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A11678 Summary:

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A11678 Floor Votes:

A11678 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
            S. 8465                                                 A. 11678
 
                SENATE - ASSEMBLY
 
                                     August 3, 2010
                                       ___________
 
        IN  SENATE  --  Introduced  by  COMMITTEE ON RULES -- (at request of the
          Governor) -- read twice and ordered printed, and when  printed  to  be
          committed to the Committee on Rules
 
        IN  ASSEMBLY  --  Introduced by COMMITTEE ON RULES -- (at request of the
          Governor) -- read once and referred to the Committee on Ways and Means
 

        AN ACT to repeal part KK of a chapter of the laws of 2010  amending  the
          tax law relating to investment management services to a partnership or
          other entity, as proposed in legislative bill numbers S. 6610-C and A.
          9710-D, relating thereto (Part A); to amend part C of a chapter of the
          laws  of 2010 amending the tax law relating to clarifying that certain
          income constitutes New York source income of nonresident  shareholders
          of  an S corporation, as proposed in legislative bill numbers S.6610-C
          and A.9710-D, in relation to the  effectiveness  of  certain  portions
          thereof (Part B); and to amend chapter 60 of the laws of 2004 amending
          the  tax  law  relating to the empire state film production credit, in
          relation to the empire state film production credit (Part C)
 
          The People of the State of New York, represented in Senate and  Assem-

        bly, do enact as follows:
 
     1    Section  1.  This  act enacts into law major components of legislation
     2  which are necessary to implement the state fiscal plan for the 2010-2011
     3  state fiscal year. Each component is  wholly  contained  within  a  Part
     4  identified  as Parts A through C. The effective date for each particular
     5  provision contained within such Part is set forth in the last section of
     6  such Part. Any provision in any section contained within a Part, includ-
     7  ing the effective date of the Part, which makes reference to  a  section
     8  "of  this  act", when used in connection with that particular component,
     9  shall be deemed to mean and refer to the corresponding  section  of  the
    10  Part  in  which  it  is  found. Section three of this act sets forth the
    11  general effective date of this act.
 
    12                                   PART A
 

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD12315-02-0
        S. 8465                             2                           A. 11678
 
     1    Section 1. Part KK of a chapter of the laws of 2010 amending  the  tax
     2  law relating to investment management services to a partnership or other
     3  entity, as proposed in legislative bill numbers S. 6610-C and A. 9710-D,
     4  is REPEALED.
     5    §  2.  This  act  shall  take  effect on the same date and in the same
     6  manner as part KK of a chapter of the laws of 2010 amending the tax  law
     7  relating  to  investment  management  services to a partnership or other
     8  entity, as proposed in legislative bill numbers S. 6610-C and A. 9710-D,
     9  takes effect.
 

    10                                   PART B
 
    11    Section 1. Section 4 of part C of a chapter of the laws of 2010 amend-
    12  ing the tax law relating to clarifying that certain  income  constitutes
    13  New  York source income of nonresident shareholders of an S corporation,
    14  as proposed in  legislative  bill  numbers  S.6610-C  and  A.9710-D,  is
    15  amended to read as follows:
    16    §  4.  This  act shall take effect immediately; provided however, that
    17  section two of this act shall apply to [all  tax  years  for  which  the
    18  statute  of limitations for seeking a refund or assessing additional tax
    19  are still open,] taxable years beginning on or after January 1, 2007 for
    20  which the statute of limitations for seeking a refund or assessing addi-
    21  tional tax is still open, provided, however, that in cases of failure to

    22  file, failure to report federal changes, or filing a false or fraudulent
    23  return with intent to evade tax,  as  specified  under  paragraph  1  of
    24  subsection (c) of section 683 of the tax law, or in cases of substantial
    25  omission  of  income under subsection (d) of section 683 of the tax law,
    26  it shall apply to all taxable years as long as such statute  of  limita-
    27  tions  remain  open  and are subject to assessment; and section three of
    28  this act shall apply to taxable years beginning on or after  January  1,
    29  2010.
    30    §  2. This act shall take effect on the same date as part C of a chap-
    31  ter of the laws of 2010 amending the tax law relating to clarifying that
    32  certain income constitutes New York source income of nonresident  share-
    33  holders  of  an  S  corporation, as proposed in legislative bill numbers

    34  S.6610-C and A.9710-D, takes effect.
 
    35                                   PART C
 
    36    Section 1. Subdivision (e) of section 7 of part P of chapter 60 of the
    37  laws of 2004 amending the tax law relating  to  the  empire  state  film
    38  production  credit,  as added by section 2 of part Q of a chapter of the
    39  laws of 2010 amending chapter 60 of the laws of 2004  amending  the  tax
    40  law relating to the empire state film production credit, relating to the
    41  empire  state  film  production  credit, as proposed in legislative bill
    42  numbers S.6610-C and A.9710-D, is amended to read as follows:
    43    (e) Additional pool 2 - The aggregate amount of tax credits allowed in
    44  subdivision (a) of this section shall be increased by an additional $420
    45  million in 2010, $420 million  in  2011,  $420  million  in  2012,  $420
    46  million  in  2013  and $420 million in 2014 provided however, [up to] $7

    47  million of the annual allocation shall be available for the empire state
    48  film post production credit pursuant to section 31 of the tax law.  This
    49  additional amount shall be allocated by the governor's office for motion
    50  picture and television development among taxpayers  in  accordance  with
    51  subdivision  (a)  of  this  section.  If  the director of the governor's
    52  office for motion picture and television development determines that the
        S. 8465                             3                           A. 11678
 
     1  aggregate amount of tax credits available from additional pool 2 for the
     2  empire state film production tax credit have been previously  allocated,
     3  and  determines  that  the pending applications from eligible applicants

     4  for the post production tax credit pursuant to section 31 of the tax law
     5  is  insufficient  to  utilize the balance of unallocated post production
     6  tax credits from such pool, the remainder, after such  pending  applica-
     7  tions  are  considered,  shall  be  made available for allocation in the
     8  empire state film tax credit pursuant to section 24, subdivision  36  of
     9  section  210  and  subsection  (gg)  of  section 606 of the tax law. The
    10  governor's office for motion picture  and  television  development  must
    11  notify  taxpayers  of  their  allocation year and include the allocation
    12  year on the certificate of tax credit. Taxpayers  eligible  to  claim  a
    13  credit  must  report  the allocation year directly on their empire state
    14  film production credit tax form for each year a credit  is  claimed  and

    15  include a copy of the certificate with their tax return.  In the case of
    16  a  qualified  film that receives funds from additional pool 2, no empire
    17  state film production credit shall be claimed before the  later  of  (1)
    18  the  taxable  year  the production of the qualified film is complete, or
    19  (2) the taxable year immediately following the allocation year for which
    20  the film has been allocated credit by the governor's office  for  motion
    21  picture and television development.
    22    §  2.  This  act  shall  take  effect on the same date and in the same
    23  manner as section 2 of part Q of a chapter of the laws of 2010  amending
    24  chapter  60  of  the  laws  of 2004 amending the tax law relating to the
    25  empire state film production credit, relating to the empire  state  film
    26  production  credit, as proposed in legislative bill numbers S.6610-C and
    27  A.9710-D, takes effect.

    28    § 2. Severability clause. If any clause, sentence, paragraph, subdivi-
    29  sion, section or part of this act shall be  adjudged  by  any  court  of
    30  competent  jurisdiction  to  be invalid, such judgment shall not affect,
    31  impair, or invalidate the remainder thereof, but shall  be  confined  in
    32  its  operation  to the clause, sentence, paragraph, subdivision, section
    33  or part thereof directly involved in the controversy in which such judg-
    34  ment shall have been rendered. It is hereby declared to be the intent of
    35  the legislature that this act would  have  been  enacted  even  if  such
    36  invalid provisions had not been included herein.
    37    §  3.  This  act shall take effect immediately provided, however, that
    38  the applicable effective date of Parts A through C of this act shall  be
    39  as specifically set forth in the last section of such Parts.