S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6307
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 5, 2019
                                ___________
 
 Introduced  by M. of A. ORTIZ -- 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.
                                                            LBD10087-01-9
              

 A. 6307                             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.
   § 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.
   §  3.  This  act  shall  take  effect on the first day of January next
 succeeding the date on which it shall have become a law. Effective imme-
 diately, the addition, amendment and/or repeal of any rule or regulation
 necessary for the implementation of this act on its effective  date  are
 authorized  and  directed  to  be  made  and completed on or before such
 effective date.