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Who cares
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Sponsors
1 Co-sponsor
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 exempting certain not-for-profit housing associations from franchise taxes
Purpose
This act will exempt housing associations that are not-for-profit corporations, as defined by subparagraph (a) of section one hundred two of the not-for-profit corporation law.
Summary of provisions
The bill amends subdivision 4 of section 209 of the Tax Law, as amended by section 2 of part FF-1 of chapter 57 of the Laws of 2008, to include not-for-profit housing associations in the grouping of certain corporations that are not subject to the franchise tax.
Justification
Certain housing associations exist for the purposes of coordinating local activities and providing a channel of communication for local home owners. Such housing associations do not incur a profit, and do not operate a profit making business or service. This act exempts such housing associations from the franchise tax.
Fiscal implications
None.
Effective date
This act shall take effect immediately; provided, however, that the amendments to subdivision 4 of section 209 of the tax law made by section one of this act shall not affect the expiration of such subdivisions and shall be deemed to expire therewith.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.