Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jun 14, 2016 |
referred to rules |
Senate Bill S8152
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Rules Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2015-S8152 (ACTIVE) - Details
- Current Committee:
- Senate Rules
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210 & 210-A, Tax L; amd §§11-654 & 11-654.2, NYC Ad Cd
2015-S8152 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8152 TITLE OF BILL : An act to amend the tax law and the administrative code of the city of New York, in relation to qualified financial instruments of RICS and REITS PURPOSE : To address unintended effects of tax amendments that resulted in inappropriate treatment and overly burdensome administrative requirements to certain entities. SUMMARY OF PROVISIONS : Section 1 amends paragraph (a) of subdivision 5 of section 210-A, as amended by section 4 of part P of chapter 60 of the laws of 2016, to add definitions of qualified financial instruments in cases of RIC and REITS. Section 2 amends clause (D) of subparagraph 1 of paragraph (d) of subdivision 1 of section 210 of the tax law, as amended by section 19 of part T of chapter 59 of the laws of 2015, to add reference to the new clause D-1. Section 3 amends subparagraph 1 of paragraph (d) of subdivision 1 of section 210 of the tax law is amended by adding a new clause (D-1), to
2015-S8152 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8152 I N S E N A T E June 14, 2016 ___________ Introduced by Sen. YOUNG -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law and the administrative code of the city of New York, in relation to qualified financial instruments of RICS and REITS THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The opening paragraph of paragraph (a) of subdivision 5 of section 210-A of the tax law, as amended by section 4 of part P of chap- ter 60 of the laws of 2016, is amended to read as follows: A financial instrument is a "nonqualified financial instrument" if it is not a qualified financial instrument. A qualified financial instru- ment means a financial instrument that is of a type described in any of clauses (A), (B), (C), (D), (G), (H) or (I) of subparagraph two of this paragraph and that has been marked to market in the taxable year by the taxpayer under section 475 or section 1256 of the internal revenue code. Further, if the taxpayer has in the taxable year marked to market a financial instrument of the type described in any of the clauses (A), (B), (C), (D), (G), (H) or (I) of subparagraph two of this paragraph, then any financial instrument within that type described in the above specified clause or clauses that has not been marked to market by the taxpayer under section 475 or section 1256 of the internal revenue code is a qualified financial instrument in the taxable year. Notwithstanding the two preceding sentences, (i) a loan secured by real property shall not be a qualified financial instrument, (ii) if the only loans that are marked to market by the taxpayer under section 475 or section 1256 of the internal revenue code are loans secured by real property, then no loans shall be qualified financial instruments, (iii) stock that is investment capital as defined in paragraph (a) of subdivision five of section two hundred eight of this article shall not be a qualified financial instrument, and (iv) stock that generates other exempt income as defined in subdivision six-a of section two hundred eight of this article and that is not marked to market under section 475 or section 1256 of the internal revenue code shall not constitute a qualified EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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