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Assembly Bill A6545

2019-2020 Legislative Session

Relates to the business income base for water-works corporations

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Archive: Last Bill Status - In Assembly Committee

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2019-A6545 (ACTIVE) - Details

See Senate Version of this Bill:
S4231
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §210, Tax L

2019-A6545 (ACTIVE) - Summary

Relates to the business income base for water-works corporations.

2019-A6545 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6545
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 11, 2019
                                ___________
 
 Introduced by M. of A. LAVINE -- read once and referred to the Committee
   on Ways and Means
 
 AN ACT to amend the tax law, in relation to the business income base for
   water-works 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 paragraph (a) of subdivision 1  of
 section  210 of the tax law, as amended by section 10 of part T of chap-
 ter 59 of the laws of 2015, is amended to read as follows:
   For  taxable  years  beginning  before  January  first,  two  thousand
 sixteen,  the  amount  prescribed by this paragraph shall be computed at
 the rate of seven and  one-tenth  percent  of  the  taxpayer's  business
 income  base. For taxable years beginning on or after January first, two
 thousand sixteen, the amount prescribed by this paragraph shall  be  six
 and one-half percent of the taxpayer's business income base. The taxpay-
 er's business income base shall mean the portion of the taxpayer's busi-
 ness income apportioned within the state as hereinafter provided. Howev-
 er,  in  the  case of a small business taxpayer, as defined in paragraph
 (f) of this subdivision, the amount prescribed by this  paragraph  shall
 be  computed  pursuant to subparagraph (iv) of this paragraph and in the
 case of a manufacturer, as defined in subparagraph (vi)  of  this  para-
 graph,  the amount prescribed by this paragraph shall be computed pursu-
 ant to subparagraph (vi) of this paragraph, and, in the case of a quali-
 fied emerging technology company, as defined in  subparagraph  (vii)  of
 this  paragraph,  the  amount  prescribed  by  this  paragraph  shall be
 computed pursuant to subparagraph (vii) of this paragraph,  AND  IN  THE
 CASE  OF  A  WATER-WORKS  CORPORATION, AS DEFINED IN SUBPARAGRAPH (X) OF
 THIS PARAGRAPH,  THE  AMOUNT  PRESCRIBED  BY  THIS  PARAGRAPH  SHALL  BE
 COMPUTED PURSUANT TO SUBPARAGRAPH (X) OF THIS PARAGRAPH.
   §  2.  Paragraph (a) of subdivision 1 of section 210 of the tax law is
 amended by adding a new subparagraph (x) to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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