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 |
Senate Bill S3944
Signed By Governor2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A7239 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2011-S3944 (ACTIVE) - 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
2011-S3944 (ACTIVE) - Sponsor Memo
BILL NUMBER:S3944 TITLE OF BILL: 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 PURPOSE OF BILL: This bill would allow the election to credit a personal income tax or corporate franchise tax overpayment to estimated tax for the succeeding taxable year to be reversed upon good cause shown by the taxpayer. SUMMARY OF PROVISIONS: Sections 1 and 3 of this bill would amend Tax Law §§ 686(e) and 1086(b) to allow taxpayers to request the reversal of the crediting of their personal income tax or corporate franchise tax overpayment to estimated tax for the succeeding taxable year on or before the prescribed filing date of the return for the succeeding taxable year,
2011-S3944 (ACTIVE) - 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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