Bill Text: NY S07196 | 2013-2014 | General Assembly | Amended

New York Senate Bill 7196 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: Relates to taxpayers filing under article twenty-two of the tax law to include for the purposes of the tax factor all business income attributable to a QEZE business.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Vetoed) 2014-12-17 - VETOED MEMO.566 [S07196 Detail]

Download: New_York-2013-S07196-Amended.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        7196--A
                                   I N  S E N A T E
                                      May 5, 2014
                                      ___________
       Introduced  by  Sen.  RANZENHOFER -- read twice and ordered printed, and
         when printed to be committed to the Committee  on  Investigations  and
         Government  Operations  -- committee discharged, bill amended, ordered
         reprinted as amended and recommitted to said committee
       AN ACT to amend the tax law, in relation to QEZE tax reduction credits
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Paragraph  1  of subdivision (f) of section 16 of the tax
    2  law, as amended by section 14 of part CC of chapter 85 of  the  laws  of
    3  2002, is amended to read as follows:
    4    (1) General. The tax factor shall be, in the case of article nine-A of
    5  this  chapter, the larger of the amounts of tax determined for the taxa-
    6  ble year under paragraphs (a) and (c) of subdivision one of section  two
    7  hundred  ten  of  such  article. The tax factor shall be, in the case of
    8  article twenty-two of this chapter, the tax determined for  the  taxable
    9  year  under  subsections  (a)  through (d) of section six hundred one of
   10  such article. FOR THE PURPOSES OF CALCULATING THE TAX FACTOR UNDER ARTI-
   11  CLE TWENTY-TWO OF THIS CHAPTER, INCOME ALLOCATED TO NEW YORK STATE SHALL
   12  INCLUDE ALL BUSINESS INCOME. The tax factor shall be,  in  the  case  of
   13  article  thirty-two  of  this  chapter, the larger of the amounts of tax
   14  determined for the taxable year under subsection (a) and  paragraph  two
   15  of  subsection  (b) of section fourteen hundred fifty-five of such arti-
   16  cle. The tax factor shall be, in the case  of  article  thirty-three  of
   17  this  chapter, the larger of the amounts of tax determined for the taxa-
   18  ble year under paragraphs one and three of subdivision  (a)  of  section
   19  fifteen hundred two of such article.
   20    S  2.  Paragraph 1 of subdivision (f) of section 16 of the tax law, as
   21  amended by section 34 of part A of chapter 59 of the laws  of  2014,  is
   22  amended to read as follows:
   23    (1) General. The tax factor shall be, in the case of article nine-A of
   24  this  chapter,  the  amount of tax determined for the taxable year under
   25  paragraph (a) of subdivision one of section  two  hundred  ten  of  such
   26  article.  The  tax factor shall be, in the case of article twenty-two of
   27  this chapter, the tax determined for the taxable year under  subsections
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14537-05-4
       S. 7196--A                          2
    1  (a)  through  (d)  of  section six hundred one of such article.  FOR THE
    2  PURPOSES OF CALCULATING THE TAX FACTOR UNDER ARTICLE TWENTY-TWO OF  THIS
    3  CHAPTER,  INCOME  ALLOCATED TO NEW YORK STATE SHALL INCLUDE ALL BUSINESS
    4  INCOME.  The tax factor shall be, in the case of article thirty-three of
    5  this chapter, the larger of the amounts of tax determined for the  taxa-
    6  ble  year  under  paragraphs one and three of subdivision (a) of section
    7  fifteen hundred two of such article.
    8    S 3. This act shall take effect immediately;  provided,  however  that
    9  section  two  of  this act shall take effect on the same date and in the
   10  same manner as section 34 of part A of chapter 59 of the  laws  of  2014
   11  takes effect.