senate Bill S3561

2013-2014 Legislative Session

Extends certain provisions relating to the Gramm-Leach-Bliley act

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to investigations and government operations
Feb 05, 2013 referred to investigations and government operations

Co-Sponsors

S3561 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§1452 & 1462, Tax L; amd §§11-640 & 11-646, NYC Ad Cd
Versions Introduced in 2011-2012 Legislative Session:
S3753B

S3561 - Summary

Extends certain provisions relating to the Gramm-Leach-Bliley act.

S3561 - Sponsor Memo

S3561 - Bill Text download pdf

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

                                  3561

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 5, 2013
                               ___________

Introduced  by  Sens.  GRIFFO, FARLEY -- 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  the  effectiveness  of  certain  provisions
  relating to the federal Gramm-Leach-Bliley act

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

  Section 1.  Paragraphs 1 and 2 of subsection (m) of  section  1452  of
the tax law, as amended by section 1 of part R of chapter 59 of the laws
of 2012, are 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 [twelve] THIRTEEN  and  was
subject to tax under article nine-A of this chapter for its last taxable
year  beginning  before  January  first, two thousand [twelve] THIRTEEN,
shall continue to be taxable under such article for  all  taxable  years
beginning  on or after January first, two thousand [twelve] THIRTEEN and
before January first, two thousand [fifteen]  SIXTEEN.    The  preceding
sentence  shall  not  apply to any taxable year during which such corpo-
ration 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 corporation] that  was  in  existence
before  January first, two thousand [twelve] THIRTEEN and was subject to
tax under this article for its last taxable year beginning before  Janu-
ary  first, two thousand [twelve] THIRTEEN, shall continue to be taxable
under this article for all taxable years beginning on or  after  January
first,  two  thousand  [twelve]  THIRTEEN  and before January first, two
thousand [fifteen] SIXTEEN only if the corporation is a  banking  corpo-
ration  as  defined in subsection (a) of this section or the corporation
satisfies the requirements for a corporation  to  elect  to  be  taxable
under  this  article.  Provided further, that nothing in this subsection
shall prohibit a corporation that elected pursuant to subsection (d)  of

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