What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to ways and means
- Referred to ways and means
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A8958
Title of bill
An act to amend the tax law, in relation to banking corporations and credit card receivables
Purpose or general idea of bill
To provide a technical correction to the definition of a credit card bank, thereby creating certainty. for New York banking corporations for purposes of taxation.
Summary of specific provisions
Amends Subsection (f)(2)(v) of section 1462 of the tax law add language :which clarifies -that a credit card bank that. originates receivables and. derives receipts in New York principally from the collection or sale of those credit card receivables, including but not limited to interest, fees and penalties in the nature of interest, service charges and fees from credit-card receivables and receipts from merchant discounts, will not be included in a combined return with another banking corporation or bank holding company unless inclusion in a combined return is necessary to properly reflect the tax liability of the credit card bank, the banking corporation or the bank holding company. JUSTIFICATION: In the Revenue Bill for the 2008-09 State Budget, a new provision was enacted creating nexus in New York State for certain credit card banks as well as a manner of filing their returns on a separate return basis. However language contained in that provision created much uncertainty among corporations with respect to whom the provision actually applied. This provision clarifies the definition, providing banking corporations with the needed certainty.
Prior legislative history
None. The language in question was enacted in the 2008-09 State Budget, and this effort is to clarify that language.
Fiscal implications
None. Revenue-neutral to the State.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.