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Assembly Bill A6732A

2015-2016 Legislative Session

Provides for an additional franchise tax on certain life insurance policies

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

2015-A6732 - Details

See Senate Version of this Bill:
S141
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §182-b, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A9439, S6236
2011-2012: A1111, S262
2013-2014: A3896, S388
2017-2018: A6112, S4856
2019-2020: A6207

2015-A6732 - Summary

Provides for an additional franchise tax on life insurance policies obtained by companies on its employees and/or retirees.

2015-A6732 - Bill Text download pdf 

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

                                  6732

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              April 1, 2015
                               ___________

Introduced by M. of A. CRESPO -- read once and referred to the Committee
  on Ways and Means

AN  ACT  to  amend  the  tax law, in relation to providing an additional
  franchise tax on certain life insurance policies

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

  Section  1.  The  tax  law is amended by adding a new section 182-b to
read as follows:
  S 182-B. ADDITIONAL FRANCHISE TAX ON CERTAIN LIFE INSURANCE  POLICIES.
1.  NOTWITHSTANDING ANY OTHER PROVISION OF THIS CHAPTER, OR OF ANY OTHER
LAW, FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
EIGHTEEN, AN ANNUAL TAX IS HEREBY IMPOSED UPON EVERY  COMPANY  RECEIVING
BENEFITS  FROM  LIFE INSURANCE POLICIES IT HAS OBTAINED ON ITS EMPLOYEES
AND/OR RETIREES EQUAL TO FIFTY PER CENTUM OF ITS GROSS RECEIPTS FROM ALL
PROCEEDS FROM SUCH LIFE INSURANCE POLICIES, FOR THE PRIVILEGE  OF  EXER-
CISING  ITS  CORPORATE  FRANCHISE, OR OF DOING BUSINESS, OR OF EMPLOYING
CAPITAL, OR OF OWNING OR LEASING PROPERTY IN THIS STATE IN  A  CORPORATE
OR  ORGANIZED  CAPACITY,  OR OF MAINTAINING AN OFFICE IN THIS STATE, FOR
ALL OR ANY PART OF EACH OF ITS TAXABLE YEARS.
  2. EVERY COMPANY SUBJECT TO TAX UNDER THIS  SECTION  SHALL  KEEP  SUCH
RECORDS  OF  ITS  BUSINESS IN SUCH FORM AS THE COMMISSIONER MAY REQUIRE,
AND SUCH RECORDS SHALL BE PRESERVED FOR A PERIOD OF THREE YEARS,  EXCEPT
THAT THE COMMISSIONER MAY CONSENT TO THEIR DESTRUCTION WITHIN THAT PERI-
OD OR MAY REQUIRE THAT THEY BE KEPT LONGER.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2018.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00710-01-5

2015-A6732A (ACTIVE) - Details

See Senate Version of this Bill:
S141
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §182-b, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A9439, S6236
2011-2012: A1111, S262
2013-2014: A3896, S388
2017-2018: A6112, S4856
2019-2020: A6207

2015-A6732A (ACTIVE) - Summary

Provides for an additional franchise tax on life insurance policies obtained by companies on its employees and/or retirees.

2015-A6732A (ACTIVE) - Bill Text download pdf 

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

                                 6732--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              April 1, 2015
                               ___________

Introduced by M. of A. CRESPO -- read once and referred to the Committee
  on Ways and Means -- recommitted to the Committee on Ways and Means in
  accordance  with Assembly Rule 3, sec. 2 -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

AN  ACT  to  amend  the  tax law, in relation to providing an additional
  franchise tax on certain life insurance policies

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

  Section  1.  The  tax  law is amended by adding a new section 182-b to
read as follows:
  S 182-B. ADDITIONAL FRANCHISE TAX ON CERTAIN LIFE INSURANCE  POLICIES.
1.  NOTWITHSTANDING ANY OTHER PROVISION OF THIS CHAPTER, OR OF ANY OTHER
LAW, FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
NINETEEN, AN ANNUAL TAX IS HEREBY IMPOSED UPON EVERY  COMPANY  RECEIVING
BENEFITS  FROM  LIFE INSURANCE POLICIES IT HAS OBTAINED ON ITS EMPLOYEES
AND/OR RETIREES EQUAL TO FIFTY PER CENTUM OF ITS GROSS RECEIPTS FROM ALL
PROCEEDS FROM SUCH LIFE INSURANCE POLICIES, FOR THE PRIVILEGE  OF  EXER-
CISING  ITS  CORPORATE  FRANCHISE, OR OF DOING BUSINESS, OR OF EMPLOYING
CAPITAL, OR OF OWNING OR LEASING PROPERTY IN THIS STATE IN  A  CORPORATE
OR  ORGANIZED  CAPACITY,  OR OF MAINTAINING AN OFFICE IN THIS STATE, FOR
ALL OR ANY PART OF EACH OF ITS TAXABLE YEARS.
  2. EVERY COMPANY SUBJECT TO TAX UNDER THIS  SECTION  SHALL  KEEP  SUCH
RECORDS  OF  ITS  BUSINESS IN SUCH FORM AS THE COMMISSIONER MAY REQUIRE,
AND SUCH RECORDS SHALL BE PRESERVED FOR A PERIOD OF THREE YEARS,  EXCEPT
THAT THE COMMISSIONER MAY CONSENT TO THEIR DESTRUCTION WITHIN THAT PERI-
OD OR MAY REQUIRE THAT THEY BE KEPT LONGER.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2019.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00710-03-6

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