Bill Text: NY S00262 | 2011-2012 | General Assembly | Introduced

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Bill Title: Provides for an additional franchise tax on life insurance policies obtained by companies on its employees and/or retirees.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-01-05 - PRINT NUMBER 262A [S00262 Detail]

Download: New_York-2011-S00262-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          262
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       Introduced  by  Sen.  DIAZ  --  read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       AN ACT to amend the tax law, in  relation  to  providing  an  additional
         franchise tax on certain life insurance policies
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The tax law is amended by adding a  new  section  182-b  to
    2  read as follows:
    3    S  182-B. ADDITIONAL FRANCHISE TAX ON CERTAIN LIFE INSURANCE POLICIES.
    4  1. NOTWITHSTANDING ANY OTHER PROVISION OF THIS CHAPTER, OR OF ANY  OTHER
    5  LAW, FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
    6  THIRTEEN,  AN  ANNUAL TAX IS HEREBY IMPOSED UPON EVERY COMPANY RECEIVING
    7  BENEFITS FROM LIFE INSURANCE POLICIES IT HAS OBTAINED ON  ITS  EMPLOYEES
    8  AND/OR RETIREES EQUAL TO FIFTY PER CENTUM OF ITS GROSS RECEIPTS FROM ALL
    9  PROCEEDS  FROM  SUCH LIFE INSURANCE POLICIES, FOR THE PRIVILEGE OF EXER-
   10  CISING ITS CORPORATE FRANCHISE, OR OF DOING BUSINESS,  OR  OF  EMPLOYING
   11  CAPITAL,  OR  OF OWNING OR LEASING PROPERTY IN THIS STATE IN A CORPORATE
   12  OR ORGANIZED CAPACITY, OR OF MAINTAINING AN OFFICE IN  THIS  STATE,  FOR
   13  ALL OR ANY PART OF EACH OF ITS TAXABLE YEARS.
   14    2.  EVERY  COMPANY  SUBJECT  TO TAX UNDER THIS SECTION SHALL KEEP SUCH
   15  RECORDS OF ITS BUSINESS IN SUCH FORM AS THE  COMMISSIONER  MAY  REQUIRE,
   16  AND  SUCH RECORDS SHALL BE PRESERVED FOR A PERIOD OF THREE YEARS, EXCEPT
   17  THAT THE COMMISSIONER MAY CONSENT TO THEIR DESTRUCTION WITHIN THAT PERI-
   18  OD OR MAY REQUIRE THAT THEY BE KEPT LONGER.
   19    S 2. This act shall take effect immediately and shall apply to taxable
   20  years beginning on or after January 1, 2013.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03251-01-1