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Sponsors
No co-sponsors yet.
History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to the reporting of tax information by certain corporations
Summary of provisions
This legislation would amend the tax law to add a new section 8-a. This bill would require that information concerning income earned in the State of New York and taxes paid to New York State, inclusive of credits and deductions, by corporations filing under Article 9A of the Corporate franchise tax law be made available to the public. The New York information made public would be the same as that made public for Federal tax purposes through SEC 10k filing.
Existing law
There is currently no provision in the tax law requiring corporations to disclose to the public income taxes paid to New York State.
Justification
Secrecy provisions in the tax law were intended to protect individuals, not corporations. In fact, corporations are currently required to publicly disclose information regarding federal income and taxes under the Securities and Exchange Act of 1934 through the SEC 10K disclosure. If it is not an invasion of privacy for corporations to disclose income taxes at the federal level, then it cannot be an invasion of privacy to provide the same disclosure at the State level. Without knowledge of income, taxes paid, and credits used by individual corporations, it is impossible to engage in the same cost benefit analysis as can be done for spending programs. Since tax expenditure programs, in particular, are tantamount to public spending programs, the public has a right to know to whom credits are being given, how much an individual Corporation receives and what the economic benefits or disadvantages of these programs are. Thus a Sound and reasoned policy, not only with respect to taxation but also with respect to economic development effects of taxation, is impossible to develop in the context of such secrecy. Analyses of tax expenditure data indicate that, prior to corporate tax reform in 1987, there had been significant reductions in tax liabilities due to loopholes and minimum tax provisions in the law by some of the State's largest corporations. Without disclosure of corporate tax and income data it will be impossible to evaluate the effectiveness of these reforms.
Fiscal implications
None or negligible.
Effective date
180 days after this act shall become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.