Senate Bill S4231

2019-2020 Legislative Session

Relates to the business income base for water-works corporations

download bill text pdf

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Archive: Last Bill Status - In Senate Committee Budget And Revenue 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

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2019-S4231 (ACTIVE) - Details

See Assembly Version of this Bill:
A6545
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §210, Tax L

2019-S4231 (ACTIVE) - Summary

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

2019-S4231 (ACTIVE) - Sponsor Memo

2019-S4231 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4231
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               March 5, 2019
                                ___________
 
 Introduced  by Sens. KAMINSKY, HARCKHAM, MAYER -- read twice and ordered
   printed, and when printed to be committed to the Committee  on  Budget
   and Revenue
 
 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
 S                                                          LBD10360-02-9

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