Senate Bill S9333

2023-2024 Legislative Session

Exempts minority depository institutions from the corporate franchise tax for a period of ten years

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue 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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2023-S9333 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §209, Tax L

2023-S9333 (ACTIVE) - Summary

Exempts minority depository institutions from the corporate franchise tax for a period of ten years from the date of commencement of business.

2023-S9333 (ACTIVE) - Sponsor Memo

2023-S9333 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9333
 
                             I N  S E N A T E
 
                               May 13, 2024
                                ___________
 
 Introduced  by Sen. BORRELLO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law, in relation to exempting minority deposito-
   ry institutions from the corporate franchise tax for a period  of  ten
   years
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 209 of the tax law  is  amended  by  adding  a  new
 subdivision 13 to read as follows:
   13. A MINORITY DEPOSITORY INSTITUTION AS DEFINED BY SECTION 308 OF THE
 FEDERAL  FINANCIAL  INSTITUTION REFORM, RECOVERY, AND ENFORCEMENT ACT OF
 1989, SHALL BE EXEMPT FROM TAXATION UNDER THE PROVISIONS OF THIS ARTICLE
 FOR A PERIOD OF TEN YEARS FROM THE DATE SUCH MINORITY DEPOSITORY  INSTI-
 TUTION COMMENCES DOING BUSINESS.
   §  2.  This  act  shall take effect immediately and shall apply to tax
 years commencing on and after January 1, 2025.
 
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15496-01-4

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