Bill Text: NY A08474 | 2017-2018 | General Assembly | Introduced

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Bill Title: Provides for the computation of the New York city corporate tax on real estate investment trusts and regulated investment companies.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-02-05 - print number 8474a [A08474 Detail]

Download: New_York-2017-A08474-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          8474
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                      June 16, 2017
                                       ___________
        Introduced by M. of A. ABBATE -- read once and referred to the Committee
          on Ways and Means
        AN  ACT  to  amend  the  administrative code of the city of New York, in
          relation to the computation of the city corporate tax for real  estate
          investment trusts and regulated investment companies
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Clause (iv) of subparagraph 1 of paragraph (e) of  subdivi-
     2  sion  1  of section 11-654 of the administrative code of the city of New
     3  York, as added by section 1 of part D of chapter 60 of the laws of 2015,
     4  is amended to read as follows:
     5    (iv) If New York city receipts are:                  Fixed dollar
     6                                                         minimum tax is:
     7  Not more than $100,000                                 $25
     8  More than $100,000 but not over $250,000               $75
     9  More than $250,000 but not over $500,000               $175
    10  More than $500,000 but not over $1,000,000             $500
    11  More than $1,000,000 but not over $5,000,000           $1,500
    12  More than $5,000,000 but not over $25,000,000          $3,500
    13  More than $25,000,000 but not over $50,000,000         $5,000
    14  More than $50,000,000 but not over $100,000,000        $10,000
    15  More than $100,000,000 but not over $250,000,000       $20,000
    16  More than $250,000,000 but not over $500,000,000       $50,000
    17  More than $500,000,000 but not over $1,000,000,000     $100,000
    18  Over $1,000,000,000                                    $200,000
    19    For purposes of this clause, New York city receipts are  the  receipts
    20  computed  in accordance with section 11-654.2 of this subchapter for the
    21  taxable year. If the taxable year is less than twelve months, the amount
    22  prescribed by this clause shall be reduced by twenty-five percent if the
    23  period for which the taxpayer is subject to tax is more than six  months
    24  but  not  more  than  nine months and by fifty percent if the period for
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13057-01-7
        A. 8474                             2
     1  which the taxpayer is subject to tax is not more than six months. If the
     2  taxable year is less than twelve months, the amount  of  New  York  city
     3  receipts  for  purposes  of  this  clause  is determined by dividing the
     4  amount  of  the receipts for the taxable year by the number of months in
     5  the taxable year and multiplying the result by twelve. Provided,  howev-
     6  er,  in  the case of a REIT or RIC, as defined in section 11-601 of this
     7  chapter, that is not a captive  REIT  or  captive  RIC,  as  defined  in
     8  section 11-601 of this chapter, the following schedule shall apply:
     9    If New York city receipts are:                       Fixed dollar
    10                                                         minimum tax is:
    11  Not more than $100,000                                 $25
    12  More than $100,000 but not over $250,000               $75
    13  More than $250,000 but not over $500,000               $175
    14  More than $500,000                                     $500
    15    §  2.  This  act  shall take effect immediately and shall be deemed to
    16  have been in full force and effect on and  after  April  10,  2017,  and
    17  shall apply to taxable years beginning on and after January 1, 2018.