Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 16, 2010 |
reported and committed to finance |
Jan 06, 2010 |
referred to investigations and government operations |
Jun 19, 2009 |
referred to rules |
Senate Bill S5955
2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Finance Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2009-S5955 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7908
- Current Committee:
- Senate Finance
- Law Section:
- Tax Law
- Laws Affected:
- Amd §210, Tax L
2009-S5955 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5955 TITLE OF BILL : An act to amend the tax law, in relation to an investment tax credit PURPOSE OR GENERAL IDEA OF BILL : To provide technical corrections to Part YY-1 of the 2008-2009 Education, Labor and Family Assistance Article VII Budget Bill, in order for the Investment Tax Credit to continue to retain and grow the financial services industry in New York and to make it competitive with other states. SUMMARY OF SPECIFIC PROVISIONS : Section 1: Expands the investment tax credit (ITC) definition of investment advisory activity so that investment advisory services beyond those provided to Regulated Investment Companies (i.e., mutual funds) will qualify for the ITC. The expanded definition reflects changes in the business model that have occurred since the ITC was originally enacted in 1998. Section 2: Effective Date JUSTIFICATION : In 2008 the Legislature extended the ITC and made two technical changes to the law. The first allowed a financial services taxpayer to
2009-S5955 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5955 2009-2010 Regular Sessions I N S E N A T E June 19, 2009 ___________ Introduced by Sen. KRUGER -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to an investment tax credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (i) of paragraph (b) of subdivision 12 of section 210 of the tax law, as amended by chapter 637 of the laws of 2008, is amended to read as follows: (i) A credit shall be allowed under this subdivision with respect to tangible personal property and other tangible property, including build- ings and structural components of buildings, which are: depreciable pursuant to section one hundred sixty-seven of the [internal revenue code] INTERNAL REVENUE CODE, have a useful life of four years or more, are acquired by purchase as defined in section one hundred seventy-nine (d) of the [internal revenue code] INTERNAL REVENUE CODE, have a situs in this state and are (A) principally used by the taxpayer in the production of goods by manufacturing, processing, assembling, refining, mining, extracting, farming, agriculture, horticulture, floriculture, viticulture or commercial fishing, (B) industrial waste treatment facil- ities or air pollution control facilities, used in the taxpayer's trade or business, (C) research and development property, (D) principally used in the ordinary course of the taxpayer's trade or business as a broker or dealer in connection with the purchase or sale (which shall include but not be limited to the issuance, entering into, assumption, offset, assignment, termination, or transfer) of stocks, bonds or other securi- ties as defined in section four hundred seventy-five (c)(2) of the Internal Revenue Code, or of commodities as defined in section four hundred seventy-five (e) of the Internal Revenue Code, (E) principally used in the ordinary course of the taxpayer's trade or business of providing investment advisory services for a regulated investment compa- ny as defined in section eight hundred fifty-one of the Internal Revenue EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10639-03-9
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