Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to investigations and government operations |
Mar 15, 2017 |
print number 4771a |
Mar 15, 2017 |
amend (t) and recommit to investigations and government operations |
Feb 28, 2017 |
referred to investigations and government operations |
Senate Bill S4771A
2017-2018 Legislative Session
Sponsored By
(R, C, IP, RFM) 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-S4771 - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §208, Tax L
2017-S4771 - Sponsor Memo
BILL NUMBER: S4771 TITLE OF BILL : An act to amend the tax law, in relation to exempting unitary corporation dividends from the definition of business capital for the purposes of the franchise tax on business corporations PURPOSE : To clarify that unitary corporation dividends are exempt from inclusion as business capital for the purposes of the franchise tax on business corporations SUMMARY OF PROVISIONS : Section 1 of the bill would amend section 208 (7)(a) of the Tax Law to clarify that "exempt unitary corporation dividends" are exempt from inclusion as business capital of the Article 9-A holding company Section 2 is the effective date. JUSTIFICATION : The recent tax reform set forth in the 2014-2015 enacted State Budget eliminated the subsidiary capital rules, unintentionally creating double taxation at the state level of business capital for Article 9-A
2017-S4771 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4771 2017-2018 Regular Sessions I N S E N A T E February 28, 2017 ___________ Introduced by Sen. SEWARD -- 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 exempting unitary corpo- ration dividends from the definition of business capital for the purposes of the franchise tax on business corporations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (a) of subdivision 7 of section 208 of the tax law, as amended by section 4 of part A of chapter 59 of the laws of 2014, is amended to read as follows: (a) The term "business capital" means all assets, other than invest- ment capital and stock issued by the taxpayer, less liabilities not deducted from investment capital. Business capital shall include only those assets the income, loss or expense of which are properly reflected (or would have been properly reflected if not fully depreciated or expensed or depreciated or expensed to a nominal amount) in the computa- tion of entire net income for the taxable year, EXCEPT BUSINESS CAPITAL SHALL NOT INCLUDE THOSE ASSETS THE DIVIDENDS FROM WHICH ARE, OR WOULD BE, "EXEMPT UNITARY CORPORATION DIVIDENDS" UNDER PARAGRAPH (C) OF SUBDI- VISION SIX-A OF THIS SECTION (SUCH AS STOCK IN CORPORATIONS TAXABLE UNDER THE FRANCHISE TAX IMPOSED BY ARTICLE THIRTY-THREE OF THIS CHAPTER). § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10086-01-7
2017-S4771A (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §208, Tax L
2017-S4771A (ACTIVE) - Sponsor Memo
BILL NUMBER: S4771A TITLE OF BILL : An act to amend the tax law, in relation to exempting from the definition of business capital, for the purposes of the franchise tax on business corporations, the stock of a unitary insurance company, the dividends from which are (or would be) exempt unitary dividends PURPOSE : To clarify that, for the purposes of the franchise tax on business corporations, business capital of a holding company taxed under Article 9-A does not include the stock of a unitary insurance company, the dividends from which are (or would be) exempt unitary dividends SUMMARY OF PROVISIONS : Section 1 of the bill would amend section 208 (7)(a) of the Tax Law to clarify that capital that could produce "exempt unitary corporation dividends" is exempt from inclusion as business capital of the Article 9-A holding company Section 2 is the effective date. JUSTIFICATION :
2017-S4771A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4771--A 2017-2018 Regular Sessions I N S E N A T E February 28, 2017 ___________ Introduced by Sen. SEWARD -- 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 exempting from the defi- nition of business capital, for the purposes of the franchise tax on business corporations, the stock of a unitary insurance company, the dividends from which are (or would be) exempt unitary dividends THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (a) of subdivision 7 of section 208 of the tax law, as amended by section 4 of part A of chapter 59 of the laws of 2014, is amended to read as follows: (a) The term "business capital" means all assets, other than invest- ment capital and stock issued by the taxpayer, less liabilities not deducted from investment capital. Business capital shall include only those assets the income, loss or expense of which are properly reflected (or would have been properly reflected if not fully depreciated or expensed or depreciated or expensed to a nominal amount) in the computa- tion of entire net income for the taxable year, EXCEPT THAT BUSINESS CAPITAL SHALL NOT INCLUDE THOSE ASSETS THE DIVIDENDS FROM WHICH ARE, OR WOULD BE, "EXEMPT UNITARY CORPORATION DIVIDENDS" UNDER PARAGRAPH (C) OF SUBDIVISION SIX-A OF THIS SECTION (SUCH AS STOCK IN CORPORATIONS TAXABLE UNDER THE FRANCHISE TAX IMPOSED BY ARTICLE THIRTY-THREE OF THIS CHAPTER). § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10086-02-7
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