Bill Text: NY A06207 | 2019-2020 | General Assembly | Introduced

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Bill Title: Provides for an additional franchise tax on life insurance policies obtained by companies on its employees and/or retirees.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-07-06 - enacting clause stricken [A06207 Detail]

Download: New_York-2019-A06207-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6207
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                      March 4, 2019
                                       ___________
        Introduced by M. of A. CRESPO -- read once and referred to the Committee
          on Ways and Means
        AN  ACT  to  amend  the  tax law, in relation to providing an additional
          franchise tax on certain life insurance policies
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The  tax  law is amended by adding a new section 182-b to
     2  read as follows:
     3    § 182-b. Additional franchise tax on certain life insurance  policies.
     4  1.  Notwithstanding any other provision of this chapter, or of any other
     5  law, for taxable years beginning on or after January first, two thousand
     6  twenty-two, an annual tax is hereby imposed upon every company receiving
     7  benefits from life insurance policies it has obtained on  its  employees
     8  and/or retirees equal to fifty per centum of its gross receipts from all
     9  proceeds  from  such life insurance policies, for the privilege of exer-
    10  cising its corporate franchise, or of doing business,  or  of  employing
    11  capital,  or  of owning or leasing property in this state in a corporate
    12  or organized capacity, or of maintaining an office in  this  state,  for
    13  all or any part of each of its taxable years.
    14    2.  Every  company  subject  to tax under this section shall keep such
    15  records of its business in such form as the  commissioner  may  require,
    16  and  such records shall be preserved for a period of three years, except
    17  that the commissioner may consent to their destruction within that peri-
    18  od or may require that they be kept longer.
    19    § 2. This act shall take effect immediately and shall apply to taxable
    20  years beginning on or after January 1, 2022.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10219-01-9