Bill S3617-2013

Requires the commissioner of taxation and finance to issue an annual report on certain tax credits for the preceding state fiscal year

Requires the commissioner of taxation and finance to issue an annual report disclosing the aggregate amount claimed on certain tax credits for the preceding state fiscal year.

Details

Actions

  • Jan 8, 2014: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • May 7, 2013: REPORTED AND COMMITTED TO FINANCE
  • Feb 7, 2013: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Meetings

Votes

VOTE: COMMITTEE VOTE: - Investigations and Government Operations - May 7, 2013
Ayes (9): Marcellino, Carlucci, Golden, Nozzolio, O'Mara, Zeldin, Hoylman, Diaz, Squadron

Memo

BILL NUMBER:S3617

TITLE OF BILL: An act to amend the tax law, in relation to requiring the commissioner of taxation and finance to issue an annual report disclosing the aggregate amount claimed on certain tax credits for the preceding state fiscal year

PURPOSE: This legislation requires the Commissioner of the Department of Taxation and Finance to annually issue a report disclosing information on claimed tax credits by total number of taxpayers and total amount claimed for each credit in the preceding tax year.

SUMMARY OF PROVISIONS: This legislation requires the Commissioner of the Department of Taxation and Finance to annually issue a report disclosing information on claimed tax credits by total number of taxpayers and total amount claimed for each credit in the preceding tax year. This report is in addition to any other reporting requirements already required by law.

JUSTIFICATION: For the State, and the legislature, to make budget decisions, more information is needed to calculate the full costs of tax credits. This bill will give legislators tax credit details that are currently unavailable. This data will allow fiscal decisions to be made with the appropriate information. It is important and appropriate to have accessibility to this information for fiscal planning purposes.

LEGISLATIVE HISTORY: 2012: S. 6138 Rules/A. 10752 Ways and Means

FISCAL IMPLICATIONS: None.

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 3617 2013-2014 Regular Sessions IN SENATE February 7, 2013 ___________
Introduced by Sen. MARCELLINO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to requiring the commissioner of taxation and finance to issue an annual report disclosing the aggregate amount claimed on certain tax credits for the preceding state fiscal year THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 171 of the tax law is amended by adding a new subdivision twenty-ninth to read as follows: TWENTY-NINTH. ANNUALLY, NO LATER THAN DECEMBER THIRTY-FIRST, ISSUE A REPORT DISCLOSING, FOR EACH CREDIT AUTHORIZED BY THIS CHAPTER THAT IS CLAIMED BY AT LEAST THREE TAXPAYERS, THE AGGREGATE AMOUNT CLAIMED ON RETURNS AND REPORTS FILED FOR TAXABLE YEARS ENDING DURING THE IMMEDIATE- LY PRECEDING STATE FISCAL YEAR. WHEN DETERMINING WHETHER A CREDIT HAS BEEN CLAIMED BY AT LEAST THREE TAXPAYERS, TAXPAYERS CLAIMING A PRO-RATA SHARE OF A CREDIT THAT HAS BEEN REPORTED BY AN ENTITY WHICH IS NOT SUBJECT TO TAX ON AMOUNTS DISTRIBUTED TO ITS BENEFICIAL OWNERS, OR IS EXEMPT FROM ENTITY-LEVEL TAXATION SHALL BE DISREGARDED AND THE REPORT OF THE ENTITY SHALL BE COUNTED. SUCH REPORTING REQUIREMENT SHALL BE IN ADDITION TO ANY OTHER REPORTING REQUIREMENTS PRESCRIBED BY THIS CHAPTER. FOR PURPOSES OF THIS SUBDIVISION, STATE FISCAL YEAR SHALL HAVE THE SAME MEANING AS SECTION THREE OF THE STATE FINANCE LAW. S 2. This act shall take effect immediately.

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