BILL NUMBER: S7922

SPONSOR: GOUNARDES
 
TITLE OF BILL:

An act to amend the tax law, in relation to limitations on interest on
taxes imposed by cities with a population of one million or more

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would stop interest from accruing on tax if the New York City
Tax Appeals Tribunal cannot adjudicate a petition within a year

 
SUMMARY OF PROVISIONS:

Section one amends the Tax Law by adding a new section 1244 to impose
limitations on interest on taxes imposed by cities with a population of
one million or more

Section two provides for the effective date

 
              

JUSTIFICATION:

The New York City Tax Appeals Tribunal is an independent, non-judicial
agency that resolves disputes between taxpayers and the New York City
Department of Finance. Specifically the NYC Tax Appeals Tribunals hears
appeals from taxpayers who disagree with tax assessments or decisions
made by the Department of Finance for business taxes such as the General
Corporation Tax, the Unincorporated Business Tax, and the Commercial
Rent Tax.

There are growing concerns regarding lengthy, even multiyear delays in
the adjudication of tax disputes by the New York City Tax Appeals Tribu-
nal. Taxpayers rely on the Tribunal as an unbiased forum.  However,
while cases sit without a timeline of being heard, taxpayers are incur-
ring historic interest rates.

This legislation would amend provisions in the Tax Law to suspend the
application of interest on tax assessments appealed to the New York City
Tax Appeals Tribunal ("Tribunal") if the Tribunal fails to adjudicate
the case within one year of the date of the filing of such a petition.

 
PRIOR LEGISLATIVE HISTORY:

None

 
FISCAL IMPLICATIONS:

TBD

 
EFFECTIVE DATE:
This act shall take effect immediately