Assembly Bill A8553

2011-2012 Legislative Session

Relates to transitional provisions regarding the Gramm-Leach-Bliley act

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Archive: Last Bill Status - In Assembly 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

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2011-A8553 (ACTIVE) - Details

See Senate Version of this Bill:
S4890
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §1452, Tax L; amd §11-640, NYC Ad Cd

2011-A8553 (ACTIVE) - Summary

Relates to transitional provisions regarding the Gramm-Leach-Bliley act.

2011-A8553 (ACTIVE) - Bill Text download pdf

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

                                  8553

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              July 22, 2011
                               ___________

Introduced by M. of A. SILVER -- 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  transitional  provisions  relating  to  the
  Gramm-Leach-Bliley act

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

  Section 1. Paragraph 1 of subsection (m) of section 1452  of  the  tax
law,  as  amended  by  section  4 of part J of chapter 61 of the laws of
2011, is amended to read as follows:
  (1) Notwithstanding anything to the contrary contained in this section
other than subsection (n) of this section, a  corporation  that  was  in
existence  before  January first, two thousand eleven and was subject to
tax under article nine-A of this  chapter  for  its  last  taxable  year
beginning  before  January first, two thousand eleven, shall continue to
be taxable under such article for all  taxable  years  beginning  on  or
after  January  first, two thousand eleven and before January first, two
thousand thirteen. The preceding sentence shall not apply to any taxable
year during which such corporation is a banking corporation described in
paragraphs  one  through  eight  of  subsection  (a)  of  this  section.
Notwithstanding anything to the contrary contained in this section other
than  subsection  (n)  of  this section, a banking corporation or corpo-
ration that was in existence before January first, two  thousand  eleven
and  was  subject  to  tax  under this article for its last taxable year
beginning before January first, two thousand eleven, shall  continue  to
be  taxable  under  this  article  for all taxable years beginning on or
after January first, two thousand eleven and before January  first,  two
thousand  thirteen  [or  in  which] ONLY IF THE CORPORATION IS A BANKING
CORPORATION AS DEFINED IN SUBSECTION (A) OF THIS SECTION OR  the  corpo-
ration satisfies the requirements for a corporation to elect to be taxa-
ble   under  this  article.  Provided  further,  that  nothing  in  this

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11143-01-1
              

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