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Assembly Bill A8176

2009-2010 Legislative Session

Requires the commissioner to publish an annual refundable tax credit report by January 31st

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

2009-A8176 - Details

See Senate Version of this Bill:
S3888
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §171-u, Tax L

2009-A8176 - Summary

Requires the commissioner to publish an annual refundable tax credit report by January 31st; the first report must be published by January 31, 2011.

2009-A8176 - Bill Text download pdf 

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

                                  8176

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               May 6, 2009
                               ___________

Introduced by M. of A. FARRELL -- (at request of the Department of Taxa-
  tion  and  Finance) -- read once and referred to the Committee on Ways
  and Means

AN ACT to amend the tax law, in relation to annual reports on refundable
  tax credits

  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 171-t to
read as follows:
  S 171-T. ANNUAL REFUNDABLE TAX CREDIT REPORT. 1. THE COMMISSIONER MUST
PUBLISH AN ANNUAL REFUNDABLE TAX CREDIT REPORT BY  THE  THIRTY-FIRST  OF
JANUARY. THE FIRST REPORT MUST BE PUBLISHED BY JANUARY THIRTY-FIRST, TWO
THOUSAND TEN.
  2.  THE CREDIT REPORT MUST CONTAIN THE FOLLOWING INFORMATION REGARDING
THE REFUNDABLE BUSINESS CREDITS CLAIMED UNDER THIS  CHAPTER  DURING  THE
PREVIOUS CALENDAR YEAR:
  (A)  THE NAME OF EACH TAXPAYER CLAIMING A CREDIT; PROVIDED HOWEVER, IF
THE TAXPAYER CLAIMS A CREDIT BECAUSE THE  TAXPAYER  IS  A  MEMBER  OF  A
LIMITED  LIABILITY  COMPANY, A PARTNER IN A PARTNERSHIP OR A SHAREHOLDER
IN A SUBCHAPTER S CORPORATION, THE NAME OF EACH LIMITED LIABILITY COMPA-
NY, PARTNERSHIP OR SUBCHAPTER S CORPORATION EARNING ANY OF THOSE CREDITS
MUST BE INCLUDED IN THE REPORT INSTEAD OF INFORMATION ABOUT THE TAXPAYER
CLAIMING THE CREDIT; AND
  (B) THE AMOUNT OF EACH CREDIT EARNED BY EACH TAXPAYER; PROVIDED HOWEV-
ER, IF THE TAXPAYER CLAIMS A CREDIT BECAUSE THE TAXPAYER IS A MEMBER  OF
A LIMITED LIABILITY COMPANY, A PARTNER IN A PARTNERSHIP OR A SHAREHOLDER
IN A SUBCHAPTER S CORPORATION, THE AMOUNT OF CREDIT EARNED BY EACH ENTI-
TY  MUST  BE  INCLUDED  IN  THE  REPORT INSTEAD OF INFORMATION ABOUT THE
TAXPAYER CLAIMING THE CREDIT.
  3. THE CREDIT REPORT MAY ALSO CONTAIN ANY OTHER  INFORMATION  RECEIVED
BY  THE  COMMISSIONER WITH REGARD TO REFUNDABLE CREDITS THAT THE COMMIS-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09391-01-9

2009-A8176A (ACTIVE) - Details

See Senate Version of this Bill:
S3888
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §171-u, Tax L

2009-A8176A (ACTIVE) - Summary

Requires the commissioner to publish an annual refundable tax credit report by January 31st; the first report must be published by January 31, 2011.

2009-A8176A (ACTIVE) - Bill Text download pdf 

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

                                 8176--A

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               May 6, 2009
                               ___________

Introduced by M. of A. FARRELL -- (at request of the Department of Taxa-
  tion  and  Finance) -- read once and referred to the Committee on Ways
  and Means -- recommitted to the Committee on Ways and Means in accord-
  ance with Assembly Rule  3,  sec.  2  --  committee  discharged,  bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee

AN ACT to amend the tax law, in relation to annual reports on refundable
  tax credits

  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 171-u to
read as follows:
  S 171-U. ANNUAL REFUNDABLE TAX CREDIT REPORT. 1. THE COMMISSIONER MUST
PUBLISH AN ANNUAL REFUNDABLE TAX CREDIT REPORT BY  THE  THIRTY-FIRST  OF
JANUARY. THE FIRST REPORT MUST BE PUBLISHED BY JANUARY THIRTY-FIRST, TWO
THOUSAND ELEVEN.
  2.  THE CREDIT REPORT MUST CONTAIN THE FOLLOWING INFORMATION REGARDING
THE REFUNDABLE BUSINESS CREDITS CLAIMED UNDER THIS  CHAPTER  DURING  THE
PREVIOUS CALENDAR YEAR:
  (A)  THE NAME OF EACH TAXPAYER CLAIMING A CREDIT; PROVIDED HOWEVER, IF
THE TAXPAYER CLAIMS A CREDIT BECAUSE THE  TAXPAYER  IS  A  MEMBER  OF  A
LIMITED  LIABILITY  COMPANY, A PARTNER IN A PARTNERSHIP OR A SHAREHOLDER
IN A SUBCHAPTER S CORPORATION, THE NAME OF EACH LIMITED LIABILITY COMPA-
NY, PARTNERSHIP OR SUBCHAPTER S CORPORATION EARNING ANY OF THOSE CREDITS
MUST BE INCLUDED IN THE REPORT INSTEAD OF INFORMATION ABOUT THE TAXPAYER
CLAIMING THE CREDIT; AND
  (B) THE AMOUNT OF EACH CREDIT EARNED BY EACH TAXPAYER; PROVIDED HOWEV-
ER, IF THE TAXPAYER CLAIMS A CREDIT BECAUSE THE TAXPAYER IS A MEMBER  OF
A LIMITED LIABILITY COMPANY, A PARTNER IN A PARTNERSHIP OR A SHAREHOLDER
IN A SUBCHAPTER S CORPORATION, THE AMOUNT OF CREDIT EARNED BY EACH ENTI-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09391-02-0

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