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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
BILL NUMBER:S3561
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 tax laws relating to enactment and implementation of the federal Gramm-Leach-Bliley Act. These transitional provisions are presently scheduled to expire for taxable years beginning on or after January 1, 2015.
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 the taxable year beginning January 1, 2016.
Justification
Transitional provisions were added in 2000 to the New York Tax Law and the New York City Administrative Code to address the tax uncertainties created by the federal Gramm-Leach-Bliley Act of 1999 (which removed prohibitions against the affiliation of banks, securities firms and insurance companies). These transitional provisions allowed banks, insurance companies 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 help provide these companies with better guidance and predictability regarding their tax status as they conduct business and make investment decisions.
Legislative history
2011-12 S. 3753b - Banks 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.