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S3753Senate2011-2012 Session

Extends certain provisions relating to the Gramm-Leach-Bliley act

Sponsor Joseph A. GriffoSD-47+1 co-sponsorAffects Finance
Status
In Senate Committee
Banks
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Banks

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Who cares

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Sponsors

Primary sponsor
Joseph A. Griffo

Senator · Senate District 47

Chair, Banks

1 Co-sponsor

History

  1. Print number 3753b
  2. Amend (t) and recommit to banks
  3. Referred to banks
  4. Committed to rules
  5. Advanced to third reading
  6. 2nd report cal.
  7. 1st report cal.854
  8. Print number 3753a
  9. Amend and recommit to finance
  10. Reported and committed to finance
  11. Referred to banks

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:S3753B

Title of bill

An act to amend the tax law and the administrative code of the city of New York, in relation to the effectiveness of certain provisions relating to the federal Gramm-Leach-Bliley act

Purpose

This bill would extend for one year the provisions in the State and City bank taxes relating to enactment and implementation of the federal Gramm-Leach-Bliley Act. The provisions of the Gramm-Leach- Bliley extender are presently expired for taxable years beginning on or after January 1, 2013.

Summary of provisions

This bill would amend section 1452 of the tax law and section 11-640 of the administrative code of the City of New York by extending the sunset provisions until January 1, 2014.

Justification

Transitional provisions were added to the New York Tax Law and the New York City Administrative Code to comply with the federal Gramm-Leach-Bliley Act beginning in 2000, These provisions removed prohibitions against the affiliation of banks, securities firms and insurance companies. Removal of these prohibitions allowed banks and securities firms to be more certain of their taxable status as they exercised the expanded powers granted to them at the federal level. This legislation extends the transitional provisions an additional year to allow time for consideration of the legislature of an anticipated report of the Executive on reform of corporate taxes.

Legislative history

2011 Rules Committee

Fiscal implications

None.

Effective date

Immediate.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.