assembly Bill A10506

Signed By Governor
2021-2022 Legislative Session

Relates to certain grants as taxable income, the imposition of the business corporation tax, the credit of certain overpayments of tax, the disclosure of owners of LLCs, and the city pass-through entity tax

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S9454 - Signed by Governor


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

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 31, 2022 signed chap.555
Aug 29, 2022 delivered to governor
Jun 03, 2022 returned to senate
passed assembly
ordered to third reading rules cal.671
substituted for a10506
Jun 03, 2022 substituted by s9454
Jun 02, 2022 ordered to third reading rules cal.671
rules report cal.671
reported
reported referred to rules
May 31, 2022 referred to ways and means

A10506 (ACTIVE) - Details

See Senate Version of this Bill:
S9454
Law Section:
New York City Administrative Code
Laws Affected:
Amd §§11-506, 11-526, 11-602, 11-641, 11-652, 11-653, 11-677 & 11-2105, NYC Ad Cd; amd §§868, 864, 871 & 873, Tax L; amd Part MM Subpart B §12, Chap 59 of 2022

A10506 (ACTIVE) - Summary

Relates to the exclusion of certain grants as taxable income for certain business taxes, the imposition of the business corporation tax, the credit of certain overpayments of tax against other taxes owed, and the disclosure of owners of limited liability companies with respect to the real property transfer tax; relates to a city pass-through entity tax.

A10506 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10506
 
                           I N  A S S E M B L Y
 
                               May 31, 2022
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Weinstein)
   -- read once and referred to the Committee on Ways and Means
 
 AN ACT to amend the administrative code of the  city  of  New  York,  in
   relation  to  the  exclusion  of  certain grants as taxable income for
   certain business taxes, the imposition  of  the  business  corporation
   tax,  the  credit  of  certain overpayments of tax against other taxes
   owed, and the disclosure of owners of limited liability companies with
   respect to the real property transfer tax; to amend the  tax  law,  in
   relation to a city pass-through entity tax; and to amend chapter 59 of
   the  laws  of  2022,  relating  to  a city pass-through entity tax, in
   relation to the city pass-through entity tax
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision  (c)  of section 11-506 of the administrative
 code of the city of New York is amended by adding a new paragraph 12  to
 read as follows:
   (12)  THE  AMOUNT  OF  ANY  GRANT RECEIVED THROUGH EITHER THE COVID-19
 PANDEMIC SMALL BUSINESS RECOVERY  GRANT  PROGRAM,  PURSUANT  TO  SECTION
 SIXTEEN-FF  OF  THE NEW YORK STATE URBAN DEVELOPMENT CORPORATION ACT, OR
 THE SMALL BUSINESS RESILIENCE GRANT PROGRAM ADMINISTERED BY THE  DEPART-
 MENT OF SMALL BUSINESS SERVICES, TO THE EXTENT THE AMOUNT OF EITHER SUCH
 GRANT IS INCLUDED IN FEDERAL TAXABLE INCOME.
   §  2.  Subdivision (a) of section 11-526 of the administrative code of
 the city of New York is amended to read as follows:
   (a) General. The commissioner of finance, within the applicable period
 of limitations, may credit an overpayment of tax and  interest  on  such
 overpayment against any liability in respect of any tax imposed by [this
 chapter  or  by  chapters six, seventeen and nineteen of] this title, on
 the person who made overpayment, and the balance shall be refunded. SUCH
 CREDIT OF AN OVERPAYMENT SHALL BE APPLIED BEFORE  SUCH  OVERPAYMENT,  OR
 ANY  PORTION  THEREOF, IS PAID TO THE STATE COMMISSIONER OF TAXATION AND
 FINANCE PURSUANT TO SECTION ONE HUNDRED SEVENTY-ONE-M OF THE TAX LAW.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15981-01-2
 A. 10506                            2