Senate Bill S3160

2009-2010 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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

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2009-S3160 (ACTIVE) - Details

See Assembly Version of this Bill:
A642
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง1462, Tax L

2009-S3160 (ACTIVE) - Summary

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

2009-S3160 (ACTIVE) - Sponsor Memo

2009-S3160 (ACTIVE) - Bill Text download pdf 

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

                                  3160

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             March 12, 2009
                               ___________

Introduced  by  Sen.  STACHOWSKI  -- read twice and ordered printed, and
  when printed to be committed to the Committee  on  Investigations  and
  Government Operations

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
                      [ ] is old law to be omitted.
                                                           LBD02862-01-9

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