Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to investigations and government operations |
Jun 24, 2011 |
committed to rules |
Jun 14, 2011 |
advanced to third reading |
Jun 13, 2011 |
2nd report cal. |
Jun 07, 2011 |
1st report cal.1120 |
Apr 28, 2011 |
referred to investigations and government operations |
Senate Bill S4890
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- 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-S4890 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A8553
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §1452, Tax L; amd §11-640, NYC Ad Cd
2011-S4890 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4890 TITLE OF BILL: An act to amend the tax law and the administrative code of the city of New York, in relation to the taxation of certain banking corporations PURPOSE OR GENERAL IDEA OF BILL: This bill extends for two additional years the provisions of the New York State and New York City bank taxes dealing with the taxation of banks and other financial services firms and the transitional provisions concerning the enactment and implementation of the Federal Gramm-Leach-Bliley Act (GLBA). SUMMARY OF SPECIFIC PROVISIONS: These provisions state, among other things, that a corporation required to be taxable, or electing to be taxable as a banking corporation under the transitional provisions shall continue to he taxable as such for those taxable years in which the corporation still meets the definition of a banking corporation, or satisfies the requirements allowing it to elect to be taxed as a banking corporation. JUSTIFICATION: Starting in 2000, transitional provisions relating to the Federal GLBA, which removed the prohibition against the
2011-S4890 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4890 2011-2012 Regular Sessions I N S E N A T E April 28, 2011 ___________ Introduced by Sen. GOLDEN -- 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 and the administrative code of the city of New York, in relation to the taxation of certain banking corporations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 1 of subsection (m) of section 1452 of the tax law, as amended by section 4 of part J of chapter 61 of the laws of 2011, is amended to read as follows: (1) Notwithstanding anything to the contrary contained in this section other than subsection (n) of this section, a corporation that was in existence before January first, two thousand eleven and was subject to tax under article nine-A of this chapter for its last taxable year beginning before January first, two thousand eleven, shall continue to be taxable under such article for all taxable years beginning on or after January first, two thousand eleven and before January first, two thousand thirteen. The preceding sentence shall not apply to any taxable year during which such corporation is a banking corporation described in paragraphs one through eight of subsection (a) of this section. Notwithstanding anything to the contrary contained in this section other than subsection (n) of this section, a banking corporation or corpo- ration that was in existence before January first, two thousand eleven and was subject to tax under this article for its last taxable year beginning before January first, two thousand eleven, shall continue to be taxable under this article for all taxable years beginning on or after January first, two thousand eleven and before January first, two thousand thirteen [or in which] ONLY IF THE CORPORATION IS A BANKING CORPORATION AS DEFINED IN SUBSECTION (A) OF THIS SECTION OR the corpo- ration satisfies the requirements for a corporation to elect to be taxa- ble under this article. Provided further, that nothing in this EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11144-01-1
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