Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 29, 2014 |
print number 2684a |
Jan 29, 2014 |
amend and recommit to investigations and government operations |
Jan 08, 2014 |
referred to investigations and government operations |
Jan 23, 2013 |
referred to investigations and government operations |
Senate Bill S2684A
2013-2014 Legislative Session
Sponsored By
(R, C, IP) 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
co-Sponsors
(R, C, IP) Senate District
(R, C) 60th Senate District
(R, C, IP) Senate District
2013-S2684 - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§658 & 210, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
S2482
2011-2012: S846
2015-2016: S3016
2017-2018: S445
2013-S2684 - Sponsor Memo
BILL NUMBER:S2684 TITLE OF BILL: An act to amend the tax law, in relation to limited liability company fees and business corporation franchise taxes for farms and commercial horse boarding operations PURPOSE: To exempt farm operations from limited liability filing fees and certain business franchise taxes. SUMMARY OF PROVISIONS: This legislation amends the Tax law to exempt farm operations from filing fees for limited liability (LLC) and S corporations. JUSTIFICATION: In recently enacted state budgets, LLC and S corporation filing fees increases were proposed which negatively impacted farms. These fees were increased incrementally as a LLC or S corporation's total gross income, or New York receipts, reached certain thresholds. This legislation would mitigate the financial burden from these filing fee increases for farm operations by using net farm income as reported for federal tax purposes to determine New York receipts. Because New York farms are asset-rich/cash-poor businesses, this revision more accu- rately reflects total income taken in by a farm operation. LEGISLATIVE HISTORY: 2011,2012: S.846 Referred to Investigations and Government Operations
2013-S2684 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2684 2013-2014 Regular Sessions I N S E N A T E January 23, 2013 ___________ Introduced by Sens. YOUNG, BONACIC, RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to limited liability company fees and business corporation franchise taxes for farms and commercial horse boarding operations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 3 of subsection (c) of section 658 of the tax law, as amended by section 1 of part H-1 of chapter 57 of the laws of 2009, subparagraph (A) as amended by section 18 of part U of chapter 61 of the laws of 2011, is amended to read as follows: (3) Filing fees. (A) Every subchapter K limited liability company, every limited liability company that is a disregarded entity for federal income tax purposes, and every partnership which has any income derived from New York sources, determined in accordance with the applicable rules of section six hundred thirty-one of this article as in the case of a nonresident individual, shall, within sixty days after the last day of the taxable year, make a payment of a filing fee. SUCH DEADLINE SHALL NOT APPLY TO FARMS OR COMMERCIAL HORSE BOARDING OPERATIONS, WHICH SHALL, WITHIN ONE HUNDRED TWENTY DAYS AFTER THE LAST DAY OF THE TAXABLE YEAR, MAKE PAYMENT OF A FILING FEE. The amount of the filing fee is the amount set forth in subparagraph (B) of this paragraph. The minimum filing fee is twenty-five dollars for taxable years beginning in two thousand eight and thereafter. Limited liability companies that are disregarded entities for federal income tax purposes must pay a filing fee of twenty-five dollars for taxable years beginning on or after Janu- ary first, two thousand eight. (B) The filing fee will be based on the New York source gross income of the limited liability company or partnership for the taxable year immediately preceding the taxable year for which the fee is due. If the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06840-01-3
co-Sponsors
(R, C, IP) Senate District
(R, C) 60th Senate District
(R, C, IP) Senate District
2013-S2684A (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§658 & 210, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
S2482
2011-2012: S846
2015-2016: S3016
2017-2018: S445
2013-S2684A (ACTIVE) - Sponsor Memo
BILL NUMBER:S2684A TITLE OF BILL: An act to amend the tax law, in relation to limited liability company fees and business corporation franchise taxes for farms and commercial horse boarding operations PURPOSE: To exempt farm operations from limited liability filing fees and certain business franchise taxes. SUMMARY OF PROVISIONS: This legislation amends the Tax law to exempt farm operations from filing fees for limited liability (LLC) and S corporations. JUSTIFICATION: In recently enacted state budgets, LLC and S corporation filing fees increases were proposed which negatively impacted farms. These fees were increased incrementally as a LLC or S corporation's total gross income, or New York receipts, reached certain thresholds. This legislation would mitigate the financial burden from these filing fee increases for farm operations by using net farm income as reported for federal tax purposes to determine New York receipts. Because New
2013-S2684A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2684--A 2013-2014 Regular Sessions I N S E N A T E January 23, 2013 ___________ Introduced by Sens. YOUNG, BONACIC, GALLIVAN, RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government 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 limited liability company fees and business corporation franchise taxes for farms and commercial horse boarding operations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 3 of subsection (c) of section 658 of the tax law, as amended by section 1 of part H-1 of chapter 57 of the laws of 2009, subparagraph (A) as amended by section 18 of part U of chapter 61 of the laws of 2011, is amended to read as follows: (3) Filing fees. (A) Every subchapter K limited liability company, every limited liability company that is a disregarded entity for federal income tax purposes, and every partnership which has any income derived from New York sources, determined in accordance with the applicable rules of section six hundred thirty-one of this article as in the case of a nonresident individual, shall, within sixty days after the last day of the taxable year, make a payment of a filing fee. SUCH DEADLINE SHALL NOT APPLY TO FARMS OR COMMERCIAL HORSE BOARDING OPERATIONS, WHICH SHALL, WITHIN ONE HUNDRED TWENTY DAYS AFTER THE LAST DAY OF THE TAXABLE YEAR, MAKE PAYMENT OF A FILING FEE. The amount of the filing fee is the amount set forth in subparagraph (B) of this paragraph. The minimum filing fee is twenty-five dollars for taxable years beginning in two thousand eight and thereafter. Limited liability companies that are disregarded entities for federal income tax purposes must pay a filing fee of twenty-five dollars for taxable years beginning on or after Janu- ary first, two thousand eight. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06840-02-4
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