A5592-2011 Actions

• Jan 4, 2012: referred to ways and means
• Feb 23, 2011: referred to ways and means

A5592-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         5592
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 February 23, 2011
 
 Introduced  by  M.  of A. BRENNAN, DINOWITZ, CAHILL, STEVENSON -- Multi
 Sponsored by -- M. of A.  BOYLAND, CLARK, COLTON,  ENGLEBRIGHT,  GOTT
 FRIED,  JACOBS,  JAFFEE, LATIMER, ORTIZ, PHEFFER, ROBINSON, SWEENEY -
 read once and referred to the Committee on Ways and Means
 

AN ACT to amend the tax law, in relation to the  periodic  reporting  of
 tax payments by major corporations
 

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

 

Section 1. The opening paragraph of subdivision 1 of  section  211  of
 the tax law is designated paragraph (a) and a new paragraph (b) is added
 to read as follows:

 (B) EVERY PUBLICLY-TRADED CORPORATION OBLIGATED TO FILE BOTH AN ANNUAL
 REPORT  PURSUANT TO SECTION THIRTEEN OR FIFTEEN (D) OF THE FEDERAL SECU
 RITIES AND EXCHANGE ACT OF 1934 OR ANY OF ITS SUCCESSOR ACTS AND A FRAN
 CHISE TAX RETURN PURSUANT TO THIS ARTICLE SHALL, AT  THE  SAME  TIME  IT
 FILES  A REPORT PURSUANT TO PARAGRAPH (A) OF THIS SUBDIVISION, SUBMIT TO
 THE COMMISSIONER AN ADDITIONAL  REPORT  IN  A  FORM  PRESCRIBED  BY  THE
 COMMISSIONER. THE FORM SHALL CONTAIN:

 (I)  THE NAME OF THE CORPORATION AND THE STREET ADDRESS OF ITS PRINCI
 PAL OFFICE;
 (II) ITS TOTAL GROSS PROFIT;
 (III) ANY DEDUCTION OR OTHER OFFSET WHICH REDUCES  INCOME  SUBJECT  TO
 TAXATION  OR  ANY CREDIT WHICH REDUCES THE TAX LIABILITY BY GREATER THAN
 FIVE PERCENT;
 (IV) ANY CREDIT WHICH REDUCES THE TAX LIABILITY BY GREATER  THAN  FIVE
 PERCENT WHICH IS CARRIED OVER FROM THE PREVIOUS YEAR OR YEARS;
 (V)  ANY UNUSED CREDIT WHICH REDUCES THE TAX LIABILITY BY GREATER THAN
 FIVE PERCENT WHICH WILL BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS;
 (VI) ITS TOTAL NET TAXABLE INCOME;
 (VII) THE PERCENTAGE USED TO ESTABLISH WHAT PORTION OF TOTAL NET TAXA
 BLE INCOME IS APPORTIONED TO NEW YORK;
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08075-01-1
 
       A. 5592                             2
 (VIII) ITS INCOME TAXABLE IN NEW YORK;
 (IX)  THE VALUE OF THE TANGIBLE PROPERTY OF THE CORPORATION TAXABLE IN
 NEW YORK OR ITS TAXABLE NET WORTH, WHICHEVER IS APPLICABLE;
 (X) THE TOTAL FRANCHISE TAX DUE IN NEW YORK FOR THE TAX YEAR IN  QUES
 TION;
 (XI) ITS NET INCOME ACCORDING TO ITS BOOKS REPORTED IN ITS FEDERAL TAX
 RETURN; AND
 (XII)  ANY  ADDITIONAL INFORMATION FROM ITS FRANCHISE TAX RETURN WHICH
 SUCH CORPORATION CHOOSES TO VOLUNTARILY DISCLOSE.
 

S 2.

Section 211 of the tax law is amended by adding a new subdivision
 7-a to read as follows:

 7-A. (A) BY JANUARY FIFTEENTH OF EACH  YEAR,  THE  COMMISSIONER  SHALL
 FORWARD  TO  THE SECRETARY OF STATE A LIST OF ALL PUBLICLY-TRADED CORPO
 RATIONS OBLIGATED TO FILE UNDER PARAGRAPH (B) OF SUBDIVISION ONE OF THIS
 SECTION.
 (B) BY MARCH FIRST OF EACH YEAR THE COMMISSIONER SHALL PUBLISH:    (I)
 ALL  SUCH  FORMS  FILED  PURSUANT TO PARAGRAPH (B) OF SUBDIVISION ONE OF
 THIS SECTION BY DECEMBER THIRTY-FIRST OF THE PREVIOUS YEAR; AND  (II)  A
 LIST  OF THOSE PUBLICLY-TRADED CORPORATIONS REQUIRED TO FILE PURSUANT TO
 PARAGRAPH (B) OF SUBDIVISION ONE OF THIS SECTION BUT WHICH FOR THE  MOST
 RECENT  TAX  YEAR  HAVE NOT DONE SO WITHIN THE TIME LIMITS PRESCRIBED BY
 THIS SUBDIVISION. THIS INFORMATION SHALL BE MADE AVAILABLE TO THE PUBLIC
 UNDER RULES AND REGULATIONS PROMULGATED BY THE COMMISSIONER.
 

S 3. This act shall take effect on the first of January next  succeed
 ing  the date on which it shall have become a law, except that any rules
 and regulations necessary for the timely implementation of this  act  on
 its effective date shall be promulgated on or before such date.

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