STATE OF NEW YORK
________________________________________________________________________
916
2013-2014 Regular Sessions
IN ASSEMBLY(Prefiled)
January 9, 2013
___________
Introduced by M. of A. BRAUNSTEIN, WEPRIN, DenDEKKER, SIMANOWITZ, MILLER
-- read once and referred to the Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to a partial
abatement of real property taxes for condominiums and cooperatives, in
a city having a population of one million or more, and to amend the
administrative code of the city of New York, in relation to certain
tax credits
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (a) of subdivision 1 of section 467-a of the real
2 property tax law, as added by chapter 273 of the laws of 1996, is
3 amended to read as follows:
4 (a) "Applicant" means the board of managers of a condominium or the
5 board of directors of a cooperative apartment corporation, provided
6 that, in addition, the commissioner of finance may by rule designate the
7 owner of a dwelling unit as an applicant.
8 § 2. Paragraphs (a) and (b) of subdivision 2 of section 467-a of the
9 real property tax law, as added by chapter 273 of the laws of 1996, are
10 amended to read as follows:
11 (a) In a city having a population of one million or more, dwelling
12 units owned by unit owners who, as of the applicable taxable status
13 date, own no more than three dwelling units in any one property held in
14 the condominium form of ownership, shall be eligible to receive a
15 partial abatement of real property taxes, as set forth in paragraphs (c)
16 [and], (d), (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of this subdivi-
17 sion; provided, however, that a property held in the condominium form of
18 ownership that is receiving complete or partial real property tax
19 exemption or tax abatement pursuant to any other provision of this chap-
20 ter or any other state or local law, except as provided in paragraph (f)
21 of this subdivision, shall not be eligible to receive a partial abate-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04260-03-3
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1 ment pursuant to this section; and provided, further, that sponsors
2 shall not be eligible to receive a partial abatement pursuant to this
3 section; and provided, further, that in any fiscal year commencing in
4 calendar year two thousand fourteen or later, no more than a maximum of
5 three dwelling units owned by any unit owner, one of which must be the
6 primary residence of such unit owner, shall be eligible to receive a
7 partial abatement pursuant to paragraphs (d-1), (d-2), (d-3) and (d-4)
8 of this subdivision.
9 (b) In a city having a population of one million or more, dwelling
10 units owned by tenant-stockholders who, as of the applicable taxable
11 status date, own no more than three dwelling units in any one property
12 held in the cooperative form of ownership, shall be eligible to receive
13 a partial abatement of real property taxes, as set forth in paragraphs
14 (c) [and], (d), (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of this
15 subdivision; provided, however, that a property held in the cooperative
16 form of ownership that is receiving complete or partial real property
17 tax exemption or tax abatement pursuant to any other provision of this
18 chapter or any other state or local law, except as provided in paragraph
19 (f) of this subdivision, shall not be eligible to receive a partial
20 abatement pursuant to this section; and provided, further, that sponsors
21 shall not be eligible to receive a partial abatement pursuant to this
22 section; and provided, further, that in any fiscal year commencing in
23 calendar year two thousand fourteen or later, no more than a maximum of
24 three dwelling units owned by any tenant-stockholder, one of which must
25 be the primary residence of such tenant-stockholder, shall be eligible
26 to receive a partial abatement pursuant to paragraphs (d-1), (d-2),
27 (d-3) and (d-4) of this subdivision. For purposes of this section, a
28 tenant-stockholder of a cooperative apartment corporation shall be
29 deemed to own the dwelling unit which is represented by his or her
30 shares of stock in such corporation. Any abatement so granted shall be
31 credited by the appropriate taxing authority against the tax due on the
32 property as a whole. The reduction in real property taxes received
33 thereby shall be credited by the cooperative apartment corporation
34 against the amount of such taxes attributable to eligible dwelling units
35 at the time of receipt.
36 § 3. Paragraphs (c) and (d) of subdivision 2 of section 467-a of the
37 real property tax law, as amended by chapter 97 of the laws of 2004,
38 subparagraph (xii) of paragraph (c) and subparagraph (xii) of paragraph
39 (d) as amended and subparagraphs (xiii), (xiv), (xv) and (xvi) of para-
40 graph (c) and subparagraphs (xiii), (xiv), (xv) and (xvi) of paragraph
41 (d) as added by chapter 109 of the laws of 2008, are amended to read as
42 follows:
43 (c) [Eligible] In any fiscal year commencing in calendar year nineteen
44 hundred ninety-six through calendar year two thousand thirteen, eligible
45 dwelling units in property whose average unit assessed value is less
46 than or equal to fifteen thousand dollars shall receive a partial abate-
47 ment of the real property taxes attributable to or due on such dwelling
48 units, as follows:
49 (i) not to exceed four percent in the fiscal year commencing in calen-
50 dar year nineteen hundred ninety-six;
51 (ii) sixteen percent in the fiscal year commencing in calendar year
52 nineteen hundred ninety-seven;
53 (iii) twenty-five percent in the fiscal year commencing in calendar
54 year nineteen hundred ninety-eight;
55 (iv) twenty-five percent in the fiscal year commencing in calendar
56 year nineteen hundred ninety-nine;
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1 (v) twenty-five percent in the fiscal year commencing in calendar year
2 two thousand;
3 (vi) twenty-five percent in the fiscal year commencing in calendar
4 year two thousand one;
5 (vii) twenty-five percent in the fiscal year commencing in calendar
6 year two thousand two;
7 (viii) twenty-five percent in the fiscal year commencing in calendar
8 year two thousand three;
9 (ix) twenty-five percent in the fiscal year commencing in calendar
10 year two thousand four;
11 (x) twenty-five percent in the fiscal year commencing in calendar year
12 two thousand five;
13 (xi) twenty-five percent in the fiscal year commencing in calendar
14 year two thousand six;
15 (xii) twenty-five percent in the fiscal year commencing in calendar
16 year two thousand seven;
17 (xiii) twenty-five percent in the fiscal year commencing in calendar
18 year two thousand eight;
19 (xiv) twenty-five percent in the fiscal year commencing in calendar
20 year two thousand nine;
21 (xv) twenty-five percent in the fiscal year commencing in calendar
22 year two thousand ten;
23 (xvi) twenty-five percent in the fiscal year commencing in calendar
24 year two thousand eleven;
25 (xvii) twenty-five percent in the fiscal year commencing in calendar
26 year two thousand thirteen.
27 (d) [Eligible] In any fiscal year commencing in calendar year nineteen
28 hundred ninety-six through calendar year two thousand thirteen, eligible
29 dwelling units in property whose average unit assessed value is greater
30 than fifteen thousand dollars shall receive a partial abatement of the
31 real property taxes attributable to or due on such dwelling units, as
32 follows:
33 (i) not to exceed two and three-quarters percent in the fiscal year
34 commencing in calendar year nineteen hundred ninety-six;
35 (ii) ten and three-quarters percent in the fiscal year commencing in
36 calendar year nineteen hundred ninety-seven;
37 (iii) seventeen and one-half percent in the fiscal year commencing in
38 calendar year nineteen hundred ninety-eight;
39 (iv) seventeen and one-half percent in the fiscal year commencing in
40 calendar year nineteen hundred ninety-nine;
41 (v) seventeen and one-half percent in the fiscal year commencing in
42 calendar year two thousand;
43 (vi) seventeen and one-half percent in the fiscal year commencing in
44 calendar year two thousand one;
45 (vii) seventeen and one-half percent in the fiscal year commencing in
46 calendar year two thousand two;
47 (viii) seventeen and one-half percent in the fiscal year commencing in
48 calendar year two thousand three;
49 (ix) seventeen and one-half percent in the fiscal year commencing in
50 calendar year two thousand four;
51 (x) seventeen and one-half percent in the fiscal year commencing in
52 calendar year two thousand five;
53 (xi) seventeen and one-half percent in the fiscal year commencing in
54 calendar year two thousand six;
55 (xii) seventeen and one-half percent in the fiscal year commencing in
56 calendar year two thousand seven;
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1 (xiii) seventeen and one-half percent in the fiscal year commencing in
2 calendar year two thousand eight;
3 (xiv) seventeen and one-half percent in the fiscal year commencing in
4 calendar year two thousand nine;
5 (xv) seventeen and one-half percent in the fiscal year commencing in
6 calendar year two thousand ten;
7 (xvi) seventeen and one-half percent in the fiscal year commencing in
8 calendar year two thousand eleven;
9 (xvii) seventeen and one-half percent in the fiscal year commencing in
10 calendar year two thousand thirteen.
11 § 4. Subdivision 2 of section 467-a of the real property tax law is
12 amended by adding six new paragraphs (d-1), (d-2), (d-3), (d-4), (d-5)
13 and (d-6) to read as follows:
14 (d-1) In the fiscal years commencing in calendar year two thousand
15 fourteen, two thousand fifteen and two thousand sixteen, eligible dwell-
16 ing units in property whose average unit assessed value is less than or
17 equal to fifty thousand dollars shall receive a partial abatement of the
18 real property taxes attributable to or due on such dwelling units of
19 twenty-five percent, twenty-six and one-half percent and twenty-eight
20 and one-tenth percent respectively.
21 (d-2) In the fiscal years commencing in calendar year two thousand
22 fourteen, two thousand fifteen and two thousand sixteen, eligible dwell-
23 ing units in property whose average unit assessed value is more than
24 fifty thousand dollars, but less than or equal to fifty-five thousand
25 dollars, shall receive a partial abatement of the real property taxes
26 attributable to or due on such dwelling units of twenty-two and one-half
27 percent, twenty-three and eight-tenths percent and twenty-five and two-
28 tenths percent respectively.
29 (d-3) In the fiscal years commencing in calendar year two thousand
30 fourteen, two thousand fifteen and two thousand sixteen, eligible dwell-
31 ing units in property whose average unit assessed value is more than
32 fifty-five thousand dollars, but less than or equal to sixty thousand
33 dollars, shall receive a partial abatement of the real property taxes
34 attributable to or due on such dwelling units of twenty percent, twen-
35 ty-one and two-tenths percent, and twenty-two and five-tenths percent
36 respectively.
37 (d-4) In the fiscal years commencing in calendar year two thousand
38 fourteen, two thousand fifteen and two thousand sixteen, eligible dwell-
39 ing units in property whose average unit assessed value is more than
40 sixty thousand dollars shall receive a partial abatement of the real
41 property taxes attributable to or due on such dwelling units of seven-
42 teen and one-half percent.
43 (d-5) In the fiscal years commencing in calendar year two thousand
44 fourteen and two thousand fifteen, dwelling units that received an
45 abatement pursuant to this section in fiscal year two thousand thirteen,
46 which are located in a property that (1) does not contain a unit that is
47 the primary residence of the owner of such units; and (2) has an average
48 unit assessed value that is less than or equal to fifteen thousand
49 dollars shall receive a partial abatement of the real property taxes
50 attributable to or due on such dwelling units of twelve and one half
51 percent, and six and twenty-five hundredths percent respectively.
52 (d-6) In the fiscal years commencing in calendar year two thousand
53 fourteen and two thousand fifteen, dwelling units that received an
54 abatement pursuant to this section in fiscal year two thousand thirteen,
55 which are located in a property that (1) does not contain a unit that is
56 the primary residence of the owner of such units; and (2) has an average
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1 unit assessed value that is greater than fifteen thousand dollars shall
2 receive a partial abatement of the real property taxes attributable to
3 or due on such dwelling units of eight and seventy-five hundredths
4 percent, and four and three hundred seventy-five thousandths percent
5 respectively.
6 § 5. Paragraph (e) of subdivision 2 of section 467-a of the real prop-
7 erty tax law, as added by chapter 273 of the laws of 1996, is amended to
8 read as follows:
9 (e) Partial abatement pursuant to paragraphs (c) [and], (d), (d-1),
10 (d-2), (d-3), (d-4), (d-5) and (d-6) of this subdivision shall be
11 computed on the net real property taxes attributable to or due on eligi-
12 ble dwelling units after deduction for any exemption on such dwelling
13 units received pursuant to any section listed in paragraph (f) of this
14 subdivision and after deduction of the portion of any abatement received
15 pursuant to section four hundred eighty-nine of this article that is
16 attributable to a dwelling unit in property held in the cooperative form
17 of ownership and after deduction of any abatement received pursuant to
18 section four hundred eighty-nine of this article by a dwelling unit in
19 property held in the condominium form of ownership.
20 § 6. Paragraphs (a), (b) and (c) of subdivision 3 of section 467-a of
21 the real property tax law, paragraphs (a) and (c) as amended by chapter
22 109 of the laws of 2008 and paragraph (b) as amended by section 6 of
23 part LL of chapter 407 of the laws of 1999, are amended to read as
24 follows:
25 (a) An application for an abatement pursuant to this section for the
26 fiscal year commencing in calendar year nineteen hundred ninety-six
27 shall be made no later than the fifteenth day of September, nineteen
28 hundred ninety-six. An application for an abatement pursuant to this
29 section for the fiscal year commencing in calendar year nineteen hundred
30 ninety-seven shall be made no later than the first day of April, nine-
31 teen hundred ninety-seven. An application for an abatement pursuant to
32 this section for the fiscal year commencing in calendar year nineteen
33 hundred ninety-eight shall be made no later than the first day of April,
34 nineteen hundred ninety-eight. An application for an abatement pursuant
35 to this section for the fiscal year commencing in calendar year nineteen
36 hundred ninety-nine shall be made in accordance with this subdivision
37 and subdivision three-a of this section. An application for an abatement
38 pursuant to this section for the fiscal year commencing in calendar year
39 two thousand shall be made no later than the fifteenth day of February,
40 two thousand. An application for an abatement pursuant to this section
41 for the fiscal year commencing in calendar year two thousand one shall
42 be made in accordance with this subdivision and subdivision three-b of
43 this section. An application for an abatement pursuant to this section
44 for the fiscal year commencing in calendar year two thousand two shall
45 be made no later than the fifteenth day of February, two thousand two.
46 An application for an abatement pursuant to this section for the fiscal
47 year commencing in calendar year two thousand three shall be made no
48 later than the fifteenth day of February, two thousand three. An appli-
49 cation for an abatement pursuant to this section for the fiscal year
50 commencing in calendar year two thousand four shall be made in accord-
51 ance with this subdivision and subdivision three-c of this section. An
52 application for an abatement pursuant to this section for the fiscal
53 year commencing in calendar year two thousand five shall be made no
54 later than the fifteenth day of February, two thousand five. An applica-
55 tion for an abatement pursuant to this section for the fiscal year
56 commencing in calendar year two thousand six shall be made no later than
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1 the fifteenth day of February, two thousand six. An application for an
2 abatement pursuant to this section for the fiscal year commencing in
3 calendar year two thousand seven shall be made no later than the
4 fifteenth day of February, two thousand seven. An application for abate-
5 ment pursuant to this section for the fiscal year commencing in calendar
6 year two thousand eight shall be made in accordance with this subdivi-
7 sion and subdivision three-d of this section. An application for an
8 abatement pursuant to this section for the fiscal year commencing in
9 calendar year two thousand nine shall be made no later than the
10 fifteenth day of February, two thousand nine. An application for an
11 abatement pursuant to this section for the fiscal year commencing in
12 calendar year two thousand ten shall be made no later than the fifteenth
13 day of February, two thousand ten. An application for an abatement
14 pursuant to this section for the fiscal year commencing in calendar year
15 two thousand eleven shall be made no later than the fifteenth day of
16 February, two thousand eleven. An application for an abatement pursuant
17 to this section for the fiscal year commencing in calendar year two
18 thousand thirteen shall be made in accordance with this subdivision and
19 subdivision three-e of this section. The date or dates by which applica-
20 tions for an abatement pursuant to this section shall be made for the
21 fiscal years commencing in calendar years two thousand fourteen, two
22 thousand fifteen and two thousand sixteen shall be established by the
23 commissioner of finance by rule, provided that such date or dates shall
24 not be later than the fifteenth day of February for each such calendar
25 year.
26 (b) An application for an abatement pursuant to this section shall be
27 submitted to the commissioner of finance by the board of managers of a
28 condominium or the board of directors of a cooperative apartment corpo-
29 ration, provided that the commissioner of finance may by rule require
30 the owner of a dwelling unit to submit an application to supplement
31 information contained in the application submitted by the board of
32 managers of a condominium or the board of directors of a cooperative
33 apartment corporation and may by rule apply and adjust, as appropriate,
34 any provisions of this section that relate to applications submitted by
35 such boards to applications submitted by such owners.
36 (c) No abatement pursuant to this section shall be granted unless the
37 applicant files an application for an abatement within the time periods
38 prescribed in paragraph (a) of this subdivision or subdivision three-a,
39 three-b, three-c [or], three-d or three-e of this section, provided,
40 however, that the commissioner of finance may, for good cause shown,
41 extend the time for filing an application.
42 § 7. Section 467-a of the real property tax law is amended by adding a
43 new subdivision 3-e to read as follows:
44 3-e. (a) An applicant whose property did not receive an abatement
45 pursuant to this section for the fiscal year commencing in calendar year
46 two thousand twelve shall submit an application for an abatement pursu-
47 ant to this section for the fiscal year commencing in calendar year two
48 thousand thirteen no later than sixty days following the effective date
49 of the chapter of the laws of two thousand thirteen that added this
50 subdivision.
51 (b) The abatement for the fiscal year commencing in calendar year two
52 thousand thirteen of a cooperative apartment corporation that received
53 an abatement pursuant to this section for the fiscal year commencing in
54 calendar year two thousand twelve and that submitted an information
55 return on or before February fifteenth, two thousand thirteen, that
56 included an election by the board of directors of such cooperative
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1 apartment corporation that such information return be deemed an applica-
2 tion for an abatement pursuant to this section for such fiscal year,
3 shall be based on the information contained in such information return.
4 (c) The abatement for the fiscal year commencing in calendar year two
5 thousand thirteen of a cooperative apartment corporation that received
6 an abatement pursuant to this section for the fiscal year commencing in
7 calendar year two thousand twelve and that submitted an information
8 return on or before February fifteenth, two thousand thirteen, that did
9 not include an election by the board of directors of such cooperative
10 apartment corporation that such information return be deemed an applica-
11 tion for an abatement pursuant to this section for such fiscal year,
12 shall be based on the information contained in the application submitted
13 in two thousand twelve or on the information contained in such informa-
14 tion return, or both, provided that nothing in this paragraph shall
15 authorize or require the commissioner of finance to grant an abatement
16 with respect to a property or a dwelling unit that is not eligible as of
17 the applicable taxable status date for the fiscal year commencing in
18 calendar year two thousand thirteen.
19 (d) The board of managers of a condominium that received an abatement
20 pursuant to this section for the fiscal year commencing in calendar year
21 two thousand twelve shall submit an application for an abatement pursu-
22 ant to this section for the fiscal year commencing in calendar year two
23 thousand thirteen no later than sixty days following the effective date
24 of the chapter of the laws of two thousand thirteen that added this
25 subdivision. If such board of managers does not submit such application
26 within sixty days following the effective date of the chapter of the
27 laws of two thousand thirteen that added this subdivision, then the
28 abatement for the fiscal year commencing in calendar year two thousand
29 thirteen for such condominium shall be based on the information
30 contained in the application submitted in two thousand twelve, provided
31 that nothing in this paragraph shall authorize or require the commis-
32 sioner of finance to grant an abatement with respect to a property or a
33 dwelling unit that is not eligible as of the applicable taxable status
34 date for the fiscal year commencing in calendar year two thousand thir-
35 teen.
36 § 8. Subdivision 8 of section 467-a of the real property tax law, as
37 amended by chapter 453 of the laws of 2011, is amended to read as
38 follows:
39 8. Except to the extent that the owner of a dwelling unit of a proper-
40 ty situated in a city having a population of one million or more may
41 request a redacted copy of any application or statements pertaining to
42 such dwelling unit, as provided in subdivision four of this section, the
43 information contained in applications or statements in connection there-
44 with filed with the commissioner of finance pursuant to subdivision
45 three, three-a, three-b [or], three-c, three-d or three-e of this
46 section shall not be subject to disclosure under article six of the
47 public officers law.
48 § 9. Section 11-1706 of the administrative code of the city of New
49 York is amended by adding a new subdivision (f) to read as follows:
50 (f) Credit for general corporation tax paid. (1) A city resident
51 individual, estate or trust whose city adjusted gross income includes a
52 pro rata share of income, loss and deductions described in paragraph one
53 of subsection (a) of section thirteen hundred sixty-six of the internal
54 revenue code, from one or more New York S corporations as defined in
55 subdivision one-A of section two hundred eight of the tax law, or from
56 one or more QSSSs as defined in subdivision one-B of section two hundred
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1 eight of the tax law, that are exempt QSSSs by reason of clause (A) of
2 subparagraph one of paragraph (k) of subdivision nine of section two
3 hundred eight of the tax law, on which a tax is imposed by subchapter
4 two of chapter six of this title, shall be allowed a credit as provided
5 in paragraph two of this subdivision against the tax otherwise due under
6 sections 11-1701, 11-1703, 11-1704 and 11-1704.1 of this chapter.
7 (2)(A) Subject to the limitations set forth in subparagraphs (B) and
8 (C) of this paragraph, the credit allowed to a taxpayer for a taxable
9 year under this subdivision shall be determined as follows:
10 (i) For taxable years beginning on or after January first, two thou-
11 sand fifteen:
12 (I) If the city taxable income is thirty-five thousand dollars or
13 less, the amount of the credit shall be one hundred percent of the
14 amount determined in paragraph three of this subdivision.
15 (II) If the city taxable income is greater than thirty-five thousand
16 dollars but less than sixty thousand dollars, the amount of the credit
17 shall be a percentage of the amount determined in paragraph three of
18 this subdivision, such percentage to be determined by subtracting from
19 one hundred percent, a percentage determined by subtracting thirty-five
20 thousand dollars from city taxable income, dividing the result by twen-
21 ty-five thousand dollars and multiplying by one hundred percent.
22 (III) If the city taxable income is two hundred sixty thousand dollars
23 or greater, no credit shall be allowed.
24 (B) Notwithstanding anything to the contrary in subparagraph (A) of
25 this paragraph, the credit allowed to a taxpayer for a taxable year
26 under this subdivision shall not exceed the sum of the taxes that would
27 otherwise be imposed by sections 11-1701, 11-1703, 11-1704 and 11-1704.1
28 of this chapter on such taxpayer for such taxable year after the allow-
29 ance of any other credits allowed by subdivisions (a) and (b) of this
30 section, and subdivision (c) of this section, as added by chapter four
31 hundred eighty-one of the laws of nineteen hundred ninety-seven and
32 subsequently amended, and section 11-1721 of this chapter.
33 (C) Notwithstanding anything to the contrary in subparagraph (A) of
34 this paragraph, no credit shall be allowed for any amount of tax
35 imposed, or credit allowed, by subchapter two of chapter six of this
36 title on, or to, a combined group of corporations including a New York S
37 corporation or an exempt QSSS, except where the combined group consists
38 exclusively of one or more New York S corporations and one or more
39 exempt QSSSs of such corporations as described in paragraph one of this
40 subdivision, provided that each of the New York S corporations included
41 in the group is wholly owned by the same interests and in the same
42 proportions as each other New York S corporation included in the group.
43 (3) Subject to the provisions of subparagraph (B) of this paragraph
44 and subparagraph (C) of paragraph two of this subdivision, the amount
45 determined in this paragraph is the sum of the taxpayer's pro rata share
46 of the amounts determined in subparagraph (A) of this paragraph for each
47 New York S corporation, or exempt QSSS, described in paragraph one of
48 this subsection, a pro rata share of whose income, loss and deductions
49 described in paragraph one of subsection (a) of section thirteen hundred
50 sixty-six of the internal revenue code, is included in the taxpayer's
51 city adjusted gross income.
52 (A) The amount determined in this subparagraph is the sum of:
53 (i) the taxes imposed by subchapter two of chapter six of this title
54 on such corporation, or a combined group including such corporation, for
55 its taxable year ending within or with the taxable year of the taxpayer
56 and paid by such corporation, or combined group; and
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1 (ii) the amount of any credit or credits taken by such corporation, or
2 a combined group including such corporation, under subdivision eighteen
3 of section 11-604 of this title for its taxable year ending within or
4 with the taxable year of the taxpayer.
5 (B) For purposes of this subdivision, the taxpayer's pro rata share of
6 the amount in subparagraph (A) of this paragraph for the taxable year
7 shall be the amount determined with respect to the taxpayer:
8 (i) by assigning an equal portion of the amount in subparagraph (A) of
9 this paragraph to each day of the corporation's taxable year on which
10 the corporation has shares outstanding,
11 (ii) then by dividing that portion pro rata among the shares outstand-
12 ing on that day; provided, however,
13 (iii) if the taxable year of such corporation for purposes of chapter
14 six of this title is different from its New York S year or S short year
15 as defined in subdivision one-A of section two hundred eight of the tax
16 law, or subsection (f) of section fourteen hundred fifty of the tax law,
17 only those portions that are assigned to days of the taxable year that
18 are also days of the New York S year or S short year shall be taken into
19 account in determining the shareholder's pro rata share of the amount
20 determined in subparagraph (A) of this paragraph.
21 § 10. If any provision of section nine of this act is adjudged by any
22 court of competent jurisdiction to be invalid or unconstitutional, the
23 credit provided for in such sections shall not be allowed for any tax
24 period or periods with respect to which such judgment is in effect.
25 § 11. This act shall take effect immediately.
