NY State Assembly Bill 2017-A8474A

Assembly Bill A8474A

2017-2018 Legislative Session

Provides for the computation of the New York city corporate tax on real estate investment trusts and regulated investment companies

download bill text pdf

Archive: Last Bill Status - In Assembly 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

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 05, 2018	print number 8474a
Feb 05, 2018	amend and recommit to ways and means
Jan 03, 2018	referred to ways and means
Jun 16, 2017	referred to ways and means

Bill Amendments

Original

A (Active)

2017-A8474 - Details

See Senate Version of this Bill:: S6627
Current Committee:: Assembly Ways And Means
Law Section:: New York City Administrative Code
Laws Affected:: Amd §11-654, NYC Ad Cd

2017-A8474 - Summary

Provides for the computation of the New York city corporate tax on real estate investment trusts and regulated investment companies.

2017-A8474 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8474
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 16, 2017
                                ___________
 
 Introduced by M. of A. ABBATE -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT  to  amend  the  administrative code of the city of New York, in
   relation to the computation of the city corporate tax for real  estate
   investment trusts and regulated investment companies

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Clause (iv) of subparagraph 1 of paragraph (e) of  subdivi-
 sion  1  of section 11-654 of the administrative code of the city of New
 York, as added by section 1 of part D of chapter 60 of the laws of 2015,
 is amended to read as follows:
   (iv) If New York city receipts are:                  Fixed dollar
                                                        minimum tax is:
 Not more than $100,000                                 $25
 More than $100,000 but not over $250,000               $75
 More than $250,000 but not over $500,000               $175
 More than $500,000 but not over $1,000,000             $500
 More than $1,000,000 but not over $5,000,000           $1,500
 More than $5,000,000 but not over $25,000,000          $3,500
 More than $25,000,000 but not over $50,000,000         $5,000
 More than $50,000,000 but not over $100,000,000        $10,000
 More than $100,000,000 but not over $250,000,000       $20,000
 More than $250,000,000 but not over $500,000,000       $50,000
 More than $500,000,000 but not over $1,000,000,000     $100,000
 Over $1,000,000,000                                    $200,000
   For purposes of this clause, New York city receipts are  the  receipts
 computed  in accordance with section 11-654.2 of this subchapter for the
 taxable year. If the taxable year is less than twelve months, the amount
 prescribed by this clause shall be reduced by twenty-five percent if the
 period for which the taxpayer is subject to tax is more than six  months
 but  not  more  than  nine months and by fifty percent if the period for

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

                                                            LBD13057-01-7

 A. 8474                             2
 
 which the taxpayer is subject to tax is not more than six months. If the
 taxable year is less than twelve months, the amount  of  New  York  city
 receipts  for  purposes  of  this  clause  is determined by dividing the
 amount  of  the receipts for the taxable year by the number of months in
 the taxable year and multiplying the result by twelve. PROVIDED,  HOWEV-
 ER,  IN  THE CASE OF A REIT OR RIC, AS DEFINED IN SECTION 11-601 OF THIS
 CHAPTER, THAT IS NOT A CAPTIVE  REIT  OR  CAPTIVE  RIC,  AS  DEFINED  IN
 SECTION 11-601 OF THIS CHAPTER, THE FOLLOWING SCHEDULE SHALL APPLY:
   IF NEW YORK CITY RECEIPTS ARE:                       FIXED DOLLAR
                                                        MINIMUM TAX IS:
 NOT MORE THAN $100,000                                 $25
 MORE THAN $100,000 BUT NOT OVER $250,000               $75
 MORE THAN $250,000 BUT NOT OVER $500,000               $175
 MORE THAN $500,000                                     $500
   §  2.  This  act  shall take effect immediately and shall be deemed to
 have been in full force and effect on and  after  April  10,  2017,  and
 shall apply to taxable years beginning on and after January 1, 2018.

2017-A8474A (ACTIVE) - Details

See Senate Version of this Bill:: S6627
Current Committee:: Assembly Ways And Means
Law Section:: New York City Administrative Code
Laws Affected:: Amd §11-654, NYC Ad Cd

2017-A8474A (ACTIVE) - Summary

Provides for the computation of the New York city corporate tax on real estate investment trusts and regulated investment companies.

2017-A8474A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8474--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 16, 2017
                                ___________
 
 Introduced by M. of A. ABBATE -- 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  administrative code of the city of New York, in
   relation to the computation of the city corporate tax for real  estate
   investment trusts and regulated investment companies
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Clause (iv) of subparagraph 1 of paragraph (e) of  subdivi-
 sion  1  of section 11-654 of the administrative code of the city of New
 York, as added by section 1 of part D of chapter 60 of the laws of 2015,
 is amended to read as follows:
   (iv) If New York city receipts are:                  Fixed dollar
                                                        minimum tax is:
 Not more than $100,000                                 $25
 More than $100,000 but not over $250,000               $75
 More than $250,000 but not over $500,000               $175
 More than $500,000 but not over $1,000,000             $500
 More than $1,000,000 but not over $5,000,000           $1,500
 More than $5,000,000 but not over $25,000,000          $3,500
 More than $25,000,000 but not over $50,000,000         $5,000
 More than $50,000,000 but not over $100,000,000        $10,000
 More than $100,000,000 but not over $250,000,000       $20,000
 More than $250,000,000 but not over $500,000,000       $50,000
 More than $500,000,000 but not over $1,000,000,000     $100,000
 Over $1,000,000,000                                    $200,000
   For purposes of this clause, New York city receipts are  the  receipts
 computed  in accordance with section 11-654.2 of this subchapter for the
 taxable year. If the taxable year is less than twelve months, the amount

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

                                                            LBD13057-03-8

 A. 8474--A                          2
 
 prescribed by this clause shall be reduced by twenty-five percent if the
 period for which the taxpayer is subject to tax is more than six  months
 but  not  more  than  nine months and by fifty percent if the period for
 which the taxpayer is subject to tax is not more than six months. If the
 taxable  year  is  less  than twelve months, the amount of New York city
 receipts for purposes of this  clause  is  determined  by  dividing  the
 amount  of  the receipts for the taxable year by the number of months in
 the taxable year and multiplying the result by twelve. PROVIDED,  HOWEV-
 ER,  IN  THE CASE OF A REIT OR RIC, AS DEFINED IN SECTION 11-601 OF THIS
 CHAPTER, THAT IS NOT A CAPTIVE  REIT  OR  CAPTIVE  RIC,  AS  DEFINED  IN
 SECTION 11-601 OF THIS CHAPTER, THE FOLLOWING SCHEDULE SHALL APPLY:
   IF NEW YORK CITY RECEIPTS ARE:                       FIXED DOLLAR
                                                        MINIMUM TAX IS:
 NOT MORE THAN $100,000                                 $25
 MORE THAN $100,000 BUT NOT OVER $250,000               $75
 MORE THAN $250,000 BUT NOT OVER $500,000               $175
 MORE THAN $500,000                                     $500
   §  2.  This  act  shall take effect immediately and shall be deemed to
 have been in full force and effect on and  after  April  10,  2018,  and
 shall apply to taxable years beginning on and after January 1, 2019.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.