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Sponsors
1 Co-sponsor
History
- Recommit, enacting clause stricken
- Referred to banks
- Reported and committed to finance
- Referred to banks
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3752
Title of bill
An act to amend the banking law, in relation to eligibility of investment funds for tax credits; to amend chapter 56 of the laws of 1998, amending the tax law and other laws relating to extending the dates of application of the investment tax credit under articles 9-A, 22 and 32 of the tax law; and to amend chapter 63 of the laws of 2000, amending the tax law and other laws relating to extending the dates of application of the investment tax credit under article 33 of the tax law, in relation to extending the effectiveness thereof
Purpose
This bill would extend the investment tax credit for four years for certain financial services taxpayers.
Summary of provisions
Section 1 of the bill would amend section 235 of the banking law to provide that investments of funds would be subject to taxation under articles 9-A, 22, 32 and 33 of the tax law.
Section 2 of this bill would extend the end date of the period during which qualifying property may be placed in service to qualify for the investment tax credits applicable to financial services taxpayers under Tax Law Articles 9-A, 22 and 32 from October 1, 2011 to October 1, 2015.
Section 3 of the bill extends the end date for the period during which qualifying property may be placed in service to qualify for the investment tax credit applicable to financial services taxpayers under Tax Law Article 33 from October 1, 2011 to October 1, 2015.
Justification
The financial services investment tax credit has allowed taxpayers in the financial services industry to invest in property and buildings in New York. In order to be eligible for the tax credit, the property must be principally used in the ordinary course of the taxpayer's trade or business as a broker or dealer in connection with transactions involving stocks, bonds, and other securities. Property that is principally used in the ordinary course of the taxpayer's business of providing investment advisory services for loan origination services or a regulated investment company in connection with the purchase or sale of securities is also eligible for the tax credit.
Taxpayers only qualify for the tax credit if all or substantially all of the employees performing the administrative or support functions relating to the property are located in New York State.
The credit was last extended in 2008. Another four year extension of the tax credit will ensure continued investment in New York property by taxpayers of the financial services industry.
Legislative history
This is a new bill for 2011.
Fiscal implications
The annual revenue foregone due to the extension of this tax credit has been included in the Executive Budget.
Effective date
This bill takes effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.