S T A T E O F N E W Y O R K
________________________________________________________________________
6444
2013-2014 Regular Sessions
I N A S S E M B L Y
March 27, 2013
___________
Introduced by M. of A. BRENNAN -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to extending certain provisions
of law relating to temporary deferral of certain tax credits and
temporary deferral payout credits; and providing for the repeal of
certain provisions upon expiration thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph (a) of subdivision 1 of section 33 to the tax
law, as added by section 1 of part Y of chapter 57 of the laws of 2010,
is amended to read as follows:
(a) For taxable years beginning on or after January first, two thou-
sand ten and before January first, two thousand [thirteen] EIGHTEEN, the
excess over two million dollars of the total amount of the tax credits
specified in subdivision three of this section that in each of those
taxable years would otherwise be used to reduce the taxpayer's tax
liability to the amount otherwise specified in this chapter or be
refunded or credited as an overpayment will be deferred to and used or
refunded in taxable years beginning on or after January first, two thou-
sand [thirteen] EIGHTEEN in accordance with the provisions of section
thirty-four of this article. Interest shall not be paid on the amounts
of credit deferred.
S 2. Subdivisions 1 and 2 of section 34 of the tax law, as added by
section 2 of part Y of chapter 57 of the laws of 2010, is amended to
read as follows:
1. The amounts of nonrefundable credits that are deferred pursuant to
section thirty-three of this article in taxable years beginning on or
after January first, two thousand ten and before January first, two
thousand [thirteen] EIGHTEEN shall be accumulated and constitute the
taxpayer's temporary deferral nonrefundable payout credit. The taxpayer
may first claim this credit in the taxable year beginning on or after
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09890-02-3
A. 6444 2
January first, two thousand [thirteen] EIGHTEEN and before January
first, two thousand [fourteen] NINETEEN. The taxpayer shall be allowed
to claim this credit until the accumulated amounts are exhausted. The
credit shall be allowed against the taxpayer's tax as provided in the
provisions referenced in paragraph (a) of subdivision three of this
section.
2. The amounts of refundable credits that are deferred pursuant to
section thirty-three of this article in taxable years beginning on or
after January first, two thousand ten and before January first, two
thousand [thirteen] EIGHTEEN shall be accumulated and constitute the
taxpayer's temporary deferral refundable payout credit. In the taxable
year beginning on or after January first, two thousand [thirteen] EIGH-
TEEN and before January first, two thousand [fourteen] NINETEEN, the
taxpayer shall be allowed to claim a credit equal to fifty percent of
the amount accumulated. In the taxable year beginning on or after Janu-
ary first, two thousand [fourteen] NINETEEN and before January first,
two thousand [fifteen] TWENTY, the taxpayer shall be allowed to claim a
credit equal to seventy-five percent of the balance of the amount accu-
mulated. In the taxable year beginning on or after January first, two
thousand [fifteen] TWENTY and before January first, two thousand
[sixteen] TWENTY-ONE, the taxpayer shall be allowed to claim a credit
equal to the remaining balance of the amount accumulated. The credit
shall be allowed against the taxpayer's tax as provided in the
provisions referenced in paragraph (b) of subdivision three of this
section.
S 3. Clause (A) of subparagraph (ii) of paragraph (c) of subdivision 1
of section 210 of the tax law, as amended by section 2 of part C of
chapter 56 of the laws of 2011, is amended to read as follows:
(A) For taxable years beginning on or after January first, two thou-
sand seven, the amount prescribed by this paragraph shall be computed at
the rate of one and one-half percent of the taxpayer's minimum taxable
income base. FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO
THOUSAND THIRTEEN, THE AMOUNT PRESCRIBED BY THIS PARAGRAPH SHALL BE
COMPUTED AT THE RATE OF THREE AND ONE-HALF PERCENT OF THE TAXPAYER'S
MINIMUM TAXABLE INCOME BASE. The "taxpayer's minimum taxable income
base" shall mean the portion of the taxpayer's minimum taxable income
allocated within the state as hereinafter provided, subject to any
modifications required by paragraphs (d) and (e) of subdivision three of
this section.
S 4. This act shall take effect immediately; and provided that section
three of this act shall expire and be deemed repealed January 1, 2017.