Bill Text: NY S07196 | 2013-2014 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to taxpayers filing under article twenty-two of the tax law to include for the purposes of the tax factor all business income attributable to a QEZE business.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Vetoed) 2014-12-17 - VETOED MEMO.566 [S07196 Detail]

Download: New_York-2013-S07196-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7196
                                   I N  S E N A T E
                                      May 5, 2014
                                      ___________
       Introduced  by  Sen.  RANZENHOFER -- read twice and ordered printed, and
         when printed to be committed to the Committee  on  Investigations  and
         Government Operations
       AN ACT to amend the tax law, in relation to QEZE tax reduction credits
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph 1 of subdivision (f) of section  16  of  the  tax
    2  law,  as  amended  by section 14 of part CC of chapter 85 of the laws of
    3  2002, is amended to read as follows:
    4    (1) General. The tax factor shall be, in the case of article nine-A of
    5  this chapter, the larger of the amounts of tax determined for the  taxa-
    6  ble  year under paragraphs (a) and (c) of subdivision one of section two
    7  hundred ten of such article. The tax factor shall be,  in  the  case  of
    8  article  twenty-two  of this chapter, the tax determined for the taxable
    9  year under subsections (a) through (d) of section  six  hundred  one  of
   10  such article. FOR THE PURPOSES OF CALCULATING THE TAX FACTOR UNDER ARTI-
   11  CLE TWENTY-TWO OF THIS CHAPTER, INCOME ALLOCATED TO NEW YORK STATE SHALL
   12  INCLUDE  ALL  BUSINESS  INCOME.  The tax factor shall be, in the case of
   13  article thirty-two of this chapter, the larger of  the  amounts  of  tax
   14  determined  for  the taxable year under subsection (a) and paragraph two
   15  of subsection (b) of section fourteen hundred fifty-five of  such  arti-
   16  cle.  The  tax  factor  shall be, in the case of article thirty-three of
   17  this chapter, the larger of the amounts of tax determined for the  taxa-
   18  ble  year  under  paragraphs one and three of subdivision (a) of section
   19  fifteen hundred two of such article.
   20    S 2. Paragraph 1 of subdivision (f) of section 16 of the tax  law,  as
   21  amended  by  section  34 of part A of chapter 59 of the laws of 2014, is
   22  amended to read as follows:
   23    (1) General. The tax factor shall be, in the case of article nine-A of
   24  this chapter, the amount of tax determined for the  taxable  year  under
   25  paragraph  (a)  of  subdivision  one  of section two hundred ten of such
   26  article. The tax factor shall be, in the case of article  twenty-two  of
   27  this  chapter, the tax determined for the taxable year under subsections
   28  (a) through (d) of section six hundred one of such  article.    FOR  THE
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14537-02-4
       S. 7196                             2
    1  PURPOSES  OF CALCULATING THE TAX FACTOR UNDER ARTICLE TWENTY-TWO OF THIS
    2  CHAPTER, INCOME ALLOCATED TO NEW YORK STATE SHALL INCLUDE  ALL  BUSINESS
    3  INCOME.  The tax factor shall be, in the case of article thirty-three of
    4  this  chapter, the larger of the amounts of tax determined for the taxa-
    5  ble year under paragraphs one and three of subdivision  (a)  of  section
    6  fifteen hundred two of such article.
    7    S  3.  This  act shall take effect immediately; provided, however that
    8  section one of this act shall be deemed to apply to taxable years begin-
    9  ning on or after January 1, 2014; provided further that section  two  of
   10  this  act  shall  take effect on the same date and in the same manner as
   11  section 34 of part A of chapter 59 of the laws of 2014 takes effect.