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Assembly Bill A642

2009-2010 Legislative Session

Relates to the determination of entire net income of real estate investment trusts

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Archive: Last Bill Status - In Assembly Committee

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2009-A642 (ACTIVE) - Details

See Senate Version of this Bill:
S3160
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง1462, Tax L

2009-A642 (ACTIVE) - Summary

Relates to the determination of entire net income of real estate investment trusts.

2009-A642 (ACTIVE) - Bill Text download pdf 

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

                                   642

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced by M. of A. HOYT, GABRYSZAK, PEOPLES, SCHIMMINGER, SCHROEDER,
  DelMONTE,  MAGNARELLI,  KOON,  MORELLE, STIRPE, LUPARDO -- Multi-Spon-
  sored by -- M. of A.  McENENY -- read once and referred to the Commit-
  tee on Ways and Means

AN ACT to amend the tax law, in relation to banking corporations or bank
  holding companies that directly or  indirectly  own  or  control  over
  fifty percent of voting stock of the captive REIT

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

  Section 1. Subparagraph (v)  of  paragraph  2  of  subsection  (f)  of
section  1462  of  the  tax  law, as added by section 10 of part FF-1 of
chapter 57 of the laws of 2008, is amended by adding a new clause (H) to
read as follows:
  (H) IF THE BANKING CORPORATION OR BANK HOLDING COMPANY  THAT  DIRECTLY
OR INDIRECTLY OWNS OR CONTROLS OVER FIFTY PERCENT OF THE VOTING STOCK OF
THE  CAPTIVE  REIT  AND  IS  THE  CLOSEST CONTROLLING STOCKHOLDER OF THE
CAPTIVE REIT IS A MEMBER OF A COMBINED  GROUP  OF  BANKING  CORPORATIONS
INCLUDED  IN  A COMBINED RETURN, AND AT LEAST ONE OF THE CORPORATIONS IN
THE COMBINED GROUP ON JANUARY FIRST, TWO THOUSAND EIGHT  HAD  FACILITIES
IN  AT  LEAST  ONE EMPIRE ZONE OR FORMER EMPIRE ZONE AND IN AT LEAST ONE
RENEWAL COMMUNITY OR FORMER  RENEWAL  COMMUNITY  AS  DESIGNATED  BY  THE
FEDERAL  SECRETARY  OF  HOUSING  AND URBAN DEVELOPMENT, THEN THE CAPTIVE
REIT MUST NOT BE INCLUDED IN A COMBINED RETURN UNDER THIS ARTICLE, ARTI-
CLE NINE-A OR ARTICLE THIRTY-THREE OF THIS CHAPTER.  IN  THAT  INSTANCE,
THE  CAPTIVE  REIT  IS  SUBJECT TO THE PROVISIONS OF SUBDIVISION FIVE OF
SECTION TWO HUNDRED NINE OF THIS CHAPTER.
  S 2. This act shall take effect immediately, provided,  however,  that
the  amendments  to subparagraph (v) of paragraph 2 of subsection (f) of
section 1462 of the tax law made by section one of this  act  shall  not
affect  the  repeal  of  such  subparagraph and shall be deemed repealed
therewith.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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