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History
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6922 REVISED 04/16/12
Title of bill
An act to amend the tax law, in relation to filing fees for partnerships
Purpose
This bill would eliminate the filing fee imposed in 2009 which serves as a deterrent to job creation. Passage of the bill would eliminate this onerous fee and would facilitate a more favorable business climate within New York State.
Summary of provisions
Section 1 - Amends Subparagraphs (A) and (B) of paragraph 3 of subsection (c) of section 658 of the tax law, subparagraph (A) as amended by section 18 of part U of Chapter 61 of the laws of 2011 and subparagraph (b) as amended by Section 1 of part H-1 of Chapter 57 of the laws of 2009. Amends the law to change the definition to limited liability partnerships under article eight-B of the partnership law and every foreign limited liability partnership.
Section 2 - Amends Subsection (a) of section 1304-C of the tax law, as amended by section 2 of part H-1 of Chapter 57 of the laws of 2009. Amends the law to change definition to limited liability partnerships under article eight-B of the partnership law and every foreign limited liability partnership.
Section 3 - Effective date.
Existing law
As of 2009 NYS businesses have been required to pay LLC fees on general partnerships.
Justification
Historically New York had imposed filing fees on limited liability companies and limited partnerships. However, in 2009 those fees were expanded to include general partnerships, based on NY source income. Tax increases such as these create a deterrent to business expansion and job creation.
Legislative history
New bill.
Fiscal implications
$50M
Effective date
January 1, 2013
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.