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. LBD10360-02-9S. 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.