Bill Text: NY A11678 | 2009-2010 | General Assembly | Introduced
Bill Title: Enacts legislation necessary to implement the state fiscal plan for the 2010-2011 state fiscal year; relates to hedge funds, S corporations and post productions credits.
Spectrum: Committee Bill
Status: (Passed) 2010-08-04 - signed chap.312 [A11678 Detail]
Download: New_York-2009-A11678-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
S. 8465 A. 11678
S E N A T E - A S S E M B L Y
August 3, 2010
___________
IN SENATE -- Introduced by COMMITTEE ON RULES -- (at request of the
Governor) -- read twice and ordered printed, and when printed to be
committed to the Committee on Rules
IN ASSEMBLY -- Introduced by COMMITTEE ON RULES -- (at request of the
Governor) -- read once and referred to the Committee on Ways and Means
AN ACT to repeal part KK of a chapter of the laws of 2010 amending the
tax law relating to investment management services to a partnership or
other entity, as proposed in legislative bill numbers S. 6610-C and A.
9710-D, relating thereto (Part A); to amend part C of a chapter of the
laws of 2010 amending the tax law relating to clarifying that certain
income constitutes New York source income of nonresident shareholders
of an S corporation, as proposed in legislative bill numbers S.6610-C
and A.9710-D, in relation to the effectiveness of certain portions
thereof (Part B); and to amend chapter 60 of the laws of 2004 amending
the tax law relating to the empire state film production credit, in
relation to the empire state film production credit (Part C)
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. This act enacts into law major components of legislation
2 which are necessary to implement the state fiscal plan for the 2010-2011
3 state fiscal year. Each component is wholly contained within a Part
4 identified as Parts A through C. The effective date for each particular
5 provision contained within such Part is set forth in the last section of
6 such Part. Any provision in any section contained within a Part, includ-
7 ing the effective date of the Part, which makes reference to a section
8 "of this act", when used in connection with that particular component,
9 shall be deemed to mean and refer to the corresponding section of the
10 Part in which it is found. Section three of this act sets forth the
11 general effective date of this act.
12 PART A
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD12315-02-0
S. 8465 2 A. 11678
1 Section 1. Part KK of a chapter of the laws of 2010 amending the tax
2 law relating to investment management services to a partnership or other
3 entity, as proposed in legislative bill numbers S. 6610-C and A. 9710-D,
4 is REPEALED.
5 S 2. This act shall take effect on the same date and in the same
6 manner as part KK of a chapter of the laws of 2010 amending the tax law
7 relating to investment management services to a partnership or other
8 entity, as proposed in legislative bill numbers S. 6610-C and A. 9710-D,
9 takes effect.
10 PART B
11 Section 1. Section 4 of part C of a chapter of the laws of 2010 amend-
12 ing the tax law relating to clarifying that certain income constitutes
13 New York source income of nonresident shareholders of an S corporation,
14 as proposed in legislative bill numbers S.6610-C and A.9710-D, is
15 amended to read as follows:
16 S 4. This act shall take effect immediately; provided however, that
17 section two of this act shall apply to [all tax years for which the
18 statute of limitations for seeking a refund or assessing additional tax
19 are still open,] TAXABLE YEARS BEGINNING ON OR AFTER JANUARY 1, 2007 FOR
20 WHICH THE STATUTE OF LIMITATIONS FOR SEEKING A REFUND OR ASSESSING ADDI-
21 TIONAL TAX IS STILL OPEN, PROVIDED, HOWEVER, THAT IN CASES OF FAILURE TO
22 FILE, FAILURE TO REPORT FEDERAL CHANGES, OR FILING A FALSE OR FRAUDULENT
23 RETURN WITH INTENT TO EVADE TAX, AS SPECIFIED UNDER PARAGRAPH 1 OF
24 SUBSECTION (C) OF SECTION 683 OF THE TAX LAW, OR IN CASES OF SUBSTANTIAL
25 OMISSION OF INCOME UNDER SUBSECTION (D) OF SECTION 683 OF THE TAX LAW,
26 IT SHALL APPLY TO ALL TAXABLE YEARS AS LONG AS SUCH STATUTE OF LIMITA-
27 TIONS REMAIN OPEN AND ARE SUBJECT TO ASSESSMENT; and section three of
28 this act shall apply to taxable years beginning on or after January 1,
29 2010.
30 S 2. This act shall take effect on the same date as part C of a chap-
31 ter of the laws of 2010 amending the tax law relating to clarifying that
32 certain income constitutes New York source income of nonresident share-
33 holders of an S corporation, as proposed in legislative bill numbers
34 S.6610-C and A.9710-D, takes effect.
35 PART C
36 Section 1. Subdivision (e) of section 7 of part P of chapter 60 of the
37 laws of 2004 amending the tax law relating to the empire state film
38 production credit, as added by section 2 of part Q of a chapter of the
39 laws of 2010 amending chapter 60 of the laws of 2004 amending the tax
40 law relating to the empire state film production credit, relating to the
41 empire state film production credit, as proposed in legislative bill
42 numbers S.6610-C and A.9710-D, is amended to read as follows:
43 (e) Additional pool 2 - The aggregate amount of tax credits allowed in
44 subdivision (a) of this section shall be increased by an additional $420
45 million in 2010, $420 million in 2011, $420 million in 2012, $420
46 million in 2013 and $420 million in 2014 provided however, [up to] $7
47 million of the annual allocation shall be available for the empire state
48 film post production credit pursuant to section 31 of the tax law. This
49 additional amount shall be allocated by the governor's office for motion
50 picture and television development among taxpayers in accordance with
51 subdivision (a) of this section. IF THE DIRECTOR OF THE GOVERNOR'S
52 OFFICE FOR MOTION PICTURE AND TELEVISION DEVELOPMENT DETERMINES THAT THE
S. 8465 3 A. 11678
1 AGGREGATE AMOUNT OF TAX CREDITS AVAILABLE FROM ADDITIONAL POOL 2 FOR THE
2 EMPIRE STATE FILM PRODUCTION TAX CREDIT HAVE BEEN PREVIOUSLY ALLOCATED,
3 AND DETERMINES THAT THE PENDING APPLICATIONS FROM ELIGIBLE APPLICANTS
4 FOR THE POST PRODUCTION TAX CREDIT PURSUANT TO SECTION 31 OF THE TAX LAW
5 IS INSUFFICIENT TO UTILIZE THE BALANCE OF UNALLOCATED POST PRODUCTION
6 TAX CREDITS FROM SUCH POOL, THE REMAINDER, AFTER SUCH PENDING APPLICA-
7 TIONS ARE CONSIDERED, SHALL BE MADE AVAILABLE FOR ALLOCATION IN THE
8 EMPIRE STATE FILM TAX CREDIT PURSUANT TO SECTION 24, SUBDIVISION 36 OF
9 SECTION 210 AND SUBSECTION (GG) OF SECTION 606 OF THE TAX LAW. The
10 governor's office for motion picture and television development must
11 notify taxpayers of their allocation year and include the allocation
12 year on the certificate of tax credit. Taxpayers eligible to claim a
13 credit must report the allocation year directly on their empire state
14 film production credit tax form for each year a credit is claimed and
15 include a copy of the certificate with their tax return. In the case of
16 a qualified film that receives funds from additional pool 2, no empire
17 state film production credit shall be claimed before the later of (1)
18 the taxable year the production of the qualified film is complete, or
19 (2) the taxable year immediately following the allocation year for which
20 the film has been allocated credit by the governor's office for motion
21 picture and television development.
22 S 2. This act shall take effect on the same date and in the same
23 manner as section 2 of part Q of a chapter of the laws of 2010 amending
24 chapter 60 of the laws of 2004 amending the tax law relating to the
25 empire state film production credit, relating to the empire state film
26 production credit, as proposed in legislative bill numbers S.6610-C and
27 A.9710-D, takes effect.
28 S 2. Severability clause. If any clause, sentence, paragraph, subdivi-
29 sion, section or part of this act shall be adjudged by any court of
30 competent jurisdiction to be invalid, such judgment shall not affect,
31 impair, or invalidate the remainder thereof, but shall be confined in
32 its operation to the clause, sentence, paragraph, subdivision, section
33 or part thereof directly involved in the controversy in which such judg-
34 ment shall have been rendered. It is hereby declared to be the intent of
35 the legislature that this act would have been enacted even if such
36 invalid provisions had not been included herein.
37 S 3. This act shall take effect immediately provided, however, that
38 the applicable effective date of Parts A through C of this act shall be
39 as specifically set forth in the last section of such Parts.
