STATE OF NEW YORK
________________________________________________________________________
8474--A
2017-2018 Regular Sessions
IN ASSEMBLY
June 16, 2017
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Introduced by M. of A. ABBATE -- read once and referred to the Committee
on Ways and Means -- recommitted to the Committee on Ways and Means in
accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to amend the administrative code of the city of New York, in
relation to the computation of the city corporate tax for real estate
investment trusts and regulated investment companies
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Clause (iv) of subparagraph 1 of paragraph (e) of subdivi-
2 sion 1 of section 11-654 of the administrative code of the city of New
3 York, as added by section 1 of part D of chapter 60 of the laws of 2015,
4 is amended to read as follows:
5 (iv) If New York city receipts are: Fixed dollar
6 minimum tax is:
7 Not more than $100,000 $25
8 More than $100,000 but not over $250,000 $75
9 More than $250,000 but not over $500,000 $175
10 More than $500,000 but not over $1,000,000 $500
11 More than $1,000,000 but not over $5,000,000 $1,500
12 More than $5,000,000 but not over $25,000,000 $3,500
13 More than $25,000,000 but not over $50,000,000 $5,000
14 More than $50,000,000 but not over $100,000,000 $10,000
15 More than $100,000,000 but not over $250,000,000 $20,000
16 More than $250,000,000 but not over $500,000,000 $50,000
17 More than $500,000,000 but not over $1,000,000,000 $100,000
18 Over $1,000,000,000 $200,000
19 For purposes of this clause, New York city receipts are the receipts
20 computed in accordance with section 11-654.2 of this subchapter for the
21 taxable year. If the taxable year is less than twelve months, the amount
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13057-03-8
A. 8474--A 2
1 prescribed by this clause shall be reduced by twenty-five percent if the
2 period for which the taxpayer is subject to tax is more than six months
3 but not more than nine months and by fifty percent if the period for
4 which the taxpayer is subject to tax is not more than six months. If the
5 taxable year is less than twelve months, the amount of New York city
6 receipts for purposes of this clause is determined by dividing the
7 amount of the receipts for the taxable year by the number of months in
8 the taxable year and multiplying the result by twelve. Provided, howev-
9 er, in the case of a REIT or RIC, as defined in section 11-601 of this
10 chapter, that is not a captive REIT or captive RIC, as defined in
11 section 11-601 of this chapter, the following schedule shall apply:
12 If New York city receipts are:Fixed dollar
13 minimum tax is:
14 Not more than $100,000$25
15 More than $100,000 but not over $250,000$75
16 More than $250,000 but not over $500,000$175
17 More than $500,000$500
18 § 2. This act shall take effect immediately and shall be deemed to
19 have been in full force and effect on and after April 10, 2018, and
20 shall apply to taxable years beginning on and after January 1, 2019.
