Bill Text: NY S04231 | 2019-2020 | General Assembly | Introduced


Bill Title: Relates to the business income base for water-works corporations.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO BUDGET AND REVENUE [S04231 Detail]

Download: New_York-2019-S04231-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          4231
                               2019-2020 Regular Sessions
                    IN SENATE
                                      March 5, 2019
                                       ___________
        Introduced  by  Sens.  KAMINSKY, GAUGHRAN, HARCKHAM, MAYER -- read twice
          and ordered printed, and when printed to be committed to the Committee
          on Budget and Revenue
        AN ACT to amend the tax law, in relation to the business income base for
          water-works corporations
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1. The opening paragraph of paragraph (a) of subdivision 1 of
     2  section 210 of the tax law, as amended by section 10 of part T of  chap-
     3  ter 59 of the laws of 2015, is amended to read as follows:
     4    For  taxable  years  beginning  before  January  first,  two  thousand
     5  sixteen, the amount prescribed by this paragraph shall  be  computed  at
     6  the  rate  of  seven  and  one-tenth  percent of the taxpayer's business
     7  income base. For taxable years beginning on or after January first,  two
     8  thousand  sixteen,  the amount prescribed by this paragraph shall be six
     9  and one-half percent of the taxpayer's business income base. The taxpay-
    10  er's business income base shall mean the portion of the taxpayer's busi-
    11  ness income apportioned within the state as hereinafter provided. Howev-
    12  er, in the case of a small business taxpayer, as  defined  in  paragraph
    13  (f)  of  this subdivision, the amount prescribed by this paragraph shall
    14  be computed pursuant to subparagraph (iv) of this paragraph and  in  the
    15  case  of  a  manufacturer, as defined in subparagraph (vi) of this para-
    16  graph, the amount prescribed by this paragraph shall be computed  pursu-
    17  ant to subparagraph (vi) of this paragraph, and, in the case of a quali-
    18  fied  emerging  technology  company, as defined in subparagraph (vii) of
    19  this paragraph,  the  amount  prescribed  by  this  paragraph  shall  be
    20  computed  pursuant  to  subparagraph (vii) of this paragraph, and in the
    21  case of a water-works corporation, as defined  in  subparagraph  (x)  of
    22  this  paragraph,  the  amount  prescribed  by  this  paragraph  shall be
    23  computed pursuant to subparagraph (x) of this paragraph.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10360-02-9

        S. 4231                             2
     1    § 2. Paragraph (a) of subdivision 1 of section 210 of the tax  law  is
     2  amended by adding a new subparagraph (x) to read as follows:
     3    (x)  for  taxable years beginning on or after January first, two thou-
     4  sand twenty, the amount prescribed by  this  paragraph  for  a  taxpayer
     5  which  is  a  water-works  corporation, shall be computed at the rate of
     6  zero percent of the taxpayer's business income base.  The  term  "water-
     7  works  corporation"  shall have the same meaning as in subdivision twen-
     8  ty-seven of section two of the public service  law.    Any  tax  savings
     9  attributable  to this subparagraph shall be used to reduce current water
    10  rates and offset future water rate increases.
    11    § 3. This act shall take effect immediately.
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