Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 29, 2014 |
print number 2221a |
Jan 29, 2014 |
amend and recommit to investigations and government operations |
Jan 08, 2014 |
referred to investigations and government operations |
Jan 14, 2013 |
referred to investigations and government operations |
Senate Bill S2221A
2013-2014 Legislative Session
Sponsored By
(R, C) 60th Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Bill Amendments
2013-S2221 - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§606, 210, 1456 & 1511, Tax L
- Versions Introduced in 2015-2016 Legislative Session:
-
S3222
2013-S2221 - Sponsor Memo
BILL NUMBER:S2221 TITLE OF BILL: An act to amend the tax law, in relation to credits for certain rehabilitation projects; and providing for the repeal of such provisions upon expiration thereof PURPOSE: To strengthen the existing historic rehabilitation tax credit by allowing for a partnership/LLC to allocate the state tax credit separately from the federal tax credit. SUMMARY OF PROVISIONS: Section 1 states the tax credit in section 606 (Personal Income Tax) shall be allowed to a partnership, LLC, subchapter S corp., or other business entity and shall be passed through to the partners, members or share-holders respectively. Credits allowed to these entities shall be allocated among all partners without regard to their sharing of other tax or economic attributes of the entity. Section 2 states the tax credit in section 210 (Franchise Tax on Business Corporations) shall be allowed to a partnership, LLC, subchapter S corp., or other business entity and shall be passed through to the partners, members or share-holders respectively. Credits allowed to these entities shall be allocated among all partners without regard to their sharing of other tax or economic attributes of the entity.
2013-S2221 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2221 2013-2014 Regular Sessions I N S E N A T E January 14, 2013 ___________ Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to credits for certain rehabil- itation projects; and providing for the repeal of such provisions upon expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (oo) of section 606 of the tax law is amended by adding a new paragraph 6 to read as follows: (6) TAX CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED TO A PARTNERSHIP, LIMITED LIABILITY COMPANY, "SUBCHAPTER S" CORPORATION OR OTHER BUSINESS ENTITY AND SHALL BE PASSED THROUGH TO THE PARTNERS, MEMBERS, OR SHAREHOLDERS RESPECTIVELY. CREDITS ALLOWED TO THESE ENTITIES SHALL BE ALLOCATED AMONG ALL PARTNERS, MEMBERS, OR SHAREHOLDERS RESPEC- TIVELY, EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN THE ENTITY, OR AS THE PARTNERS, MEMBERS, OR SHAREHOLDERS MUTUALLY AGREE AS PROVIDED IN AN EXECUTED DOCUMENT WITHOUT REGARD TO THEIR SHARING OF OTHER TAX OR ECONOMIC ATTRIBUTES OF THE ENTITY. S 2. Subdivision 40 of section 210 of the tax law is amended by adding a new paragraph 6 to read as follows: (6) TAX CREDITS ALLOWED PURSUANT TO THIS SUBDIVISION SHALL BE ALLOWED TO A PARTNERSHIP, LIMITED LIABILITY COMPANY, "SUBCHAPTER S" CORPORATION OR OTHER BUSINESS ENTITY AND SHALL BE PASSED THROUGH TO THE PARTNERS, MEMBERS, OR SHAREHOLDERS RESPECTIVELY. CREDITS ALLOWED TO THESE ENTITIES SHALL BE ALLOCATED AMONG ALL PARTNERS, MEMBERS, OR SHAREHOLDERS RESPEC- TIVELY, EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN THE ENTITY, OR AS THE PARTNERS, MEMBERS, OR SHAREHOLDERS MUTUALLY AGREE AS PROVIDED IN AN EXECUTED DOCUMENT WITHOUT REGARD TO THEIR SHARING OF OTHER TAX OR ECONOMIC ATTRIBUTES OF THE ENTITY. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05761-01-3
2013-S2221A (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§606, 210, 1456 & 1511, Tax L
- Versions Introduced in 2015-2016 Legislative Session:
-
S3222
2013-S2221A (ACTIVE) - Sponsor Memo
BILL NUMBER:S2221A TITLE OF BILL: An act to amend the tax law, in relation to credits for certain rehabilitation projects; and providing for the repeal of such provisions upon expiration thereof PURPOSE: To strengthen the existing historic rehabilitation tax credit by allowing for a partnership/LLC to allocate the state tax credit separately from the federal tax credit. SUMMARY OF PROVISIONS: Section 1 states the tax credit in section 606 (Personal Income Tax) shall be allowed to a partnership, LLC, subchapter S corp., or other business entity and shall be passed through to the partners, members, or shareholders respectively. Credits allowed to these entities shall be allocated among all partners without regard to their sharing of other tax or economic attributes of the entity. Section 2 states the tax credit in section 210 (Franchise Tax on Business Corporations) shall be allowed to a partnership, LLC, subchapter S corp., or other business entity and shall be passed through to the partners, members, or shareholders respectively. Credits allowed to these entities shall be allocated among all
2013-S2221A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2221--A 2013-2014 Regular Sessions I N S E N A T E January 14, 2013 ___________ Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- recommitted to the Committee on Investigations and Government Operations 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 tax law, in relation to credits for certain rehabil- itation projects; and providing for the repeal of such provisions upon expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (oo) of section 606 of the tax law is amended by adding a new paragraph 6 to read as follows: (6) TAX CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED TO A PARTNERSHIP, LIMITED LIABILITY COMPANY, "SUBCHAPTER S" CORPORATION OR OTHER BUSINESS ENTITY AND SHALL BE PASSED THROUGH TO THE PARTNERS, MEMBERS, OR SHAREHOLDERS RESPECTIVELY. CREDITS ALLOWED TO THESE ENTITIES SHALL BE ALLOCATED AMONG ALL PARTNERS, MEMBERS, OR SHAREHOLDERS RESPEC- TIVELY, EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN THE ENTITY, OR AS THE PARTNERS, MEMBERS, OR SHAREHOLDERS MUTUALLY AGREE AS PROVIDED IN AN EXECUTED DOCUMENT WITHOUT REGARD TO THEIR SHARING OF OTHER TAX OR ECONOMIC ATTRIBUTES OF THE ENTITY. S 2. Subdivision 40 of section 210 of the tax law is amended by adding a new paragraph 6 to read as follows: (6) TAX CREDITS ALLOWED PURSUANT TO THIS SUBDIVISION SHALL BE ALLOWED TO A PARTNERSHIP, LIMITED LIABILITY COMPANY, "SUBCHAPTER S" CORPORATION OR OTHER BUSINESS ENTITY AND SHALL BE PASSED THROUGH TO THE PARTNERS, MEMBERS, OR SHAREHOLDERS RESPECTIVELY. CREDITS ALLOWED TO THESE ENTITIES SHALL BE ALLOCATED AMONG ALL PARTNERS, MEMBERS, OR SHAREHOLDERS RESPEC- TIVELY, EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN THE ENTITY, OR AS THE PARTNERS, MEMBERS, OR SHAREHOLDERS MUTUALLY AGREE AS PROVIDED EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05761-02-4
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