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

---

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-Amended.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        7196--B
                                   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  -- committee discharged, bill amended, ordered
         reprinted as amended and recommitted to  said  committee  --  reported
         favorably  from  said  committee  and  committed  to  the Committee on
         Finance -- committee discharged, bill amended,  ordered  reprinted  as
         amended and recommitted to said committee
       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.   PROVIDED   HOWEVER,  TAXPAYERS  FILING  UNDER  ARTICLE
   11  TWENTY-TWO OF THIS CHAPTER SHALL INCLUDE FOR THE  PURPOSES  OF  THE  TAX
   12  FACTOR  ALL  BUSINESS  INCOME  ATTRIBUTABLE  TO A QEZE BUSINESS WHICH IS
   13  TAXABLE UNDER ARTICLE TWENTY-TWO OF THIS CHAPTER. The tax  factor  shall
   14  be, in the case of article thirty-two of this chapter, the larger of the
   15  amounts  of tax determined for the taxable year under subsection (a) and
   16  paragraph two of subsection (b) of section fourteen  hundred  fifty-five
   17  of  such  article. The tax factor shall be, in the case of article thir-
   18  ty-three of this chapter, the larger of the amounts  of  tax  determined
   19  for  the  taxable year under paragraphs one and three of subdivision (a)
   20  of section fifteen hundred two of such article.
   21    S 2. Paragraph 1 of subdivision (f) of section 16 of the tax  law,  as
   22  amended  by  section  34 of part A of chapter 59 of the laws of 2014, is
   23  amended to read as follows:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14537-07-4
       S. 7196--B                          2
    1    (1) General. The tax factor shall be, in the case of article nine-A of
    2  this chapter, the amount of tax determined for the  taxable  year  under
    3  paragraph  (a)  of  subdivision  one  of section two hundred ten of such
    4  article. The tax factor shall be, in the case of article  twenty-two  of
    5  this  chapter, the tax determined for the taxable year under subsections
    6  (a) through (d) of section six hundred one  of  such  article.  PROVIDED
    7  HOWEVER, TAXPAYERS FILING UNDER ARTICLE TWENTY-TWO OF THIS CHAPTER SHALL
    8  INCLUDE FOR THE PURPOSES OF THE TAX FACTOR ALL BUSINESS INCOME ATTRIBUT-
    9  ABLE  TO  A  QEZE  BUSINESS WHICH IS TAXABLE UNDER ARTICLE TWENTY-TWO OF
   10  THIS CHAPTER. The tax factor shall be, in the case  of  article  thirty-
   11  three  of  this chapter, the larger of the amounts of tax determined for
   12  the taxable year under paragraphs one and three of  subdivision  (a)  of
   13  section fifteen hundred two of such article.
   14    S  3.  This  act shall take effect immediately; provided, however that
   15  section two of this act shall take effect on the same date  and  in  the
   16  same  manner  as  section 34 of part A of chapter 59 of the laws of 2014
   17  takes effect.