senate Bill S7663

2011-2012 Legislative Session

Relates to the franchise on business corporations

download bill text pdf

Sponsored By

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

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 18, 2012 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1295
Jun 12, 2012 referred to rules

Co-Sponsors

S7663 - Details

Law Section:
Tax Law
Laws Affected:
Amd ยงยง209 & 612, Tax L

S7663 - Summary

Relates to the franchise tax on business corporations.

S7663 - Sponsor Memo

S7663 - Bill Text download pdf

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

                                  7663

                            I N  S E N A T E

                              June 12, 2012
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the tax law, in relation to the franchise tax  on  busi-
  ness corporations

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

  Section 1. Subdivision 1 of section 209 of the tax law, as amended  by
chapter 817 of the laws of 1987, is amended to read as follows:
  1.  For  the  privilege  of  exercising its corporate franchise, or of
doing business, or of employing capital, or of owning or leasing proper-
ty in this state in a corporate or organized capacity, or of maintaining
an office in this state, for all or any part of each of  its  fiscal  or
calendar  years,  every  domestic  or foreign corporation, except corpo-
rations specified in subdivision four of this  section,  shall  annually
pay  a  franchise  tax, upon the basis of its entire net income base, or
upon such other basis as may be applicable as hereinafter provided,  for
such fiscal or calendar year or part thereof, on a report which shall be
filed, except as hereinafter provided, on or before the fifteenth day of
March  next succeeding the close of each such year, or, in the case of a
corporation which reports on the basis of a fiscal year, within two  and
one-half  months  after the close of such fiscal year, and shall be paid
as hereinafter provided.  PROVIDED HOWEVER, A MANUFACTURER AS DEFINED IN
SECTION TWO HUNDRED TEN OF THIS ARTICLE SHALL  NOT  BE  SUBJECT  TO  TAX
UNDER  THIS  ARTICLE  FOR  TAXABLE  YEARS  BEGINNING ON OR AFTER JANUARY
FIRST, TWO THOUSAND FIFTEEN; IF THE  MANUFACTURER  HAS  ONE  HUNDRED  OR
FEWER  EMPLOYEES  AND LESS THAN ONE MILLION DOLLARS IN GROSS INCOME SUCH
MANUFACTURER SHALL NOT BE SUBJECT TO TAX UNDER THIS ARTICLE FOR  TAXABLE
YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND FOURTEEN; IF THE
MANUFACTURER  HAS  FIFTY  OR  FEWER EMPLOYEES AND LESS THAN FIVE HUNDRED
THOUSAND DOLLARS IN GROSS INCOME SUCH MANUFACTURER SHALL NOT BE  SUBJECT
TO  TAX UNDER THIS ARTICLE FOR TAXABLE YEARS BEGINNING ON OR AFTER JANU-
ARY FIRST, TWO THOUSAND THIRTEEN.
  S 2. Subsection (c) of section 612 of the tax law is amended by adding
a new paragraph 39 to read as follows:

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

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