S T A T E   O F   N E W   Y O R K
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                                  4289

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 30, 2015
                               ___________

Introduced  by  M. of A. BRENNAN, DINOWITZ, CAHILL -- Multi-Sponsored by
  -- M. of A. CLARK,  COLTON,  ENGLEBRIGHT,  GOTTFRIED,  JAFFEE,  ORTIZ,
  ROBINSON -- read once and referred to the Committee on Ways and Means

AN  ACT  to  amend the tax law, in relation to the periodic reporting of
  tax payments by major corporations

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

  Section  1.  The  opening paragraph of subdivision 1 of section 211 of
the tax law is designated paragraph (a) and a new paragraph (b) is added
to read as follows:
  (B) EVERY PUBLICLY-TRADED CORPORATION OBLIGATED TO FILE BOTH AN ANNUAL
REPORT PURSUANT TO SECTION THIRTEEN OR FIFTEEN (D) OF THE FEDERAL  SECU-
RITIES AND EXCHANGE ACT OF 1934 OR ANY OF ITS SUCCESSOR ACTS AND A FRAN-
CHISE  TAX  RETURN  PURSUANT  TO THIS ARTICLE SHALL, AT THE SAME TIME IT
FILES A REPORT PURSUANT TO PARAGRAPH (A) OF THIS SUBDIVISION, SUBMIT  TO
THE  COMMISSIONER  AN  ADDITIONAL  REPORT  IN  A  FORM PRESCRIBED BY THE
COMMISSIONER. THE FORM SHALL CONTAIN:
  (I) THE NAME OF THE CORPORATION AND THE STREET ADDRESS OF ITS  PRINCI-
PAL OFFICE;
  (II) ITS TOTAL GROSS PROFIT;
  (III)  ANY  DEDUCTION  OR OTHER OFFSET WHICH REDUCES INCOME SUBJECT TO
TAXATION OR ANY CREDIT WHICH REDUCES THE TAX LIABILITY BY  GREATER  THAN
FIVE PERCENT;
  (IV)  ANY  CREDIT WHICH REDUCES THE TAX LIABILITY BY GREATER THAN FIVE
PERCENT WHICH IS CARRIED OVER FROM THE PREVIOUS YEAR OR YEARS;
  (V) ANY UNUSED CREDIT WHICH REDUCES THE TAX LIABILITY BY GREATER  THAN
FIVE PERCENT WHICH WILL BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS;
  (VI) ITS TOTAL NET TAXABLE INCOME;
  (VII) THE PERCENTAGE USED TO ESTABLISH WHAT PORTION OF TOTAL NET TAXA-
BLE INCOME IS APPORTIONED TO NEW YORK;
  (VIII) ITS INCOME TAXABLE IN NEW YORK;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01324-01-5
              

A. 4289                             2

  (IX)  THE VALUE OF THE TANGIBLE PROPERTY OF THE CORPORATION TAXABLE IN
NEW YORK OR ITS TAXABLE NET WORTH, WHICHEVER IS APPLICABLE;
  (X)  THE TOTAL FRANCHISE TAX DUE IN NEW YORK FOR THE TAX YEAR IN QUES-
TION;
  (XI) ITS NET INCOME ACCORDING TO ITS BOOKS REPORTED IN ITS FEDERAL TAX
RETURN; AND
  (XII) ANY ADDITIONAL INFORMATION FROM ITS FRANCHISE TAX  RETURN  WHICH
SUCH CORPORATION CHOOSES TO VOLUNTARILY DISCLOSE.
  S 2. Section 211 of the tax law is amended by adding a new subdivision
7-a to read as follows:
  7-A.  (A)  BY  JANUARY  FIFTEENTH OF EACH YEAR, THE COMMISSIONER SHALL
FORWARD TO THE SECRETARY OF STATE A LIST OF ALL  PUBLICLY-TRADED  CORPO-
RATIONS OBLIGATED TO FILE UNDER PARAGRAPH (B) OF SUBDIVISION ONE OF THIS
SECTION.
  (B)  BY  MARCH FIRST OF EACH YEAR THE COMMISSIONER SHALL PUBLISH:  (I)
ALL SUCH FORMS FILED PURSUANT TO PARAGRAPH (B)  OF  SUBDIVISION  ONE  OF
THIS  SECTION  BY DECEMBER THIRTY-FIRST OF THE PREVIOUS YEAR; AND (II) A
LIST OF THOSE PUBLICLY-TRADED CORPORATIONS REQUIRED TO FILE PURSUANT  TO
PARAGRAPH  (B) OF SUBDIVISION ONE OF THIS SECTION BUT WHICH FOR THE MOST
RECENT TAX YEAR HAVE NOT DONE SO WITHIN THE TIME  LIMITS  PRESCRIBED  BY
THIS SUBDIVISION. THIS INFORMATION SHALL BE MADE AVAILABLE TO THE PUBLIC
UNDER RULES AND REGULATIONS PROMULGATED BY THE COMMISSIONER.
  S  3. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law, except that any  rules
and  regulations  necessary for the timely implementation of this act on
its effective date shall be promulgated on or before such date.