Assembly Bill A7239

Signed By Governor
2011-2012 Legislative Session

Relates to personal income tax or corporate franchise tax overpayment

download bill text pdf

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Archive: Last Bill Status - Signed by Governor


  • 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

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2011-A7239 (ACTIVE) - Details

See Senate Version of this Bill:
S3944
Law Section:
Tax Law
Laws Affected:
Amd §§686, 687, 1086 & 1087, Tax L; amd §§11-1786 & 11-1787, NYC Ad Cd

2011-A7239 (ACTIVE) - Summary

Relates to reversing personal income tax or corporate franchise tax overpayments against estimated tax for the succeeding taxable year in certain circumstances.

2011-A7239 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7239

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                             April 19, 2011
                               ___________

Introduced by M. of A. FARRELL -- (at request of the Department of Taxa-
  tion  and  Finance) -- read once and referred to the Committee on Ways
  and Means

AN ACT to amend the tax law and the administrative code of the  city  of
  New  York, in relation to reversing the crediting of a personal income
  tax or corporate franchise tax overpayment against estimated  tax  for
  the succeeding taxable year in certain circumstances

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subsection (e) of section 686 of the tax law, as amended by
chapter 65 of the laws of 1985, is amended to read as follows:
  (e) Credits against estimated tax.--The [tax commission]  COMMISSIONER
may  prescribe regulations providing for the crediting against the esti-
mated income tax for any taxable year of the amount determined to be  an
overpayment of the income tax for a preceding taxable year. If any over-
payment  of  income  tax is so claimed as a credit against estimated tax
for the succeeding taxable year, such amount shall be  considered  as  a
payment  of the income tax for the succeeding taxable year, and no claim
for credit or refund of such overpayment shall be allowed for the  taxa-
ble  year  for  which the overpayment arises, EXCEPT UPON REQUEST TO THE
COMMISSIONER ON OR BEFORE THE LAST DAY PRESCRIBED FOR THE FILING OF  THE
RETURN  FOR  THE  SUCCEEDING TAXABLE YEAR, DETERMINED WITH REGARD TO ANY
EXTENSION OF TIME GRANTED. IF GOOD CAUSE  IS  SHOWN  FOR  REVERSING  THE
CREDIT, THE COMMISSIONER MAY, IN HIS OR HER DISCRETION, CREDIT THE OVER-
PAYMENT  AGAINST A LIABILITY OR REFUND THE OVERPAYMENT WITHOUT INTEREST.
PROVIDED, THE PERSON WHO MADE THE OVERPAYMENT WILL NOT  BE  RELIEVED  OF
LIABILITY FOR ANY PENALTY IMPOSED FOR A CONSEQUENT UNDERPAYMENT OF ESTI-
MATED  TAX  FOR THE SUCCEEDING TAXABLE YEAR. THE DECISION OF THE COMMIS-
SIONER TO GRANT OR DENY THE REQUEST IS FINAL AND NOT SUBJECT TO  FURTHER
ADMINISTRATIVE OR JUDICIAL REVIEW.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09459-01-1

              

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