Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 08, 2017 |
print number 4722a |
Mar 08, 2017 |
amend and recommit to investigations and government operations |
Feb 24, 2017 |
referred to investigations and government operations |
Senate Bill S4722A
2017-2018 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Bill Amendments
2017-S4722 - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§684 & 1145, Tax L
2017-S4722 - Sponsor Memo
BILL NUMBER: S4722 TITLE OF BILL : An act to amend the tax law, in relation to decreasing interest due on underpayment of tax or erroneous refunds relating to personal income tax and sales and compensating use taxes PURPOSE : This bill decreases interest due on underpayment of tax or erroneous refunds relating to personal income tax and sales and compensating use taxes SUMMARY OF PROVISIONS : Section 1. Subsections (a) and (j) of section 684 of the tax law, as amended by section 2 of subpart D of part V-1 of chapter 57 of the laws of 2009, are amended to read as follows: (a) General.--If any amount of income tax is not paid on or before the last date prescribed in this article for payment, interest on such amount at the underpayment rate set (by the commissioner pursuant to section six hundred ninety-seven of this part, or if no rate is set,) at the rate of (seven and one-half) three percent per annum shall be paid for the period from such last date to the date paid, whether or not any extension of time for payment was granted. Interest under this subsection shall not be paid if the amount thereof is less than one
2017-S4722 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4722 2017-2018 Regular Sessions I N S E N A T E February 24, 2017 ___________ Introduced by Sen. LATIMER -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to decreasing interest due on underpayment of tax or erroneous refunds relating to personal income tax and sales and compensating use taxes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsections (a) and (j) of section 684 of the tax law, as amended by section 2 of subpart D of part V-1 of chapter 57 of the laws of 2009, are amended to read as follows: (a) General.--If any amount of income tax is not paid on or before the last date prescribed in this article for payment, interest on such amount at the underpayment rate set [by the commissioner pursuant to section six hundred ninety-seven of this part, or if no rate is set,] at the rate of [seven and one-half] THREE percent per annum shall be paid for the period from such last date to the date paid, whether or not any extension of time for payment was granted. Interest under this subsection shall not be paid if the amount thereof is less than one [dollar] HUNDRED DOLLARS. If the time for filing of a return of tax withheld by an employer is extended, the employer shall pay interest for the period for which the extension is granted and may not charge such interest to the employee. (j) Interest on erroneous refund.--Any portion of tax or other amount which has been erroneously refunded, and which is recoverable by the commissioner, shall bear interest at the underpayment rate set [by the commissioner pursuant to section six hundred ninety-seven of this part, or if no rate is set,] at the rate of [seven and one-half] THREE percent per annum from the date of the payment of the refund, but only if it appears that any part of the refund was induced by fraud or a misrepre- sentation of a material fact. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
2017-S4722A (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§684 & 1145, Tax L
2017-S4722A (ACTIVE) - Sponsor Memo
BILL NUMBER: S4722A TITLE OF BILL : An act to amend the tax law, in relation to decreasing interest due on underpayment of tax or erroneous refunds relating to personal income tax and sales and compensating use taxes PURPOSE : This bill decreases interest due on underpayment of tax or erroneous refunds relating to personal income tax and sales and compensating use taxes SUMMARY OF PROVISIONS : Section 1. Subsections (a) and (j) of section 684 of the tax law, as amended by section 2 of subpart D of part V-1 of chapter 57 of the laws of 2009, are amended to read as follows: (a) General.--If any amount of income tax is not paid on or before the last date prescribed in this article for payment, interest on such amount at the underpayment rate set at the rate of three percent per annum shall be paid for the period from such last date to the date paid, whether or not any extension of time for payment was granted. Interest under this subsection shall not be paid if the amount thereof is less than one hundred dollars. If the time for filing of a return of tax withheld by an employer is extended, the employer shall pay
2017-S4722A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4722--A 2017-2018 Regular Sessions I N S E N A T E February 24, 2017 ___________ Introduced by Sen. LATIMER -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to decreasing interest due on underpayment of tax or erroneous refunds relating to personal income tax and sales and compensating use taxes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsections (a) and (j) of section 684 of the tax law, as amended by section 2 of subpart D of part V-1 of chapter 57 of the laws of 2009, are amended to read as follows: (a) General.--If any amount of income tax is not paid on or before the last date prescribed in this article for payment, interest on such amount at the underpayment rate set [by the commissioner pursuant to section six hundred ninety-seven of this part, or if no rate is set,] at the rate of [seven and one-half] THREE percent per annum shall be paid for the period from such last date to the date paid, whether or not any extension of time for payment was granted. Interest under this subsection shall not be paid if the amount thereof is less than one [dollar] HUNDRED DOLLARS. If the time for filing of a return of tax withheld by an employer is extended, the employer shall pay interest for the period for which the extension is granted and may not charge such interest to the employee. (j) Interest on erroneous refund.--Any portion of tax or other amount which has been erroneously refunded, and which is recoverable by the commissioner, shall bear interest at the underpayment rate set [by the commissioner pursuant to section six hundred ninety-seven of this part, or if no rate is set,] at the rate of [seven and one-half] THREE percent per annum from the date of the payment of the refund, but only if it EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10172-05-7
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.