Assembly Bill A6207

2019-2020 Legislative Session

Provides for an additional franchise tax on certain life insurance policies

download bill text pdf

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Archive: Last Bill Status - Stricken

  • 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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2019-A6207 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Add §182-b, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A9439
2011-2012: A1111
2013-2014: A3896
2015-2016: A6732
2017-2018: A6112

2019-A6207 (ACTIVE) - Summary

Provides for an additional franchise tax on life insurance policies obtained by companies on its employees and/or retirees.

2019-A6207 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6207
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 4, 2019
                                ___________
 
 Introduced by M. of A. CRESPO -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT  to  amend  the  tax law, in relation to providing an additional
   franchise tax on certain life insurance policies
 
   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 182-b to
 read as follows:
   § 182-B. ADDITIONAL FRANCHISE TAX ON CERTAIN LIFE INSURANCE  POLICIES.
 1.  NOTWITHSTANDING ANY OTHER PROVISION OF THIS CHAPTER, OR OF ANY OTHER
 LAW, FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
 TWENTY-TWO, AN ANNUAL TAX IS HEREBY IMPOSED UPON EVERY COMPANY RECEIVING
 BENEFITS FROM LIFE INSURANCE POLICIES IT HAS OBTAINED ON  ITS  EMPLOYEES
 AND/OR RETIREES EQUAL TO FIFTY PER CENTUM OF ITS GROSS RECEIPTS FROM ALL
 PROCEEDS  FROM  SUCH LIFE INSURANCE POLICIES, FOR THE PRIVILEGE OF EXER-
 CISING ITS CORPORATE FRANCHISE, OR OF DOING BUSINESS,  OR  OF  EMPLOYING
 CAPITAL,  OR  OF OWNING OR LEASING PROPERTY 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 TAXABLE YEARS.
   2.  EVERY  COMPANY  SUBJECT  TO TAX UNDER THIS SECTION SHALL KEEP SUCH
 RECORDS OF ITS BUSINESS IN SUCH FORM AS THE  COMMISSIONER  MAY  REQUIRE,
 AND  SUCH RECORDS SHALL BE PRESERVED FOR A PERIOD OF THREE YEARS, EXCEPT
 THAT THE COMMISSIONER MAY CONSENT TO THEIR DESTRUCTION WITHIN THAT PERI-
 OD OR MAY REQUIRE THAT THEY BE KEPT LONGER.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2022.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10219-01-9

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