senate Bill S7542

2011-2012 Legislative Session

Relates to the imposition of the personal income tax upon foreign partnerships

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Archive: Last Bill Status - Passed Senate


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 14, 2012 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1259
committee discharged and committed to rules
Jun 01, 2012 referred to investigations and government operations

Votes

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S7542 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง601, Tax L

S7542 - Summary

Relates to the imposition of the personal income tax upon foreign limited partnerships.

S7542 - Sponsor Memo

S7542 - Bill Text download pdf

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

                                  7542

                            I N  S E N A T E

                              June 1, 2012
                               ___________

Introduced  by  Sen.  O'MARA -- 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  imposition  of  the
  personal income tax upon foreign partnerships

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

  Section 1. Subsection (f) of section 601 of the tax law, as amended by
chapter 248 of the laws of 1997, is amended to read as follows:
  (f) Partners and partnerships. (1) A partnership as such shall not  be
subject to tax under this article. Persons carrying on business as part-
ners  shall  be liable for tax under this article only in their separate
or individual capacities. As used in this article,  the  term  "partner-
ship"  shall  include, unless a different meaning is clearly required, a
subchapter K limited liability company. The term "subchapter  K  limited
liability  company" shall mean a limited liability company classified as
a partnership for federal income tax purposes. The term "limited liabil-
ity company" means a domestic limited liability  company  or  a  foreign
limited  liability company, as defined in section one hundred two of the
limited liability company law, a limited  liability  investment  company
formed  pursuant  to section five hundred seven of the banking law, or a
limited liability trust company formed pursuant to section  one  hundred
two-a of the banking law.
  (2)  A  FOREIGN  PARTNERSHIP SHALL NOT BE DEEMED TO HAVE NEXUS IN THIS
STATE, AND THE NON-RESIDENT PARTNERS OF SUCH FOREIGN  PARTNERSHIP  SHALL
NOT  BE DEEMED TO HAVE NEW YORK-SOURCE INCOME, BY REASON OF SUCH FOREIGN
PARTNERSHIP USING FULFILLMENT SERVICES OF A PERSON OR ENTITY AND  OWNING
PROPERTY  STORED ON THE PREMISES OF SUCH PERSON OR ENTITY IN CONJUNCTION
WITH SUCH SERVICES. THE TERM "FULFILLMENT SERVICES" SHALL  MEAN  ANY  OF
THE  FOLLOWING SERVICES PERFORMED BY AN ENTITY ON ITS PREMISES ON BEHALF
OF A PURCHASER: (I) THE ACCEPTANCE OF ORDERS ELECTRONICALLY OR BY  MAIL,
TELEPHONE,  TELEFAX  OR INTERNET; (II) RESPONSES TO CONSUMER CORRESPOND-
ENCE OR INQUIRIES ELECTRONICALLY  OR  BY  MAIL,  TELEPHONE,  TELEFAX  OR
INTERNET;  (III) BILLING AND COLLECTION ACTIVITIES; OR (IV) THE SHIPMENT

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

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