Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Apr 20, 2011 |
enacting clause stricken |
Feb 24, 2011 |
referred to ways and means |
Assembly Bill A5659
2011-2012 Legislative Session
Sponsored By
TOWNS
Archive: Last Bill Status - Stricken
- 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
co-Sponsors
William Boyland
2011-A5659 (ACTIVE) - Details
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยง1462, Tax L
- Versions Introduced in 2009-2010 Legislative Session:
-
A8958
2011-A5659 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5659 2011-2012 Regular Sessions I N A S S E M B L Y February 24, 2011 ___________ Introduced by M. of A. TOWNS, BOYLAND -- 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. LBD09348-01-1
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