senate Bill S4990A

2011-2012 Legislative Session

Relates to an investment advisory services tax credit

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Archive: Last Bill Status - In Committee


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

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Actions

view actions (9)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 21, 2012 committed to rules
May 30, 2012 advanced to third reading
May 23, 2012 2nd report cal.
May 22, 2012 1st report cal.888
May 02, 2012 reported and committed to finance
Jan 04, 2012 referred to investigations and government operations
May 24, 2011 print number 4990a
amend (t) and recommit to investigations and government operations
May 02, 2011 referred to investigations and government operations

Votes

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May 22, 2012 - Finance committee Vote

S4990A
22
5
committee
22
Aye
5
Nay
8
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Finance committee vote details

May 2, 2012 - Investigations and Government Operations committee Vote

S4990A
4
2
committee
4
Aye
2
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Investigations and Government Operations committee vote details

Investigations and Government Operations Committee Vote: May 2, 2012

nay (2)
aye wr (2)

Bill Amendments

Original
A (Active)
Original
A (Active)

S4990 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§210, 606 & 1456, Tax L

S4990 - Summary

Expands the state investment tax credits to include tangible property used for providing investment advisory services or management of investment portfolios with investment objectives of over one million dollars.

S4990 - Sponsor Memo

S4990 - Bill Text download pdf

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

                                  4990

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               May 2, 2011
                               ___________

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

AN ACT to amend the tax law, in relation to the investment tax credits

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

  Section  1.  Subparagraph  (i)  of  paragraph (b) of subdivision 12 of
section 210 of the tax law, as amended by chapter 637  of  the  laws  of
2008, is amended to read as follows:
  (i)  A  credit shall be allowed under this subdivision with respect to
tangible personal property and other tangible property, including build-
ings and structural components  of  buildings,  which  are:  depreciable
pursuant  to  section  one  hundred sixty-seven of the [internal revenue
code] INTERNAL REVENUE CODE, have a useful life of four years  or  more,
are  acquired by purchase as defined in section one hundred seventy-nine
(d) of the [internal revenue code] INTERNAL REVENUE CODE, have  a  situs
in  this  state  and  are  (A)  principally  used by the taxpayer in the
production of goods by manufacturing, processing, assembling,  refining,
mining,  extracting,  farming,  agriculture, horticulture, floriculture,
viticulture or commercial fishing, (B) industrial waste treatment facil-
ities or air pollution control facilities, used in the taxpayer's  trade
or business, (C) research and development property, (D) principally used
in  the  ordinary course of the taxpayer's trade or business as a broker
or dealer in connection with the purchase or sale (which  shall  include
but  not  be limited to the issuance, entering into, assumption, offset,
assignment, termination, or transfer) of stocks, bonds or other  securi-
ties  as  defined  in  section  four  hundred seventy-five (c)(2) of the
Internal Revenue Code, or of commodities  as  defined  in  section  four
hundred  seventy-five  (e) of the Internal Revenue Code, (E) principally
used in the ordinary course of  the  taxpayer's  trade  or  business  of
providing investment advisory services for a regulated investment compa-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11236-01-1

S4990A (ACTIVE) - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§210, 606 & 1456, Tax L

S4990A (ACTIVE) - Summary

Expands the state investment tax credits to include tangible property used for providing investment advisory services or management of investment portfolios with investment objectives of over one million dollars.

S4990A (ACTIVE) - Sponsor Memo

S4990A (ACTIVE) - Bill Text download pdf

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

                                 4990--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               May 2, 2011
                               ___________

Introduced  by  Sen.  HANNON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment  Operations  --  committee  discharged,  bill  amended,   ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the tax law, in relation to an investment tax credit

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

  Section 1. Subparagraph (i) of paragraph  (b)  of  subdivision  12  of
section  210  of  the  tax law, as amended by chapter 637 of the laws of
2008, is amended to read as follows:
  (i) A credit shall be allowed under this subdivision with  respect  to
tangible personal property and other tangible property, including build-
ings  and  structural  components  of  buildings, which are: depreciable
pursuant to section one hundred sixty-seven  of  the  [internal  revenue
code]  INTERNAL  REVENUE CODE, have a useful life of four years or more,
are acquired by purchase as defined in section one hundred  seventy-nine
(d)  of  the [internal revenue code] INTERNAL REVENUE CODE, have a situs
in this state and are (A)  principally  used  by  the  taxpayer  in  the
production  of goods by manufacturing, processing, assembling, refining,
mining, extracting, farming,  agriculture,  horticulture,  floriculture,
viticulture or commercial fishing, (B) industrial waste treatment facil-
ities  or air pollution control facilities, used in the taxpayer's trade
or business, (C) research and development property, (D) principally used
in the ordinary course of the taxpayer's trade or business as  a  broker
or  dealer  in connection with the purchase or sale (which shall include
but not be limited to the issuance, entering into,  assumption,  offset,
assignment,  termination, or transfer) of stocks, bonds or other securi-
ties as defined in section  four  hundred  seventy-five  (c)(2)  of  the
Internal  Revenue  Code,  or  of  commodities as defined in section four
hundred seventy-five (e) of the Internal Revenue Code,  (E)  principally
used  in  the  ordinary  course  of  the taxpayer's trade or business of

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11236-02-1

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