senate Bill S3944

Signed By Governor
2011-2012 Legislative Session

Relates to personal income tax or corporate franchise tax overpayment

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Archive: Last Bill Status Via A7239 - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Sep 23, 2011 signed chap.521
Sep 12, 2011 delivered to governor
Jun 15, 2011 returned to assembly
passed senate
3rd reading cal.961
substituted for s3944
Jun 15, 2011 substituted by a7239
Jun 07, 2011 advanced to third reading
Jun 06, 2011 2nd report cal.
Jun 02, 2011 1st report cal.961
May 24, 2011 reported and committed to finance
Mar 10, 2011 referred to investigations and government operations

Votes

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Jun 2, 2011 - Finance committee Vote

S3944
31
0
committee
31
Aye
0
Nay
2
Aye with Reservations
0
Absent
2
Excused
0
Abstained
show Finance committee vote details

May 24, 2011 - Investigations and Government Operations committee Vote

S3944
7
0
committee
7
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Investigations and Government Operations committee vote details

Investigations and Government Operations Committee Vote: May 24, 2011

aye wr (1)

S3944 - Details

See Assembly Version of this Bill:
A7239
Law Section:
Tax Law
Laws Affected:
Amd §§686, 687, 1086 & 1087, Tax L; amd §§11-1786 & 11-1787, NYC Ad Cd

S3944 - Summary

Relates to reversing personal income tax or corporate franchise tax overpayments against estimated tax for the succeeding taxable year in certain circumstances.

S3944 - Sponsor Memo

S3944 - Bill Text download pdf

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

                                  3944

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             March 10, 2011
                               ___________

Introduced by Sen. DeFRANCISCO -- (at request of the Department of Taxa-
  tion  and Finance) -- 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 and the administrative code of the city of
  New York, in relation to reversing the crediting of a personal  income
  tax  or  corporate franchise tax overpayment against estimated tax for
  the succeeding taxable year in certain circumstances

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

  Section 1. Subsection (e) of section 686 of the tax law, as amended by
chapter 65 of the laws of 1985, is amended to read as follows:
  (e)  Credits against estimated tax.--The [tax commission] COMMISSIONER
may prescribe regulations providing for the crediting against the  esti-
mated  income tax for any taxable year of the amount determined to be an
overpayment of the income tax for a preceding taxable year. If any over-
payment of income tax is so claimed as a credit  against  estimated  tax
for  the  succeeding  taxable year, such amount shall be considered as a
payment of the income tax for the succeeding taxable year, and no  claim
for  credit or refund of such overpayment shall be allowed for the taxa-
ble year for which the overpayment arises, EXCEPT UPON  REQUEST  TO  THE
COMMISSIONER  ON OR BEFORE THE LAST DAY PRESCRIBED FOR THE FILING OF THE
RETURN FOR THE SUCCEEDING TAXABLE YEAR, DETERMINED WITH  REGARD  TO  ANY
EXTENSION  OF  TIME  GRANTED.  IF  GOOD CAUSE IS SHOWN FOR REVERSING THE
CREDIT, THE COMMISSIONER MAY, IN HIS OR HER DISCRETION, CREDIT THE OVER-
PAYMENT AGAINST A LIABILITY OR REFUND THE OVERPAYMENT WITHOUT  INTEREST.
PROVIDED,  THE  PERSON  WHO MADE THE OVERPAYMENT WILL NOT BE RELIEVED OF
LIABILITY FOR ANY PENALTY IMPOSED FOR A CONSEQUENT UNDERPAYMENT OF ESTI-
MATED TAX FOR THE SUCCEEDING TAXABLE YEAR. THE DECISION OF  THE  COMMIS-
SIONER  TO GRANT OR DENY THE REQUEST IS FINAL AND NOT SUBJECT TO FURTHER
ADMINISTRATIVE OR JUDICIAL REVIEW.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09459-01-1

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