
20 thousand [fifteen] TWENTY and before January first, two thousand
21 [sixteen] TWENTY-ONE, the taxpayer shall be allowed to claim a credit
22 equal to the remaining balance of the amount accumulated. The credit
23 shall be allowed against the taxpayer's tax as provided in the
24 provisions referenced in paragraph (b) of subdivision three of this
25 section.
26 S 3. Clause (A) of subparagraph (ii) of paragraph (c) of subdivision 1
27 of section 210 of the tax law, as amended by section 2 of part C of
28 chapter 56 of the laws of 2011, is amended to read as follows:
29 (A) For taxable years beginning on or after January first, two thou-
30 sand seven, the amount prescribed by this paragraph shall be computed at
31 the rate of one and one-half percent of the taxpayer's minimum taxable
32 income base. FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO
33 THOUSAND THIRTEEN, THE AMOUNT PRESCRIBED BY THIS PARAGRAPH SHALL BE
34 COMPUTED AT THE RATE OF THREE AND ONE-HALF PERCENT OF THE TAXPAYER'S
35 MINIMUM TAXABLE INCOME BASE. The "taxpayer's minimum taxable income
36 base" shall mean the portion of the taxpayer's minimum taxable income
37 allocated within the state as hereinafter provided, subject to any
38 modifications required by paragraphs (d) and (e) of subdivision three of
39 this section.
40 S 4. This act shall take effect immediately; and provided that section
41 three of this act shall expire and be deemed repealed January 1, 2017.
