S T A T E O F N E W Y O R K
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10238--A
R. R. 18
I N A S S E M B L Y
March 11, 2010
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Introduced by M. of A. TOWNS, FARRELL, ABBATE -- read once and referred
to the Committee on Ways and Means -- amended on the special order of
third reading, ordered reprinted as amended, retaining its place on
the special order of third reading
AN ACT to amend chapter 298 of the laws of 1985, amending the tax law
relating to the franchise tax on banking corporations imposed by the
tax law, authorized to be imposed by any city having a population of
one million or more by chapter 772 of the laws of 1966 and imposed by
the administrative code of the city of New York and relating to other
provisions of the tax law, chapter 883 of the laws of 1975 and the
administrative code of the city of New York which relates to such
franchise tax, to amend chapter 817 of the laws of 1987, amending the
tax law and the environmental conservation law, constituting the busi-
ness tax reform and rate reduction act of 1987, and to amend chapter
525 of the laws of 1988, amending the tax law and the administrative
code of the city of New York relating to the imposition of taxes in
the city of New York, in relation to the effectiveness of certain
provisions of such chapters
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 51 of chapter 298 of the laws of 1985, amending the
tax law relating to the franchise tax on banking corporations imposed by
the tax law, authorized to be imposed by any city having a population of
one million or more by chapter 772 of the laws of 1966 and imposed by
the administrative code of the city of New York and relating to other
provisions of the tax law, chapter 883 of the laws of 1975 and the
administrative code of the city of New York which relates to such fran-
chise tax, as amended by section 1 of part H of chapter 60 of the laws
of 2007, is amended to read as follows:
S 51. This act shall take effect immediately and shall apply to taxa-
ble years beginning on or after January 1, 1985, except that:
(a) sections one through eight shall not apply to taxable years begin-
ning on or after January 1, [2010] 2011;
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD16415-03-0
A. 10238--A 2
(b) sections nine, twelve, the amendment made to paragraph 9 of
subsection (a) of section 1452 of the tax law by section thirteen,
sections fifteen, sixteen, eighteen, nineteen, twenty, twenty-three,
twenty-seven, thirty and thirty-two, the amendment made to paragraph 9
of subdivision (a) of section 11-640 of the administrative code of the
city of New York by section thirty-three, sections thirty-five, thirty-
six, thirty-eight, thirty-nine, forty, and forty-five shall not apply to
corporations other than savings banks and savings and loan associations
for taxable years beginning on or after January 1, [2010] 2011;
(c) sections twenty-one, twenty-two, twenty-four, forty-one and
forty-two shall not apply to corporations other than savings banks and
savings and loan associations for taxable years beginning on or after
January 1, [2010] 2011, provided, however, that the provisions of such
sections which relate to the alternative minimum tax measured by taxable
assets shall continue to apply to all taxpayers for taxable years begin-
ning on or after January 1, [2010] 2011;
(d) the amendment to the section heading and the opening paragraph of
section 11-643.3 of the administrative code of the city of New York made
by section forty-three shall not apply to corporations other than
savings banks and savings and loan associations for taxable years begin-
ning on or after January 1, [2010] 2011 with respect to those provisions
of such section 11-643.3 which relate to the basic tax measured by
entire net income; and
(e) section twenty-eight, and the addition of new section 11-643.5 of
the administrative code of the city of New York made by section forty-
four shall not apply to corporations other than savings banks and
savings and loan associations for taxable years beginning on or after
January 1, [2010] 2011, provided, however, that the provisions of such
sections which relate to the alternative minimum taxes measured by
assets, issued capital stock and one hundred twenty-five dollars shall
continue to apply to all taxpayers for taxable years beginning on or
after January 1, [2010] 2011.
S 2. Subdivisions (d) and (f) of section 110 of chapter 817 of the
laws of 1987, amending the tax law and the environmental conservation
law, constituting the business tax reform and rate reduction act of
1987, as amended by section 2 of part H of chapter 60 of the laws of
2007, are amended to read as follows:
(d) The provisions of section sixty-seven of this act except insofar
as it amends paragraph 10 of subsection (b) of section 1453 of the tax
law, seventy-one and seventy-four shall apply to taxable years beginning
after December 31, 1986, provided, however, that new paragraphs 11 and
12 of subsection (b) of section 1453 of the tax law as added by section
sixty-seven of this act, the amendments made by section seventy-one of
this act, and new subsection (i) of section 1453 of the tax law as added
by section seventy-four of this act shall not apply to taxable years
beginning on or after January 1, [2010] 2011;
(f) The provisions of section one hundred four of this act shall apply
to taxable years beginning after December 31, 1986, and shall not apply
to corporations other than savings banks and savings and loan associ-
ations for taxable years beginning on or after January 1, [2010] 2011,
provided, however, that the provisions of such section which relate to
the alternative minimum tax measured by taxable assets shall continue to
apply to all taxpayers for taxable years beginning on or after January
1, [2010] 2011.
S 3. Subdivisions (c) and (d) of section 68 of chapter 525 of the laws
of 1988, amending the tax law and the administrative code of the city of
A. 10238--A 3
New York relating to the imposition of taxes in the city of New York, as
amended by section 3 of part H of chapter 60 of the laws of 2007, are
amended to read as follows:
(c) The provisions of sections one, thirty-one, thirty-two, thirty-
three, thirty-six, thirty-seven, forty through forty-five, forty-seven
and forty-eight of this act shall apply to taxable years beginning after
December 31, 1986, provided, however, that the amendments made by
sections thirty-six and forty-one of this act, and new subdivision (i)
of section 11-641 of the administrative code of the city of New York as
added by section forty-four of this act shall not apply to taxable years
beginning on or after January 1, [2010] 2011;
(d) The provisions of section forty-six of this act shall apply to
taxable years beginning after December 31, 1986, and shall not apply to
corporations other than savings banks and savings and loan associations
for taxable years beginning on or after January 1, [2010] 2011,
provided, however, that the provisions of such section which relate to
the alternative minimum tax measured by taxable assets shall continue to
apply to all taxpayers for taxable years beginning on or after January
1, [2010] 2011;
S 4. This act shall take effect immediately.