senate Bill S3617

Requires the commissioner of taxation and finance to issue an annual report on certain tax credits for the preceding state fiscal year

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 07 / Feb / 2013
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 07 / May / 2013
    • REPORTED AND COMMITTED TO FINANCE
  • 08 / Jan / 2014
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Summary

Requires the commissioner of taxation and finance to issue an annual report disclosing the aggregate amount claimed on certain tax credits for the preceding state fiscal year.

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Bill Details

See Assembly Version of this Bill:
A6117
Versions:
S3617
Legislative Cycle:
2013-2014
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง171, Tax L
Versions Introduced in 2011-2012 Legislative Cycle:
S6138, A10752

Votes

Sponsor Memo

BILL NUMBER:S3617

TITLE OF BILL: An act to amend the tax law, in relation to requiring
the commissioner of taxation and finance to issue an annual report
disclosing the aggregate amount claimed on certain tax credits for the
preceding state fiscal year

PURPOSE: This legislation requires the Commissioner of the Department of
Taxation and Finance to annually issue a report disclosing information
on claimed tax credits by total number of taxpayers and total amount
claimed for each credit in the preceding tax year.

SUMMARY OF PROVISIONS: This legislation requires the Commissioner of the
Department of Taxation and Finance to annually issue a report disclosing
information on claimed tax credits by total number of taxpayers and
total amount claimed for each credit in the preceding tax year. This
report is in addition to any other reporting requirements already
required by law.

JUSTIFICATION: For the State, and the legislature, to make budget deci-
sions, more information is needed to calculate the full costs of tax
credits. This bill will give legislators tax credit details that are
currently unavailable. This data will allow fiscal decisions to be made
with the appropriate information. It is important and appropriate to
have accessibility to this information for fiscal planning purposes.

LEGISLATIVE HISTORY: 2012: S. 6138 Rules/A. 10752 Ways and Means

FISCAL IMPLICATIONS: None.

EFFECTIVE DATE: This act shall take effect immediately.

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

                                  3617

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 7, 2013
                               ___________

Introduced  by  Sen.  MARCELLINO  -- 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 requiring the commissioner
  of taxation and finance to  issue  an  annual  report  disclosing  the
  aggregate  amount  claimed  on  certain  tax credits for the preceding
  state fiscal year

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

  Section  1.  Section  171  of  the  tax law is amended by adding a new
subdivision twenty-ninth to read as follows:
  TWENTY-NINTH.  ANNUALLY, NO LATER THAN DECEMBER THIRTY-FIRST, ISSUE  A
REPORT  DISCLOSING,  FOR  EACH CREDIT AUTHORIZED BY THIS CHAPTER THAT IS
CLAIMED BY AT LEAST THREE TAXPAYERS, THE  AGGREGATE  AMOUNT  CLAIMED  ON
RETURNS AND REPORTS FILED FOR TAXABLE YEARS ENDING DURING THE IMMEDIATE-
LY  PRECEDING  STATE  FISCAL YEAR. WHEN DETERMINING WHETHER A CREDIT HAS
BEEN CLAIMED BY AT LEAST THREE TAXPAYERS, TAXPAYERS CLAIMING A  PRO-RATA
SHARE  OF  A  CREDIT  THAT  HAS  BEEN REPORTED BY AN ENTITY WHICH IS NOT
SUBJECT TO TAX ON AMOUNTS DISTRIBUTED TO ITS BENEFICIAL  OWNERS,  OR  IS
EXEMPT FROM ENTITY-LEVEL TAXATION SHALL BE DISREGARDED AND THE REPORT OF
THE  ENTITY  SHALL  BE  COUNTED.  SUCH REPORTING REQUIREMENT SHALL BE IN
ADDITION TO ANY OTHER REPORTING REQUIREMENTS PRESCRIBED BY THIS CHAPTER.
FOR PURPOSES OF THIS SUBDIVISION, STATE FISCAL YEAR SHALL HAVE THE  SAME
MEANING AS SECTION THREE OF THE STATE FINANCE LAW.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08467-01-3

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