Provides for assessments prior to 2012 no change of allocation of income or capital upon which taxpayers return was based shall be made where such assessment of tax is made during additional specified periods of limitation.

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A7127A-2011 Actions

• May 24, 2012: advanced to third reading cal.638
• May 22, 2012: reported
• May 2, 2012: print number 7127a
• May 2, 2012: amend and recommit to ways and means
• Jan 4, 2012: referred to ways and means
• Apr 13, 2011: referred to ways and means

A7127A-2011 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

                                   7127--A

                         2011-2012 Regular Sessions

                            I N  ASSEMBLY

                               April 13, 2011
                                 ___________

  Introduced  by M. of A. FARRELL -- read once and referred to the Commit-
    tee 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 committee

  AN ACT to amend the administrative code of the  city  of  New  York,  in
    relation to change of the allocation of a taxpayer's income or capital
    pertaining  to  the New York city general corporation tax and New York
    city financial corporation tax

    THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
  BLY, DO ENACT AS FOLLOWS:


    Section  1.  Paragraph  (g)  of subdivision 3 of section 11-674 of the
  administrative code of the city of  New  York  is  amended  to  read  as
  follows:

    (g)  Change  of  the allocation of taxpayer's income or capital.  [No]
  WITH REGARD TO ASSESSMENTS MADE BEFORE TWO THOUSAND TWELVE, NO change of
  the allocation of income or capital upon which the taxpayer's return (or
  any additional assessment) was based shall be made where  an  assessment
  of tax is made during the additional period of limitation under subpara-
  graph  three  or  four  of paragraph (a), or under paragraph (c), (d) or
  (i); and where any such assessment has been made, or where a  notice  of
  deficiency  has  been  mailed  to  the taxpayer on the basis of any such
  proposed assessment, no change of the allocation of  income  or  capital
  shall be made in a proceeding on the taxpayer's claim for refund of such
  assessment  or  on  the  taxpayer's petition for redetermination of such
  deficiency.  THE RESTRICTIONS IN THIS PARAGRAPH ON CHANGES OF THE  ALLO-
  CATION  OF  INCOME  OR CAPITAL THAT APPLY TO ASSESSMENTS MADE BEFORE TWO
  THOUSAND TWELVE SHALL NOT APPLY TO ASSESSMENTS MADE ON OR AFTER  JANUARY
  FIRST, TWO THOUSAND TWELVE.
    S 2. This act shall take effect immediately.

   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD10762-02-2