| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 06, 2010 |
referred to investigations and government operations |
| Jan 28, 2009 |
referred to investigations and government operations |
Senate Bill S1350
2009-2010 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
Actions
2009-S1350 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Add ยง8-a, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
S1299
2009-S1350 (ACTIVE) - Summary
Requires corporations obligated to file corporate franchise tax returns to file tax-related information, including gross profit and net taxable income, with the secretary of state and provides for publication of all forms filed pursuant thereto and the list of corporations required to file such forms; provides for cooperation between the commissioner of taxation and finance and the secretary of state in the administration of this law.
2009-S1350 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1350
TITLE OF BILL :
An act to amend the tax law, in relation to the reporting of tax
information by certain corporations
SUMMARY OF PROVISIONS :
This legislation would amend the tax law to add a new section 8-a.
This bill would require that information concerning income earned in
the State of New York and taxes paid to New York State, inclusive of
credits and deductions, by corporations filing under Article 9A of the
Corporate franchise tax law be made available to the public. The New
York information made public would be the same as that made public for
Federal tax purposes through SEC 10k filing.
EXISTING LAW :
There is currently no provision in the tax law requiring corporations
to disclose to the public income taxes paid to New York State.
JUSTIFICATION :
Secrecy provisions in the tax law were intended to protect
individuals, not corporations. In fact, corporations are currently
required to publicly disclose information regarding federal income and
taxes under the Securities and Exchange Act of 1934 through the SEC
10K disclosure. If it is not an invasion of privacy for corporations
2009-S1350 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
1350
2009-2010 Regular Sessions
I N S E N A T E
January 28, 2009
___________
Introduced by Sen. DUANE -- 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 the reporting of tax infor-
mation by certain corporations
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 8-a to read
as follows:
S 8-A. REPORTING OF TAX INFORMATION BY CORPORATIONS. 1. EACH CORPO-
RATION OBLIGATED TO FILE A CORPORATE FRANCHISE TAX RETURN PURSUANT TO
ARTICLE NINE-A OF THIS CHAPTER (OR, IN THE CASE OF A CORPORATION
EXEMPTED FROM THE ARTICLE NINE-A TAX PURSUANT TO SUBDIVISION FOUR OF
SECTION TWO HUNDRED NINE OF SUCH ARTICLE, SUBJECT TO ANY OTHER TAX
REFERRED TO IN SUCH SUBDIVISION) SHALL, WITHIN SEVEN MONTHS AFTER THE
CLOSE OF ITS FISCAL YEAR, SUBMIT TO THE SECRETARY OF STATE CERTAIN
INFORMATION FROM SUCH CORPORATION'S TAX RETURN ON A FORM PREPARED BY THE
SECRETARY OF STATE.
2. THE FORM SHALL CONTAIN: THE NAME OF THE CORPORATION AND THE STREET
ADDRESS OF ITS PRINCIPAL OFFICE; ITS TOTAL GROSS PROFIT; ANY DEDUCTION
OR OTHER OFFSET WHICH REDUCES INCOME SUBJECT TO TAXATION OR ANY CREDIT
WHICH REDUCES THE TAX LIABILITY BY GREATER THAN FIVE PERCENT; ITS TOTAL
NET TAXABLE INCOME; THE PERCENTAGE USED TO ESTABLISH WHAT PORTION OF
TOTAL NET TAXABLE INCOME IS APPORTIONED TO NEW YORK STATE; ITS INCOME
TAXABLE IN NEW YORK STATE; THE VALUE OF THE TANGIBLE PROPERTY OF THE
CORPORATION TAXABLE IN NEW YORK STATE OR TAXABLE NET WORTH, WHICHEVER IS
APPLICABLE; THE TOTAL FRANCHISE TAX (OR OTHER TAX SPECIFIED IN SUBDIVI-
SION FOUR OF SECTION TWO HUNDRED NINE OF THIS CHAPTER) DUE TO NEW YORK
STATE FOR THE TAX YEAR IN QUESTION; ITS NET INCOME ACCORDING TO ITS
BOOKS REPORTED ON ITS FEDERAL TAX RETURN.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01344-01-9
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