assembly Bill A3474

2021-2022 Legislative Session

Relates to franchise tax on banking corporations

download bill text pdf

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Current Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to ways and means
Jan 26, 2021 referred to ways and means

A3474 (ACTIVE) - Details

See Senate Version of this Bill:
S1680
Law Section:
Tax Law
Laws Affected:
Add Art 32 §§1450 - 1468, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A6261, S7571
2017-2018: A5316, S6885
2019-2020: A8552, S3456

A3474 (ACTIVE) - Summary

Reinstates a bank tax based on the highest of four bases: a tax on allocated entire net income, a tax on allocated alternative entire net income, a tax on allocated taxable assets, or a fixed dollar minimum tax; prohibits banks from segregating their income and capital into business and investment varieties.

A3474 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3474
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2021
                                ___________
 
 Introduced by M. of A. KIM -- read once and referred to the Committee on
   Ways and Means
 
 AN  ACT  to  amend  the tax law, in relation to franchise tax on banking
   corporations
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  The tax law is amended by adding a new article 32 to read
 as follows:
                                ARTICLE 32
                   FRANCHISE TAX ON BANKING CORPORATIONS
 SECTION 1450.   GENERAL DEFINITIONS.
         1451.   IMPOSITION OF TAX.
         1452.   BANKING CORPORATION DEFINED; EXEMPT CORPORATIONS.
         1453.   COMPUTATIONS OF ENTIRE NET INCOME.
         1453-A. COMPUTATION OF ALTERNATIVE ENTIRE NET INCOME.
         1454.   ALLOCATION.
         1455.   COMPUTATION OF TAX.
         1455-A. TAX SURCHARGE.
         1455-B. TEMPORARY  METROPOLITAN  TRANSPORTATION   BUSINESS   TAX
                   SURCHARGE ON BANKS.
         1456.   CREDITS.
         1460.   DECLARATIONS OF ESTIMATED TAX.
         1461.   PAYMENTS OF ESTIMATED TAX.
         1462.   RETURNS.
         1463.   PAYMENT OF TAX.
         1466.   DEPOSIT AND DISPOSITION OF REVENUE.
         1467.   SECRECY REQUIRED OF OFFICIALS; PENALTY FOR VIOLATION.
         1468.   PROCEDURAL PROVISIONS.
   § 1450. GENERAL DEFINITIONS. AS USED IN THIS ARTICLE:
   (A)  THE WORD "TAXPAYER" MEANS A CORPORATION OR ASSOCIATION SUBJECT TO
 A TAX IMPOSED BY THIS ARTICLE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.