Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 26, 2010 |
referred to ways and means |
Assembly Bill A10445
2009-2010 Legislative Session
Sponsored By
BRENNAN
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
co-Sponsors
Nelson Castro
Inez Barron
Rhoda Jacobs
Deborah Glick
multi-Sponsors
William Boyland
Barbara Clark
Michael DenDekker
Jeffrey Dinowitz
2009-A10445 (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Add §§210-a & 210-b, amd §210, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
A5591
2009-A10445 (ACTIVE) - Sponsor Memo
BILL NUMBER:A10445 TITLE OF BILL: An act to amend the tax law, in relation to establishing a cap on certain tax credits, to impose a surcharge against certain taxes and to increase the alternative minimum tax on corporations; and providing for the repeal of certain provisions upon expiration thereof PURPOSE OR GENERAL IDEA OF BILL: Section one of the bill provides for credits or refunds in any tax year to be limited to a maximum of $15 million. If any of the credits are in excess of that cap, they may be carried over to the following tax year or years. Section 2 of the bill imposes a surcharge of 15% on the final tax liability of article nine and nine-A corporation taxes, the bank and insurance taxes in articles 32 and 33. This surcharge will expire in 4 years. Section 3 of the bill raises the alternative minimum corporate tax to 3.5%. JUSTIFICATION: Rates of taxation on business income. have declined substantially over the past 23 years and tax rates on corporate profits would still be below the levels of the mid-to-late nineteen nineties even after the new legislation. With New York business profits estimated at about $130 billion in 2010, the impact of the legislation in-2010 would be to require business in New York to pay an additional 1% of its
2009-A10445 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10445 I N A S S E M B L Y March 26, 2010 ___________ Introduced by M. of A. BRENNAN, CASTRO, BARRON -- Multi-Sponsored by -- M. of A. CLARK, DenDEKKER, DINOWITZ, GOTTFRIED, LIFTON -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to establishing a cap on certain tax credits, to impose a surcharge against certain taxes and to increase the alternative minimum tax on corporations; and providing for the repeal of certain provisions upon expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The tax law is amended by adding a new section 210-a to read as follows: S 210-A. CAP ON CERTAIN CREDITS. 1. FOR PURPOSES OF THIS SECTION, THE TERM "COVERED CREDITS" SHALL MEAN AND INCLUDE THE FOLLOWING: THE ALTER- NATIVE FUELS CREDIT SET FORTH IN SUBDIVISION TWENTY-FOUR OF SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE AUTOMATED EXTERNAL DEFIBRILLATOR CREDIT SET FORTH IN SUBDIVISION TWENTY-FIVE OF SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE BIOFUEL PRODUCTION CREDIT SET FORTH IN SECTION TWENTY-EIGHT OF THIS CHAPTER AND SUBDIVISION THIRTY-EIGHT OF SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE BROWNFIELD REDEVELOPMENT TAX CREDIT SET FORTH IN SECTION TWENTY-ONE OF THIS CHAPTER AND SUBDIVISION THIRTY-THREE OF SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE TAX CREDIT FOR REMEDIATED BROWNFIELDS SET FORTH IN SECTION TWENTY-TWO OF THIS CHAPTER AND SUBDIVI- SION THIRTY-FOUR OF SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE ENVI- RONMENTAL REMEDIATION INSURANCE CREDIT SET FORTH IN SECTION TWENTY-THREE OF THIS CHAPTER AND SUBDIVISION THIRTY-FIVE OF SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE CLEAN HEATING FUEL CREDIT SET FORTH IN SUBDIVISION THIRTY-NINE OF SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE CONSERVATION EASEMENT CREDIT SET FORTH IN SUBDIVISION THIRTY-EIGHT OF SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE CREDIT FOR EMPLOYMENT OF PERSONS WITH DISABILITIES SET FORTH IN SUBDIVISION TWENTY-THREE OF SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE EMPIRE STATE COMMERCIAL PRODUCTION CREDIT, SET FORTH IN SECTION TWENTY-EIGHT OF THIS CHAPTER AND SUBDIVI- SION THIRTY-EIGHT OF SECTION TWO HUNDRED TEN OF THIS ARTICLE, THE EMPIRE STATE FILM PRODUCTION CREDIT SET FORTH IN SECTION TWENTY-FOUR OF THIS EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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