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History
- Print number 3473a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Returned to senate
- Died in assembly
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 40–20
- Advanced to third reading
- 2nd report cal.
- 1st report cal.525
- Reported and committed to finance
Show 1 earlier action
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3473A
Title of bill
An act to amend the tax law, in relation to the imposi- tion of the personal income tax upon foreign partnerships
Purpose of the bill
Under current law, foreign partnerships and out-of- state limited liability companies taxed as a partnership are discouraged from doing business with New York fulfillment service providers because of the potentially adverse tax consequences they may face. The concern is that an LLC or partnership that would not otherwise be subject to New York State taxes will become subject to taxation in New York because of its purchase of services from a New York fulfillment service provider. The purpose of this bill is to grant the same exemptions to partnerships and LLCs that are taxed as partnerships that are granted to corporations under Article 9-A of the Tax law.
Summary of provisions
Section 1: Amends subsection (f) of section 601 of the tax law by designating subdivision (1) and adding a new subdivi- sion (2) to provide that foreign partnerships and non-resident partners of foreign partnerships will not have nexus with the state because they use fulfillment services of an entity or person of the state.
Section 2: Provides that this act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2015.
Justification
The purpose of this bill is to provide a level playing field for partnerships and LLCs with the same advantages currently granted to 9-A corporations. This legislation assures out-of-state busi- nesses that their use of New York fulfillment services will not result in adverse tax consequences, regardless of whether the business is formed as a corporation, partnership, or LLC. This encourages out-of- state businesses in New York and demonstrates the commitment that New York is truly "Open for Business."
Prior legislative history
2012 - S.7542.
Budget implications and local impact
Fiscal Note attached.
Effective date
The bill would take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.