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A06545 Summary:

BILL NOA06545
 
SAME ASSAME AS S04231
 
SPONSORLavine
 
COSPNSR
 
MLTSPNSR
 
Amd 210, Tax L
 
Relates to the business income base for water-works corporations.
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A06545 Actions:

BILL NOA06545
 
03/11/2019referred to ways and means
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A06545 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6545
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 11, 2019
                                       ___________
 
        Introduced by M. of A. LAVINE -- read once and referred to the Committee
          on Ways and Means
 
        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.
    24    §  2.  Paragraph (a) of subdivision 1 of section 210 of the tax law is
    25  amended by adding a new subparagraph (x) to read as follows:
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10360-02-9

        A. 6545                             2
 
     1    (x) for taxable years beginning on or after January first,  two  thou-
     2  sand  twenty,  the  amount  prescribed  by this paragraph for a taxpayer
     3  which is a water-works corporation, shall be computed  at  the  rate  of
     4  zero  percent  of  the taxpayer's business income base. The term "water-
     5  works  corporation"  shall have the same meaning as in subdivision twen-
     6  ty-seven of section two of the public service  law.    Any  tax  savings
     7  attributable  to this subparagraph shall be used to reduce current water
     8  rates and offset future water rate increases.
     9    § 3. This act shall take effect immediately.
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