Bill Text: NY S03960 | 2009-2010 | General Assembly | Introduced

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Bill Title: Exempts not-for-profit housing associations from the corporate franchise tax.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S03960 Detail]

Download: New_York-2009-S03960-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3960
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                     April 7, 2009
                                      ___________
       Introduced  by  Sen.  OPPENHEIMER -- 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 exempting certain not-for-
         profit housing associations from franchise taxes
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. Subdivision 4 of section 209 of the tax law, as amended by
    2  section 2 of part FF-1 of chapter 57 of the laws of 2008, is amended  to
    3  read as follows:
    4    4.  Corporations liable to tax under sections one hundred eighty-three
    5  to one hundred eighty-five, inclusive, corporations taxable under  arti-
    6  cles  thirty-two  and  thirty-three  of  this chapter, any trust company
    7  organized under a law of this state all of the stock of which  is  owned
    8  by  not  less  than  twenty  savings banks organized under a law of this
    9  state, bank holding companies filing a  combined  return  in  accordance
   10  with subdivision (f) of section fourteen hundred sixty-two of this chap-
   11  ter,  a  captive  REIT  or  a captive RIC filing a combined return under
   12  either [subdivision] SUBSECTION (f) of section fourteen  hundred  sixty-
   13  two  or subdivision (f) of section fifteen hundred fifteen of this chap-
   14  ter, and housing companies  organized  and  operating  pursuant  to  the
   15  provisions of article two or article five of the private housing finance
   16  law  and  housing  development  fund companies organized pursuant to the
   17  provisions of article eleven of the  private  housing  finance  law  AND
   18  HOUSING  ASSOCIATIONS THAT ARE NOT-FOR-PROFIT CORPORATIONS AS DEFINED BY
   19  SUBPARAGRAPH TEN OF PARAGRAPH (A) OF SECTION  ONE  HUNDRED  TWO  OF  THE
   20  NOT-FOR-PROFIT  CORPORATION  LAW  shall not be subject to tax under this
   21  article.
   22    S 2. This act shall take effect immediately; provided,  however,  that
   23  the  amendments  to  subdivision 4 of section 209 of the tax law made by
   24  section one of this act shall not affect the expiration of such subdivi-
   25  sion and shall be deemed to expire therewith.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09204-01-9