senate Bill S2221A

2013-2014 Legislative Session

Relates to tax credits for certain rehabilitation projects

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Archive: Last Bill Status - In Committee


  • 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
Jan 29, 2014 print number 2221a
amend and recommit to investigations and government operations
Jan 08, 2014 referred to investigations and government operations
Jan 14, 2013 referred to investigations and government operations

Bill Amendments

Original
A (Active)
Original
A (Active)

S2221 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§606, 210, 1456 & 1511, Tax L

S2221 - Summary

Relates to tax credits for certain rehabilitation projects.

S2221 - Sponsor Memo

S2221 - Bill Text download pdf

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

                                  2221

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 14, 2013
                               ___________

Introduced  by Sen. GALLIVAN -- 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 credits for certain rehabil-
  itation projects; and providing for the repeal of such provisions upon
  expiration thereof

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

  Section 1. Subsection (oo) of section 606 of the tax law is amended by
adding a new paragraph 6 to read as follows:
  (6)  TAX  CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED
TO A PARTNERSHIP, LIMITED LIABILITY COMPANY, "SUBCHAPTER S"  CORPORATION
OR  OTHER  BUSINESS  ENTITY AND SHALL BE PASSED THROUGH TO THE PARTNERS,
MEMBERS, OR SHAREHOLDERS RESPECTIVELY. CREDITS ALLOWED TO THESE ENTITIES
SHALL BE ALLOCATED AMONG ALL PARTNERS, MEMBERS, OR SHAREHOLDERS  RESPEC-
TIVELY,  EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN THE ENTITY,
OR AS THE PARTNERS, MEMBERS, OR SHAREHOLDERS MUTUALLY AGREE AS  PROVIDED
IN  AN EXECUTED DOCUMENT WITHOUT REGARD TO THEIR SHARING OF OTHER TAX OR
ECONOMIC ATTRIBUTES OF THE ENTITY.
  S 2. Subdivision 40 of section 210 of the tax law is amended by adding
a new paragraph 6 to read as follows:
  (6) TAX CREDITS ALLOWED PURSUANT TO THIS SUBDIVISION SHALL BE  ALLOWED
TO  A PARTNERSHIP, LIMITED LIABILITY COMPANY, "SUBCHAPTER S" CORPORATION
OR OTHER BUSINESS ENTITY AND SHALL BE PASSED THROUGH  TO  THE  PARTNERS,
MEMBERS, OR SHAREHOLDERS RESPECTIVELY. CREDITS ALLOWED TO THESE ENTITIES
SHALL  BE ALLOCATED AMONG ALL PARTNERS, MEMBERS, OR SHAREHOLDERS RESPEC-
TIVELY, EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN THE  ENTITY,
OR  AS THE PARTNERS, MEMBERS, OR SHAREHOLDERS MUTUALLY AGREE AS PROVIDED
IN AN EXECUTED DOCUMENT WITHOUT REGARD TO THEIR SHARING OF OTHER TAX  OR
ECONOMIC ATTRIBUTES OF THE ENTITY.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05761-01-3

S2221A (ACTIVE) - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§606, 210, 1456 & 1511, Tax L

S2221A (ACTIVE) - Summary

Relates to tax credits for certain rehabilitation projects.

S2221A (ACTIVE) - Sponsor Memo

S2221A (ACTIVE) - Bill Text download pdf

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

                                 2221--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 14, 2013
                               ___________

Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations -- recommitted to the Committee on Investigations  and
  Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

AN ACT to amend the tax law, in relation to credits for certain rehabil-
  itation projects; and providing for the repeal of such provisions upon
  expiration thereof

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

  Section 1. Subsection (oo) of section 606 of the tax law is amended by
adding a new paragraph 6 to read as follows:
  (6) TAX CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL  BE  ALLOWED
TO  A PARTNERSHIP, LIMITED LIABILITY COMPANY, "SUBCHAPTER S" CORPORATION
OR OTHER BUSINESS ENTITY AND SHALL BE PASSED THROUGH  TO  THE  PARTNERS,
MEMBERS, OR SHAREHOLDERS RESPECTIVELY. CREDITS ALLOWED TO THESE ENTITIES
SHALL  BE ALLOCATED AMONG ALL PARTNERS, MEMBERS, OR SHAREHOLDERS RESPEC-
TIVELY, EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN THE  ENTITY,
OR  AS THE PARTNERS, MEMBERS, OR SHAREHOLDERS MUTUALLY AGREE AS PROVIDED
IN AN EXECUTED DOCUMENT WITHOUT REGARD TO THEIR SHARING OF OTHER TAX  OR
ECONOMIC ATTRIBUTES OF THE ENTITY.
  S 2. Subdivision 40 of section 210 of the tax law is amended by adding
a new paragraph 6 to read as follows:
  (6)  TAX CREDITS ALLOWED PURSUANT TO THIS SUBDIVISION SHALL BE ALLOWED
TO A PARTNERSHIP, LIMITED LIABILITY COMPANY, "SUBCHAPTER S"  CORPORATION
OR  OTHER  BUSINESS  ENTITY AND SHALL BE PASSED THROUGH TO THE PARTNERS,
MEMBERS, OR SHAREHOLDERS RESPECTIVELY. CREDITS ALLOWED TO THESE ENTITIES
SHALL BE ALLOCATED AMONG ALL PARTNERS, MEMBERS, OR SHAREHOLDERS  RESPEC-
TIVELY,  EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN THE ENTITY,
OR AS THE PARTNERS, MEMBERS, OR SHAREHOLDERS MUTUALLY AGREE AS  PROVIDED

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05761-02-4

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