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Senate Bill S3960

2009-2010 Legislative Session

Exempts certain not-for-profit housing associations from the franchise tax

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

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2009-S3960 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง209, Tax L

2009-S3960 (ACTIVE) - Summary

Exempts not-for-profit housing associations from the corporate franchise tax.

2009-S3960 (ACTIVE) - Sponsor Memo

2009-S3960 (ACTIVE) - Bill Text download pdf 

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

                                  3960

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                              April 7, 2009
                               ___________

Introduced  by  Sen.  OPPENHEIMER -- 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 exempting certain not-for-
  profit housing associations from franchise taxes

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

  Section  1. Subdivision 4 of section 209 of the tax law, as amended by
section 2 of part FF-1 of chapter 57 of the laws of 2008, is amended  to
read as follows:
  4.  Corporations liable to tax under sections one hundred eighty-three
to one hundred eighty-five, inclusive, corporations taxable under  arti-
cles  thirty-two  and  thirty-three  of  this chapter, any trust company
organized under a law of this state all of the stock of which  is  owned
by  not  less  than  twenty  savings banks organized under a law of this
state, bank holding companies filing a  combined  return  in  accordance
with subdivision (f) of section fourteen hundred sixty-two of this chap-
ter,  a  captive  REIT  or  a captive RIC filing a combined return under
either [subdivision] SUBSECTION (f) of section fourteen  hundred  sixty-
two  or subdivision (f) of section fifteen hundred fifteen of this chap-
ter, and housing companies  organized  and  operating  pursuant  to  the
provisions of article two or article five of the private housing finance
law  and  housing  development  fund companies organized pursuant to the
provisions of article eleven of the  private  housing  finance  law  AND
HOUSING  ASSOCIATIONS THAT ARE NOT-FOR-PROFIT CORPORATIONS AS DEFINED BY
SUBPARAGRAPH TEN OF PARAGRAPH (A) OF SECTION  ONE  HUNDRED  TWO  OF  THE
NOT-FOR-PROFIT  CORPORATION  LAW  shall not be subject to tax under this
article.
  S 2. This act shall take effect immediately; provided,  however,  that
the  amendments  to  subdivision 4 of section 209 of the tax law made by
section one of this act shall not affect the expiration of such subdivi-
sion and shall be deemed to expire therewith.

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

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