Senate Bill S388A

2013-2014 Legislative Session

Provides for an additional franchise tax on certain life insurance policies

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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

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Bill Amendments

2013-S388 - Details

See Assembly Version of this Bill:
A3896
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §182-b, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S6236, A9439
2011-2012: S262, A1111
2015-2016: S141, A6732
2017-2018: S4856, A6112
2019-2020: A6207

2013-S388 - Summary

Provides for an additional franchise tax on life insurance policies obtained by companies on its employees and/or retirees.

2013-S388 - Sponsor Memo

2013-S388 - Bill Text download pdf

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

                                   388

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen.  DIAZ  --  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  providing  an  additional
  franchise tax on certain life insurance policies

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

  Section 1. The tax law is amended by adding a  new  section  182-b  to
read as follows:
  S  182-B. ADDITIONAL FRANCHISE TAX ON CERTAIN LIFE INSURANCE POLICIES.
1. NOTWITHSTANDING ANY OTHER PROVISION OF THIS CHAPTER, OR OF ANY  OTHER
LAW, FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
SIXTEEN,  AN  ANNUAL  TAX IS HEREBY IMPOSED UPON EVERY COMPANY RECEIVING
BENEFITS FROM LIFE INSURANCE POLICIES IT HAS OBTAINED ON  ITS  EMPLOYEES
AND/OR RETIREES EQUAL TO FIFTY PER CENTUM OF ITS GROSS RECEIPTS FROM ALL
PROCEEDS  FROM  SUCH LIFE INSURANCE POLICIES, FOR THE PRIVILEGE OF EXER-
CISING ITS CORPORATE FRANCHISE, OR OF DOING BUSINESS,  OR  OF  EMPLOYING
CAPITAL,  OR  OF OWNING OR LEASING PROPERTY IN THIS STATE IN A CORPORATE
OR ORGANIZED CAPACITY, OR OF MAINTAINING AN OFFICE IN  THIS  STATE,  FOR
ALL OR ANY PART OF EACH OF ITS TAXABLE YEARS.
  2.  EVERY  COMPANY  SUBJECT  TO TAX UNDER THIS SECTION SHALL KEEP SUCH
RECORDS OF ITS BUSINESS IN SUCH FORM AS THE  COMMISSIONER  MAY  REQUIRE,
AND  SUCH RECORDS SHALL BE PRESERVED FOR A PERIOD OF THREE YEARS, EXCEPT
THAT THE COMMISSIONER MAY CONSENT TO THEIR DESTRUCTION WITHIN THAT PERI-
OD OR MAY REQUIRE THAT THEY BE KEPT LONGER.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2016.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00444-01-3

              

2013-S388A (ACTIVE) - Details

See Assembly Version of this Bill:
A3896
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §182-b, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S6236, A9439
2011-2012: S262, A1111
2015-2016: S141, A6732
2017-2018: S4856, A6112
2019-2020: A6207

2013-S388A (ACTIVE) - Summary

Provides for an additional franchise tax on life insurance policies obtained by companies on its employees and/or retirees.

2013-S388A (ACTIVE) - Sponsor Memo

2013-S388A (ACTIVE) - Bill Text download pdf

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

                                 388--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen.  DIAZ  --  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 providing an additional
  franchise tax on certain life insurance policies

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

  Section  1.  The  tax  law is amended by adding a new section 182-b to
read as follows:
  S 182-B. ADDITIONAL FRANCHISE TAX ON CERTAIN LIFE INSURANCE  POLICIES.
1.  NOTWITHSTANDING ANY OTHER PROVISION OF THIS CHAPTER, OR OF ANY OTHER
LAW, FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
SEVENTEEN, AN ANNUAL TAX IS HEREBY IMPOSED UPON EVERY COMPANY  RECEIVING
BENEFITS  FROM  LIFE INSURANCE POLICIES IT HAS OBTAINED ON ITS EMPLOYEES
AND/OR RETIREES EQUAL TO FIFTY PER CENTUM OF ITS GROSS RECEIPTS FROM ALL
PROCEEDS FROM SUCH LIFE INSURANCE POLICIES, FOR THE PRIVILEGE  OF  EXER-
CISING  ITS  CORPORATE  FRANCHISE, OR OF DOING BUSINESS, OR OF EMPLOYING
CAPITAL, OR OF OWNING OR LEASING PROPERTY IN THIS STATE IN  A  CORPORATE
OR  ORGANIZED  CAPACITY,  OR OF MAINTAINING AN OFFICE IN THIS STATE, FOR
ALL OR ANY PART OF EACH OF ITS TAXABLE YEARS.
  2. EVERY COMPANY SUBJECT TO TAX UNDER THIS  SECTION  SHALL  KEEP  SUCH
RECORDS  OF  ITS  BUSINESS IN SUCH FORM AS THE COMMISSIONER MAY REQUIRE,
AND SUCH RECORDS SHALL BE PRESERVED FOR A PERIOD OF THREE YEARS,  EXCEPT
THAT THE COMMISSIONER MAY CONSENT TO THEIR DESTRUCTION WITHIN THAT PERI-
OD OR MAY REQUIRE THAT THEY BE KEPT LONGER.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2017.

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

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