Bill Text: NY S03160 | 2009-2010 | General Assembly | Introduced

New York Senate Bill 3160 (Prior Session Legislation)

Introduced

Bill Title: Relates to the determination of entire net income of real estate investment trusts.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S03160 Detail]

Download: New_York-2009-S03160-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3160
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                    March 12, 2009
                                      ___________
       Introduced  by  Sen.  STACHOWSKI  -- read twice and ordered printed, and
         when printed to be committed to the Committee  on  Investigations  and
         Government Operations
       AN ACT to amend the tax law, in relation to banking corporations or bank
         holding  companies  that  directly  or  indirectly own or control over
         fifty percent of voting stock of the captive REIT
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Subparagraph  (v)  of  paragraph  2  of subsection (f) of
    2  section 1462 of the tax law, as added by section  10  of  part  FF-1  of
    3  chapter 57 of the laws of 2008, is amended by adding a new clause (H) to
    4  read as follows:
    5    (H)  IF  THE BANKING CORPORATION OR BANK HOLDING COMPANY THAT DIRECTLY
    6  OR INDIRECTLY OWNS OR CONTROLS OVER FIFTY PERCENT OF THE VOTING STOCK OF
    7  THE CAPTIVE REIT AND IS  THE  CLOSEST  CONTROLLING  STOCKHOLDER  OF  THE
    8  CAPTIVE  REIT  IS  A  MEMBER OF A COMBINED GROUP OF BANKING CORPORATIONS
    9  INCLUDED IN A COMBINED RETURN, AND AT LEAST ONE OF THE  CORPORATIONS  IN
   10  THE  COMBINED  GROUP ON JANUARY FIRST, TWO THOUSAND EIGHT HAD FACILITIES
   11  IN AT LEAST ONE EMPIRE ZONE OR FORMER EMPIRE ZONE AND IN  AT  LEAST  ONE
   12  RENEWAL  COMMUNITY  OR  FORMER  RENEWAL  COMMUNITY  AS DESIGNATED BY THE
   13  FEDERAL SECRETARY OF HOUSING AND URBAN  DEVELOPMENT,  THEN  THE  CAPTIVE
   14  REIT MUST NOT BE INCLUDED IN A COMBINED RETURN UNDER THIS ARTICLE, ARTI-
   15  CLE  NINE-A  OR  ARTICLE THIRTY-THREE OF THIS CHAPTER. IN THAT INSTANCE,
   16  THE CAPTIVE REIT IS SUBJECT TO THE PROVISIONS  OF  SUBDIVISION  FIVE  OF
   17  SECTION TWO HUNDRED NINE OF THIS CHAPTER.
   18    S  2.  This act shall take effect immediately, provided, however, that
   19  the amendments to subparagraph (v) of paragraph 2 of subsection  (f)  of
   20  section  1462  of  the tax law made by section one of this act shall not
   21  affect the repeal of such subparagraph  and  shall  be  deemed  repealed
   22  therewith.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02862-01-9