Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to ways and means |
Jun 17, 2009 |
referred to ways and means |
Assembly Bill A8958
2009-2010 Legislative Session
Sponsored By
TOWNS
Archive: Last Bill Status - In Assembly 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
Actions
2009-A8958 (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd §1462, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
A5659
2009-A8958 (ACTIVE) - Sponsor Memo
BILL NUMBER:A8958 TITLE OF BILL: An act to amend the tax law, in relation to banking corporations and credit card receivables PURPOSE OR GENERAL IDEA OF BILL: To provide a technical correction to the definition of a credit card bank, thereby creating certainty. for New York banking corporations for purposes of taxation. SUMMARY OF SPECIFIC PROVISIONS: Amends Subsection (f)(2)(v) of section 1462 of the tax law add language :which clarifies -that a credit card bank that. originates receivables and. derives receipts in New York principally from the collection or sale of those credit card receivables, including but not limited to interest, fees and penalties in the nature of interest, service charges and fees from credit-card receivables and receipts from merchant discounts, will not be included in a combined return with another banking corporation or bank holding company unless inclusion in a combined return is necessary to properly reflect the tax liability of the credit card bank, the banking corporation or the bank holding company. JUSTIFICATION: In the Revenue Bill for the 2008-09 State Budget, a new provision was enacted creating nexus in New York State for certain credit card banks as well as a manner of filing their returns on a separate return basis. However language contained in that provision created much uncertainty among corporations with respect to whom the provision actually applied. This provision clarifies the definition, providing banking
2009-A8958 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8958 2009-2010 Regular Sessions I N A S S E M B L Y June 17, 2009 ___________ Introduced by M. of A. TOWNS -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to banking corporations and credit card receivables 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 3 of part EE-1 of chap- ter 57 of the laws of 2008, is amended to read as follows: (v) A banking corporation [doing business in this state solely because it] THAT meets one or more of the tests in subparagraphs (i) through (v) of paragraph one of subsection (c) of section fourteen hundred fifty-one of this article [(] AND WHICH ORIGINATES CREDIT CARD RECEIVABLES AND DERIVES ITS RECEIPTS IN NEW YORK PRINCIPALLY FROM THE COLLECTION OR SALE OF THOSE CREDIT CARD RECEIVABLES, INCLUDED BUT NOT LIMITED TO INTEREST, FEES AND PENALTIES IN THE NATURE OF INTEREST, SERVICE CHARGES AND FEES FROM CREDIT CARD RECEIVABLES AND RECEIPTS FROM MERCHANT DISCOUNTS (ANY SUCH ENTITY BEING HEREAFTER referred to in this subparagraph as the "credit card bank") will not be included in a combined return pursuant to subparagraph (i) of this paragraph with another banking corporation or bank holding company which is exercising its corporate franchise or doing business in this state unless the credit card bank or the commis- sioner shows that the inclusion of the credit card bank in the combined return is necessary to properly reflect the tax liability of the credit card bank, the banking corporation or bank holding company under this article. However, any banking corporation that meets one or more of the tests in subparagraphs (i) through (v) of paragraph one of subsection (c) of section fourteen hundred fifty-one OF THIS ARTICLE and was included in a combined return for its last taxable year beginning before January first, two thousand eight may continue to be included in a combined return for future taxable years, provided that once that bank- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14419-01-9
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.