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Assembly Bill A7127A

2011-2012 Legislative Session

Provides for assessments prior to 2012 no change of allocation of income or capital upon which taxpayer's return was based shall be made during specified timeframe

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Archive: Last Bill Status - On Floor Calendar

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Bill Amendments

2011-A7127 - Details

Law Section:
New York City Administrative Code
Laws Affected:
Amd §11-674, NYC Ad Cd

2011-A7127 - Summary

Provides for assessments prior to 2012 no change of allocation of income or capital upon which taxpayers return was based shall be made where such assessment of tax is made during additional specified periods of limitation.

2011-A7127 - Bill Text download pdf 

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

                                  7127

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                             April 13, 2011
                               ___________

Introduced  by M. of A. FARRELL -- read once and referred to the Commit-
  tee on Ways and Means

AN ACT to amend the administrative code of the  city  of  New  York,  in
  relation to change of the allocation of a taxpayer's income or capital
  pertaining  to  the New York city general corporation tax and New York
  city financial corporation tax

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

  Section  1.  Paragraph  (g)  of subdivision 3 of section 11-674 of the
administrative code of the city of  New  York  is  amended  to  read  as
follows:
  (g)  Change  of  the allocation of taxpayer's income or capital.  [No]
WITH REGARD TO ASSESSMENTS MADE BEFORE TWO THOUSAND ELEVEN, NO change of
the allocation of income or capital upon which the taxpayer's return (or
any additional assessment) was based shall be made where  an  assessment
of tax is made during the additional period of limitation under subpara-
graph  three  or  four  of paragraph (a), or under paragraph (c), (d) or
(i); and where any such assessment has been made, or where a  notice  of
deficiency  has  been  mailed  to  the taxpayer on the basis of any such
proposed assessment, no change of the allocation of  income  or  capital
shall be made in a proceeding on the taxpayer's claim for refund of such
assessment  or  on  the  taxpayer's petition for redetermination of such
deficiency.  THE RESTRICTIONS IN THIS PARAGRAPH ON CHANGES OF THE  ALLO-
CATION  OF  INCOME  OR CAPITAL THAT APPLY TO ASSESSMENTS MADE BEFORE TWO
THOUSAND ELEVEN SHALL NOT APPLY TO ASSESSMENTS MADE ON OR AFTER  JANUARY
FIRST, TWO THOUSAND ELEVEN.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10762-01-1

2011-A7127A (ACTIVE) - Details

Law Section:
New York City Administrative Code
Laws Affected:
Amd §11-674, NYC Ad Cd

2011-A7127A (ACTIVE) - Summary

Provides for assessments prior to 2012 no change of allocation of income or capital upon which taxpayers return was based shall be made where such assessment of tax is made during additional specified periods of limitation.

2011-A7127A (ACTIVE) - Bill Text download pdf 

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

                                 7127--A

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                             April 13, 2011
                               ___________

Introduced  by M. of A. FARRELL -- read once and referred to the Commit-
  tee on Ways and Means -- recommitted to  the  Committee  on  Ways  and
  Means  in  accordance  with  Assembly  Rule  3,  sec.  2  -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN ACT to amend the administrative code of the  city  of  New  York,  in
  relation to change of the allocation of a taxpayer's income or capital
  pertaining  to  the New York city general corporation tax and New York
  city financial corporation tax

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

  Section  1.  Paragraph  (g)  of subdivision 3 of section 11-674 of the
administrative code of the city of  New  York  is  amended  to  read  as
follows:
  (g)  Change  of  the allocation of taxpayer's income or capital.  [No]
WITH REGARD TO ASSESSMENTS MADE BEFORE TWO THOUSAND TWELVE, NO change of
the allocation of income or capital upon which the taxpayer's return (or
any additional assessment) was based shall be made where  an  assessment
of tax is made during the additional period of limitation under subpara-
graph  three  or  four  of paragraph (a), or under paragraph (c), (d) or
(i); and where any such assessment has been made, or where a  notice  of
deficiency  has  been  mailed  to  the taxpayer on the basis of any such
proposed assessment, no change of the allocation of  income  or  capital
shall be made in a proceeding on the taxpayer's claim for refund of such
assessment  or  on  the  taxpayer's petition for redetermination of such
deficiency.  THE RESTRICTIONS IN THIS PARAGRAPH ON CHANGES OF THE  ALLO-
CATION  OF  INCOME  OR CAPITAL THAT APPLY TO ASSESSMENTS MADE BEFORE TWO
THOUSAND TWELVE SHALL NOT APPLY TO ASSESSMENTS MADE ON OR AFTER  JANUARY
FIRST, TWO THOUSAND TWELVE.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10762-02-2

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