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S07196 Summary:

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S07196 Floor Votes:

S07196 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         7196--B
 
                    IN SENATE
 
                                       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 twenty-
    11  two of this chapter shall include for the purposes of the tax factor all
    12  business income attributable to a QEZE business which is  taxable  under
    13  article twenty-two of this chapter. The tax factor shall be, in the case
    14  of  article thirty-two of this chapter, the larger of the amounts of tax
    15  determined for the taxable year under subsection (a) and  paragraph  two
    16  of  subsection  (b) of section fourteen hundred fifty-five of such arti-
    17  cle. The tax factor shall be, in the case  of  article  thirty-three  of
    18  this  chapter, the larger of the amounts of tax determined for the taxa-
    19  ble year under paragraphs one and three of subdivision  (a)  of  section
    20  fifteen hundred two of such article.

    21    §  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    §  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.