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Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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| Jan 28, 2025 |
referred to banks |
Senate Bill S3546
2025-2026 Legislative Session
Sponsored By
(R, C) 57th Senate District
Current Bill Status - In Senate Committee Banks 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
2025-S3546 (ACTIVE) - Details
- Current Committee:
- Senate Banks
- Law Section:
- Banking Law
- Laws Affected:
- Amd §28-b, Bank L
- Versions Introduced in 2023-2024 Legislative Session:
-
S9448
2025-S3546 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3546
SPONSOR: BORRELLO
TITLE OF BILL:
An act to amend the banking law, in relation to exempting minority
depository institutions from certain filing requirements
PURPOSE OR GENERAL IDEA OF BILL:
This bill exempts minority depository institutions from the corporate
franchise tax for a period of ten years.
SUMMARY OF PROVISIONS:
Section 1. Section 209 of the tax law is amended by adding a new subdi-
vision 13 which states, 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 depositary institution commences doing business.
2025-S3546 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
3546
2025-2026 Regular Sessions
I N S E N A T E
January 28, 2025
___________
Introduced by Sen. BORRELLO -- read twice and ordered printed, and when
printed to be committed to the Committee on Banks
AN ACT to amend the banking law, in relation to exempting minority
depository institutions from certain filing requirements
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 28-b of the banking law is amended by adding a new
subdivision 4-a to read as follows:
4-A. A MINORITY DEPOSITORY INSTITUTION AS DEFINED BY SECTION 308 OF
THE FEDERAL FINANCIAL INSTITUTION REFORM, RECOVERY, AND ENFORCEMENT ACT
OF 1989, TO WHICH THE COMMUNITY REINVESTMENT ACT OF 1977, UNITED STATES
P.L. 95-128, APPLIES, SHALL BE EXEMPT FROM THE FILING REQUIREMENTS SET
FORTH IN SUBDIVISION ONE OF THIS SECTION FOR A PERIOD OF TEN YEARS FROM
THE DATE SUCH MINORITY DEPOSITORY INSTITUTION COMMENCES DOING BUSINESS.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08085-01-5
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