Imágenes de páginas
PDF
EPUB

the C short year shall be included in the respective reports for the S short year and the C short year under this article. However, where paragraph [two] three of subsection (s) of section six hundred twelve of this chapter applies, the portion of such entire net income assigned to the S short year and the C short year shall be determined under normal tax accounting rules.

§ 10. Paragraph (a) of subdivision 2 of section 209-B of the tax law, as amended by chapter 817 of the laws of 1987, is amended to read as follows:

(a) ascertaining the percentage which the average value of the taxpayer's real and tangible personal property [within], whether owned or rented to it, within the metropolitan commuter transportation district during the period covered by its report bears to the average value of all the taxpayer's real and tangible personal property, whether owned or rented to it, within the state during such period; provided that the term "value of the taxpayer's real and tangible personal property" shall have the same meaning as is ascribed to that term by subparagraph one of paragraph (a) of subdivision three of section two hundred ten;

§ 11. Subparagraph 2 of paragraph (b) of subdivision 2 of section 209-B of the tax law, as amended by chapter 61 of the laws of 1989, is amended to read as follows:

(2) services performed within the metropolitan commuter transportation district, provided, however, that (i) in the case of a taxpayer engaged in the business of publishing newspapers or periodicals, receipts arising from sales of advertising contained in such newspapers and periodicals shall be deemed to arise from services performed within the metropolitan commuter transportation district to the extent that such newspapers and periodicals are delivered to points within the metropolitan commuter transportation district, (ii) receipts from an investment company from the sale of management, administration or distribution services to such investment company shall be deemed to arise from services performed within the metropolitan commuter transportation district to the extent set forth in subparagraph six of paragraph (a) of subdivision three of section two hundred ten of this chapter (except that references in such subparagraph six to the state shall be deemed, for purposes of application to this clause, to be references to the metropolitan commuter transportation district) and (iii) in the case of taxpayers principally engaged in the activity of air freight forwarding acting as principal and like indirect air carriage receipts arising from such tivity shall arise from services performed within the metropolitan commuter transportation district as follows: one hundred percent of such receipts if both the [pick up] pickup and delivery associated with such receipts are made in the metropolitan commuter transportation district and fifty percent of such receipts if either the [pick up] pickup or delivery associated with such receipts is made in the metropolitan commuter transportation district,

ac

§ 12. Paragraph (d) of subdivision 1 of section 210 of the tax law, as amended by chapter 61 of the laws of 1989, is amended to read as follows:

(d) Fixed dollar minimum. (1) The amount prescribed by this paragraph shall be for a taxpayer [who] which during the taxable year has:

(A) a gross payroll of six million two hundred fifty thousand dollars or more, one thousand five hundred dollars;

(B) a gross payroll of less than six million two hundred fifty thousand dollars but more than one million dollars, four hundred twentyfive dollars;

(C) a gross payroll of one million dollars or less (except as prescribed in clause (D) of this subparagraph), three hundred twenty

five dollars;

(D) a gross payroll of one thousand dollars or less, with total receipts within and without this state of one thousand dollars or less, and [where] the average value of the [gross] assets of which are one thousand dollars or less, eight hundred dollars.

2) For purposes of this paragraph:

(A) gross payroll shall be the same as the total wages, salaries and other personal service compensation of all the taxpayer's employees, within and without this state, as defined in subparagraph three of paragraph (a) of subdivision three of this section, except that general executive officers shall not be excluded.

EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

(B) total receipts shall be the same as receipts within and without this state as defined in subparagraph two of paragraph (a) of subdivision three of this section.

(C) average value of the [gross] assets shall be the same as prescribed by subdivision two of this section without reduction for liabilities.

(3) If the taxable [period to which any amount determined pursuant to this paragraph_applies] year is less than [an entire year] twelve months, such] the amount prescribed by this paragraph shall be reduced by twenty-five percent if the period for which [such] the taxpayer is subject to tax is more than six months but not more than nine months and by fifty per centum if the period for which [such] the taxpayer is subject to tax is not more than six months. Provided, however, that in determining the amount of gross payroll[,] and total receipts for purposes of subparagraph one of this paragraph, where the taxable year is less than twelve months, the [dollar amounts of gross payroll] amount of each shall be determined by dividing the amount of [the gross payroll paid during such period] each with respect to the taxable year by the number of months in such [period] taxable year and multiplying the result by twelve[, and such amounts shall be substituted for the gross payroll amounts contained therein].

§ 13. Paragraph (b) of subdivision 1-c of section 210 of the tax law, as added by chapter 1043 of the laws of 1981, is amended to read as follows:

(b) is not a corporation [which] over fifty percent of the number of shares of stock of which entitling the holders thereof to vote for the election of directors or trustees is owned by a taxpayer which (1) is subject to tax under this article; section one hundred eighty-three, one hundred eighty-four, one hundred eighty-five or one hundred eighty-six of article nine; article thirty-two or thirty-three of this chapter, and (2) does not qualify as a small business corporation as defined in paragraph three of subsection (c) of section twelve hundred forty-four of the internal revenue code (without regard to the second sentence of subparagraph (A) thereof) as of the last day of its taxable year ending within or with the taxable year of the taxpayer,

§ 14. Subdivision 2 of section 210 of the tax law, as amended by chapter 817 of the laws of 1987, is amended to read as follows:

2. The amount of subsidiary capital, investment capital and business capital shall each be determined by taking the average value of the [gross] assets included therein (less[,] liabilities deductible therefrom pursuant to the provisions of subdivisions four, five and seven of section two hundred eight), and, if the period covered by the report is other than a period of twelve calendar months, by multiplying such value by the number of calendar months or major parts thereof included in such period, and dividing the product thus obtained by twelve. For purposes of this subdivision, real property and marketable securities shall be valued at fair market value and the value of personal property other than marketable securities shall be the value thereof shown on the books and records of the taxpayer in accordance with generally accepted accounting principles.

§ 15. Subparagraph 1 of paragraph (a) of subdivision 3 of section 210 of the tax law, as amended by chapter 817 of the laws of 1987, is amended to read as follows:

(1) ascertaining the percentage which the average value of the taxpayer's real and tangible personal property, whether owned or rented to it, within the state during the period covered by its report bears to the average value of all, the taxpayer's real and tangible personal property, whether owned or rented to it, wherever situated during such period. For the purpose of this subparagraph the term "value of the taxpayer's real and tangible personal property" shall mean the adjusted bases of such properties for federal income tax purposes (except that in the case of rented property such value shall mean the product of (i) eight and (ii) the gross rents payable for the rental of such property during the taxable year); provided, however, that the taxpayer may make a one-time, revocable election, pursuant to regulations promulgated by the [tax commission] commissioner to use fair market value as the value of all of its real and tangible personal property, provided that such election is made on or before the due date for filing a report under section two hundred eleven for the taxpayer's first taxable year commencing on or after January first, nineteen hundred eighty-seven and provided that such election shall not apply to any taxable year with respect to which the taxpayer is included on a combined report unless

each of the taxpayers included on such report has made such an which remains in effect for such year;

election

§ 16. Clause (B) of subparagraph 2 of paragraph (a) of subdivision 3 of section 210 of the tax law, as amended by chapter 61 of the laws of 1989, is amended to read as follows:

(B) services performed within the state, provided, however, that (i) in the case of a taxpayer engaged in the business of publishing newspapers or periodicals, receipts arising from sales of advertising contained in such newspapers and periodicals shall be deemed to arise from services performed within the state to the extent that such newspapers and periodicals are delivered to points within the state, (ii) receipts from an investment company arising from the sale of management, administration or distribution services to such investment company shall be deemed to arise from services performed within the state to the extent set forth in subparagraph six of this paragraph and (iii) in the case of taxpayers principally engaged in the activity of air freight forwarding acting as principal and like indirect air carriage receipts arising from such activity shall arise from services performed within the state as follows: one hundred percent of such receipts if both the [pick up] pickup and delivery associated with such receipts are made in this state and fifty percent of such receipts if either the [pick up] pickup or delivery associated with such receipts is made in this state,

§ 17. Paragraph (a) of subdivision 3-a of section 210 of the tax law, as amended by chapter 61 of the laws of 1989, is amended to read as follows:

(a) Multiply its alternative business income by an alternative business allocation percentage determined pursuant to the method prescribed in subdivision three of this section except that the additional percentage (referred to in subparagraph four of paragraph (a) of such subdivision) equal to the percentage determined under subparagraph two of paragraph (a) of such subdivision shall be disregarded and not added together with the other percentages, and except that the percentages employed in such subdivision three shall be modified to reflect the factors utilized in computing minimum taxable income, provided, however, that a taxpayer principally engaged in the conduct of aviation (other than air freight forwarders acting as principal and like indirect air carriers) shall determine its alternative business allocation percentage pursuant to the method prescribed in subparagraph seven of paragraph (a) of subdivision three of this section.

§ 18. Paragraph (g) of subdivision 11 of section 210 of the tax law, as amended by chapter 15 of the laws of 1983, is amended to read as follows:

(g) If a business facility owned or operated by a taxpayer shall be an eligible business facility for only part of a taxable year, the credit otherwise allowed by this subdivision shall be prorated according to the period such facility was an eligible business facility, and if the total of the eligible property values shall have changed during any taxable year, a pro-rata adjustment shall be made in computing such credit. § 19. Subdivisions 11, 12, 12-A, 12-B, 12-C, 17, 18, 19 and 20 of section 210 of the tax law are amended by adding new subdivision headings to read as follows:

[blocks in formation]

Economic development zone investment tax credit (EDZ-ITC).

Economic development zone employment incentive credit (EDZ-EIC).
Credit for the special additional mortgage recording tax.
Research and development tax credit.

Economic development zone wage tax credit.

Economic development zone capital corporation tax credit.

§ 20. Paragraph (k) of subdivision 12 of section 210 of the tax law, as amended by chapter 1043 of the laws of 1981, is amended to read as follows:

(k) Retail enterprise tax credit. A retail enterprise[,] not eligible [to claim] for the credit under paragraph (a) of this subdivision, but eligible [to claim] for the credit [allowable] provided for under section thirty-eight of the internal revenue code pursuant solely to the EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

provisions of subparagraph (E) of paragraph one of subsection (a) of section forty-eight of such code, shall be allowed a credit as hereinafter computed. The amount of the credit shall be the percentage appearing in paragraph (a) of this subdivision for the periods described therein for the amount of qualified rehabilitation expenditures, as defined in subsection (g) of section forty-eight of such code, paid or incurred with respect to a qualified rehabilitated building, as defined in such subsection (g), located in this state and such expenditures shall further be limited to only the portion thereof paid or incurred with respect to that part of a qualified rehabilitated building employed by such taxpayer in the retail sales activity of such retail enterprise. For the purposes of this subdivision, the term "retail enterprise" means a taxpayer which is: (i) a registered vendor under article twenty-eight of this chapter, (ii) primarily engaged in the retail sale, as the "retail sale" is defined in subparagraph (i) of paragraph four of subdivision (b) of section eleven hundred one of this chapter, of personal property, and (iii) otherwise eligible for the credit allowed pursuant to section thirty-eight of the internal revenue code.

term

tangible

§ 21. Subdivision 14 of section 210 of the tax law is repealed. § 22. Subdivision 16 of section 210 of the tax law is repealed. § 23. Paragraph (b) of subdivision 20 of section 210 of the tax law, as amended by chapter 817 of the laws of 1987, is amended to read follows:

as

(b) [The] In no event shall the credit allowed under this subdivision for any taxable year [shall not] reduce the tax due for such year to less than the higher of the amounts prescribed in paragraphs (c) and (d) of subdivision one of this section. In addition, no taxpayer shall be allowed a credit, or credits with respect to more than one year, taken in the aggregate, of more than one hundred thousand dollars. In addition, such credit may not exceed fifty percent of the tax imposed under section two hundred nine computed without regard to any credit provided for by this section.

§ 24. Paragraph (c) of subdivision 20 of section 210 of the tax law, as added by chapter 686 of the laws of 1986, is amended to read as follows:

(c) Where stock the purchase of which is the basis for the credit provided for herein is disposed of, the taxpayer's entire net income[ or the portion thereof allocated within the state,] shall be computed pursuant to regulations promulgated by the [state tax commission) commissioner, SO as to properly reflect the reduced cost of such stock arising from the application of the credit provided for herein.

25. Paragraph (a) of subdivision 8 of section 211 of the tax law, as amended by chapter 65 of the laws of 1985, is amended to read as

follows:

(a) Except in in accordance with proper judicial order or as otherwise provided by law, it shall be unlawful for any tax commissioner, any officer or employee of the department of taxation and finance, or any person who, pursuant to this section, is permitted to inspect any report, or to whom any information contained in any report is furnished, or any person engaged or retained by such department on an independent contract basis, or any person who in any manner may acquire knowledge of the contents of a report filed pursuant to this article, to divulge or make known in any manner the amount of income or any particulars set forth or disclosed in any report under this article. The officers charged with the custody of such reports shall not be required to produce any y of them or evidence of anything contained in them in any action or proceeding in any court, except on behalf of the state or the [tax commission] commissioner in an action or proceeding under the provisions of this chapter or in any other action or proceeding involving the collection of a tax due under this chapter to which the state or the [tax commission] commissioner is a party or a claimant, or on behalf of any party to any action or proceeding under the provisions of this article when the reports or facts shown thereby are directly involved in such action or proceeding, in any of which events the court may require the production of, and may admit in evidence, so much of said reports or of the facts shown thereby as are pertinent to the action or proceeding, and no more. The [tax commission] commissioner may, nevertheless, publish a copy or a summary of any determination or decision rendered after the formal hearing provided for in section one thousand eighty-nine of this chapter. Nothing herein shall be construed to prohibit the delivery to a corporation or its duly authorized representative of a copy of any report filed by it, nor to prohibit the publication of statistics so classified as to

or

prevent the identification of particular reports and the items thereof; or the publication of delinquent lists showing the names of taxpayers who have failed to pay their taxes at the time and in the manner provided by section two hundred thirteen of this chapter together with any relevant information which in the opinion of the [tax commission] commissioner may assist in the collection of such delinquent taxes; the inspection by the attorney general or other legal representatives of the state of the report of any corporation which shall bring action to set aside or review the tax based thereon, or against which an action or proceeding under this chapter has been recommended by the commissioner of taxation and finance or the attorney general or has been instituted; or the inspection of the reports of any corporation by the comptroller or duly designated officer or employee of the state department of audit and control, for purposes of the audit of a refund of any tax paid by such corporation under this article; and nothing in this chapter shall be construed to prohibit the publication of the issuer's allocation percentage [of capital, issued capital stock, gross premiums or net income] of any corporation [which may be required to be allocated within the state for purposes of the tax imposed by], as such term "issuer's allocation percentage" is defined in subparagraph one of paragraph (b) of subdivision three of section two hundred ten of this article.

§ 26. Section 213 of the tax law, as added by chapter 415 of the laws of 1944, subdivision 1 as amended by chapter 643 of the laws of 1973, the second unnumbered paragraph of subdivision 1 as amended by chapter 613 of the laws of 1976, the opening paragraph of the second unnumbered paragraph of subdivision 1 as amended by chapter 61 of the laws of 1989, subparagraph a of the second unnumbered paragraph of subdivision 1 amended by chapter 542 of the laws of 1985, subdivision 3 as added by chapter 842 of the laws of 1976 and subdivisión 2 as renumbered by chapter 613 of the laws of 1976, is amended to read as follows:

as

§ 213. Payment and lien of tax. 1. To the extent the tax imposed by section two hundred nine of this chapter shall not have been previously paid pursuant to section [two-hundred] two hundred thirteen-b of this chapter, a. such tax, or the balance thereof, shall be payable to the [tax commission] commissioner in full at the time the report is required to be filed, and

b. such tax, or the balance thereof, imposed on any taxpayer which ceases to exercise its franchise or to be subject to the tax imposed by this article shall be payable to the [tax commission] commissioner at the time the report is required to be filed, provided such tax of a domestic corporation which continues to possess its franchise shall be subject to adjustment as the circumstances may require; all other taxes of any such taxpayer, which pursuant to the foregoing provisions of this section would otherwise be payable subsequent to the time such report is required to be filed, shall nevertheless be payable at such time.

2. If any taxpayer, within the time prescribed by section two hundred eleven of this article, shall have applied for an automatic extension of time to file its annual report and shall have paid to the commissioner of taxation and finance on or before the date such application is filed an amount properly estimated as provided by said section, the only amount payable in addition to the tax shall be interest at the underpayment rate set by the commissioner pursuant to section one thousand ninety-six of this chapter, or, if no rate is set, at the rate of six per centum per annum upon the amount by which the tax, or the portion thereof payable on or before the date the report was required to be filed, exceeds the amount SO paid. For purposes of the preceding amount so paid shall be deemed properly estimated if it is either (i) not less than ninety per centum of the tax as finally determined computed without regard to any credit allowable under subdivision fourteen of section two hundred ten of this chapter)], or (ii) not less than the tax shown [(computed without regard to any credit allowable under subdivision fourteen of section two hundred ten of this chapter), on the taxpayer's report for the preceding taxable year, if such preceding year was a taxable year of twelve months; and

sentence:

a.

b.

an

the time when a report is required to be filed shall be determined without regard to any extension of time for filing such report.

EXPLANATION Matter in italics is new; matter in brackets [ ] is old law

« AnteriorContinuar »