Senate Bill S3222A

2015-2016 Legislative Session

Relates to tax credits for certain rehabilitation projects

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Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2015-S3222 - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§606, 210-B, 1511, Tax L
Versions Introduced in 2013-2014 Legislative Session:
S2221

2015-S3222 - Summary

Relates to tax credits for certain rehabilitation projects.

2015-S3222 - Sponsor Memo

2015-S3222 - Bill Text download pdf

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

                                  3222

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 3, 2015
                               ___________

Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to credits for certain rehabil-
  itation projects; and providing for the repeal of such provisions upon
  expiration thereof

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

  Section 1. Subsection (oo) of section 606 of the tax law is amended by
adding a new paragraph 6 to read as follows:
  (6)  TAX  CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED
TO A PARTNERSHIP, LIMITED LIABILITY COMPANY, "SUBCHAPTER S"  CORPORATION
OR  OTHER  BUSINESS  ENTITY AND SHALL BE PASSED THROUGH TO THE PARTNERS,
MEMBERS, OR SHAREHOLDERS RESPECTIVELY. CREDITS ALLOWED TO THESE ENTITIES
SHALL BE ALLOCATED AMONG ALL PARTNERS, MEMBERS, OR SHAREHOLDERS  RESPEC-
TIVELY,  EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN THE ENTITY,
OR AS THE PARTNERS, MEMBERS, OR SHAREHOLDERS MUTUALLY AGREE AS  PROVIDED
IN  AN EXECUTED DOCUMENT WITHOUT REGARD TO THEIR SHARING OF OTHER TAX OR
ECONOMIC ATTRIBUTES OF THE ENTITY.
  S 2. Subdivision 26 of section 210-B of the  tax  law  is  amended  by
adding a new paragraph (f) to read as follows:
  (F)  TAX CREDITS ALLOWED PURSUANT TO THIS SUBDIVISION SHALL BE ALLOWED
TO A PARTNERSHIP, LIMITED LIABILITY COMPANY, "SUBCHAPTER S"  CORPORATION
OR  OTHER  BUSINESS  ENTITY AND SHALL BE PASSED THROUGH TO THE PARTNERS,
MEMBERS, OR SHAREHOLDERS RESPECTIVELY. CREDITS ALLOWED TO THESE ENTITIES
SHALL BE ALLOCATED AMONG ALL PARTNERS, MEMBERS, OR SHAREHOLDERS  RESPEC-
TIVELY,  EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN THE ENTITY,
OR AS THE PARTNERS, MEMBERS, OR SHAREHOLDERS MUTUALLY AGREE AS  PROVIDED
IN  AN EXECUTED DOCUMENT WITHOUT REGARD TO THEIR SHARING OF OTHER TAX OR
ECONOMIC ATTRIBUTES OF THE ENTITY.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08858-01-5

              

co-Sponsors

2015-S3222A (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§606, 210-B, 1511, Tax L
Versions Introduced in 2013-2014 Legislative Session:
S2221

2015-S3222A (ACTIVE) - Summary

Relates to tax credits for certain rehabilitation projects.

2015-S3222A (ACTIVE) - Sponsor Memo

2015-S3222A (ACTIVE) - Bill Text download pdf

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

                                 3222--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 3, 2015
                               ___________

Introduced  by Sens. GALLIVAN, PARKER -- read twice and ordered printed,
  and when printed to be committed to the  Committee  on  Investigations
  and  Government Operations -- recommitted to the Committee on Investi-
  gations and Government Operations in accordance with  Senate  Rule  6,
  sec.  8  --  committee  discharged, bill amended, ordered reprinted as
  amended and recommitted to said committee

AN ACT to amend the tax law, in relation to credits for certain rehabil-
  itation projects; and providing for the repeal of such provisions upon
  expiration thereof

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

  Section 1. Subsection (oo) of section 606 of the tax law is amended by
adding a new paragraph 6 to read as follows:
  (6)  TAX  CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED
TO A PARTNERSHIP, LIMITED LIABILITY COMPANY, "SUBCHAPTER S"  CORPORATION
OR  OTHER  BUSINESS  ENTITY AND SHALL BE PASSED THROUGH TO THE PARTNERS,
MEMBERS, OR SHAREHOLDERS RESPECTIVELY. CREDITS ALLOWED TO THESE ENTITIES
SHALL BE ALLOCATED AMONG ALL PARTNERS, MEMBERS, OR SHAREHOLDERS  RESPEC-
TIVELY,  EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN THE ENTITY,
OR AS THE PARTNERS, MEMBERS, OR SHAREHOLDERS MUTUALLY AGREE AS  PROVIDED
IN  AN EXECUTED DOCUMENT WITHOUT REGARD TO THEIR SHARING OF OTHER TAX OR
ECONOMIC ATTRIBUTES OF THE ENTITY.
  S 2. Subdivision 26 of section 210-B of the  tax  law  is  amended  by
adding a new paragraph (f) to read as follows:
  (F)  TAX CREDITS ALLOWED PURSUANT TO THIS SUBDIVISION SHALL BE ALLOWED
TO A PARTNERSHIP, LIMITED LIABILITY COMPANY, "SUBCHAPTER S"  CORPORATION
OR  OTHER  BUSINESS  ENTITY AND SHALL BE PASSED THROUGH TO THE PARTNERS,
MEMBERS, OR SHAREHOLDERS RESPECTIVELY. CREDITS ALLOWED TO THESE ENTITIES
SHALL BE ALLOCATED AMONG ALL PARTNERS, MEMBERS, OR SHAREHOLDERS  RESPEC-
TIVELY,  EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN THE ENTITY,
OR AS THE PARTNERS, MEMBERS, OR SHAREHOLDERS MUTUALLY AGREE AS  PROVIDED

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08858-02-6
              

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