Bill Text: NY S06627 | 2017-2018 | General Assembly | Amended
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 (Republican 1-0)
Status: (Engrossed - Dead) 2018-06-20 - COMMITTED TO RULES [S06627 Detail]
Download: New_York-2017-S06627-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 6627--A 2017-2018 Regular Sessions IN SENATE June 7, 2017 ___________ Introduced by Sen. YOUNG -- read twice and ordered printed, and when printed to be committed to the Committee on Rules -- recommitted to the Committee on Cities in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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 EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13057-02-8S. 6627--A 2 1 prescribed by this clause shall be reduced by twenty-five percent if the 2 period for which the taxpayer is subject to tax is more than six months 3 but not more than nine months and by fifty percent if the period for 4 which the taxpayer is subject to tax is not more than six months. If the 5 taxable year is less than twelve months, the amount of New York city 6 receipts for purposes of this clause is determined by dividing the 7 amount of the receipts for the taxable year by the number of months in 8 the taxable year and multiplying the result by twelve. Provided, howev- 9 er, in the case of a REIT or RIC, as defined in section 11-601 of this 10 chapter, that is not a captive REIT or captive RIC, as defined in 11 section 11-601 of this chapter, the following schedule shall apply: 12 If New York city receipts are: Fixed dollar 13 minimum tax is: 14 Not more than $100,000 $25 15 More than $100,000 but not over $250,000 $75 16 More than $250,000 but not over $500,000 $175 17 More than $500,000 $500 18 § 2. This act shall take effect immediately and shall be deemed to 19 have been in full force and effect on and after April 10, 2018, and 20 shall apply to taxable years beginning on and after January 1, 2019.