Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jun 18, 2012 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1295 |
Jun 12, 2012 |
referred to rules |
Senate Bill S7663
2011-2012 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - In Assembly 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
Actions
Votes
co-Sponsors
(R, C) 60th Senate District
2011-S7663 (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยงยง209 & 612, Tax L
- Versions Introduced in 2013-2014 Legislative Session:
-
S3772
2011-S7663 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7663 TITLE OF BILL: An act to amend the tax law, in relation to the franchise tax on business corporations PURPOSE: To eliminate all business taxes on manufacturers to encourage the expansion of the manufacturing sector in New York. SUMMARY OF PROVISIONS: ELIMINATING TAXES ON MANUFACTURERS: Over a three year period, the legislation would provide manufacturers throughout New York State with $495 million in tax relief - phasing out the taxes they pay under the State's Corporate Franchise Tax and Personal Income Tax. The first phase will begin for tax years beginning on January 1, 2013. This will save manufacturers $114 million in SFY 2012-13 and $495 million when fully phased in. JUSTIFICATION: This bill will help create thousands of new private sector
2011-S7663 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7663 I N S E N A T E June 12, 2012 ___________ Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to the franchise tax on busi- ness corporations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 209 of the tax law, as amended by chapter 817 of the laws of 1987, is amended to read as follows: 1. For the privilege of exercising its corporate franchise, or of doing business, or of employing capital, or of owning or leasing proper- ty in this state in a corporate or organized capacity, or of maintaining an office in this state, for all or any part of each of its fiscal or calendar years, every domestic or foreign corporation, except corpo- rations specified in subdivision four of this section, shall annually pay a franchise tax, upon the basis of its entire net income base, or upon such other basis as may be applicable as hereinafter provided, for such fiscal or calendar year or part thereof, on a report which shall be filed, except as hereinafter provided, on or before the fifteenth day of March next succeeding the close of each such year, or, in the case of a corporation which reports on the basis of a fiscal year, within two and one-half months after the close of such fiscal year, and shall be paid as hereinafter provided. PROVIDED HOWEVER, A MANUFACTURER AS DEFINED IN SECTION TWO HUNDRED TEN OF THIS ARTICLE SHALL NOT BE SUBJECT TO TAX UNDER THIS ARTICLE FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND FIFTEEN; IF THE MANUFACTURER HAS ONE HUNDRED OR FEWER EMPLOYEES AND LESS THAN ONE MILLION DOLLARS IN GROSS INCOME SUCH MANUFACTURER SHALL NOT BE SUBJECT TO TAX UNDER THIS ARTICLE FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND FOURTEEN; IF THE MANUFACTURER HAS FIFTY OR FEWER EMPLOYEES AND LESS THAN FIVE HUNDRED THOUSAND DOLLARS IN GROSS INCOME SUCH MANUFACTURER SHALL NOT BE SUBJECT TO TAX UNDER THIS ARTICLE FOR TAXABLE YEARS BEGINNING ON OR AFTER JANU- ARY FIRST, TWO THOUSAND THIRTEEN. S 2. Subsection (c) of section 612 of the tax law is amended by adding a new paragraph 39 to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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