senate Bill S9454

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

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Sponsored By

Current Bill Status - Passed Senate & Assembly


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

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Actions

view actions (10)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 03, 2022 returned to senate
passed assembly
ordered to third reading rules cal.671
substituted for a10506
Jun 02, 2022 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1874
committee discharged and committed to rules
May 30, 2022 referred to cities 1

Co-Sponsors

S9454 (ACTIVE) - Details

See Assembly Version of this Bill:
A10506
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

S9454 (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.

S9454 (ACTIVE) - Sponsor Memo

S9454 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9454
 
                             I N  S E N A T E
 
                               May 30, 2022
                                ___________
 
 Introduced  by  Sen.  KRUEGER -- (at request of the NYC Finance) -- read
   twice and ordered printed, and when printed to  be  committed  to  the
   Committee on Cities 1
 
 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

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