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History
- Substituted by A7557
- Ordered to third reading cal.1452
- Committee discharged and committed to rules
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Allows the tax department to disclose certain information to the commissioner of finance of the city of New York for purposes of administering laws relating to taxes and charges collected by NYC DOF
Signed by Governor · Sponsor Herman D. Farrell
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5347
Title of bill
An act to amend the tax law, in relation to information returns relating to payments made in settlement of payment card and third party network transactions
Summary of provisions
Section one of this bill amends paragraph (c) of subdivision 1 of section 1703 of the Tax Law to permit he Department of Taxation and Finance to disclose such information that concerns any person or entity with a New York City address or that is required to pay New York city taxes and/or charges or that is subject to any reporting requirement pursuant to New York city tax laws, only to the Commissioner of Finance of the City of New York, and only to be used for administration of laws relating to taxes or charges collected by the New York City Commissioner of Finance.
Section two of this bill provides that this act shall take effect immediately.
Justification
Chapter 57 of the Laws of 2010 added section 1703 to the Tax Law to require the annual filing of information returns with the New York State Department of Taxation and Finance with regard to credit and debit card payments to New York State payees, from banks and other entities that make payments to participating payees in settlement of payment card and third party network transactions. An information return is required to be filed with the Department of Taxation and Finance by any entity required to file such an information return with the Internal Revenue Service under Internal Revenue Code § 6050W. Tax Law section 1703 presently prohibits the Department of Taxation and Finance from redisclosing any information it receives on such an information return.
This proposal would allow for the sharing of this information between the New York State Department of Taxation and Finance and the New York City Department of Finance ("DOF"), in order to facilitate more accurate and efficient administration of New York City tax laws by DOF. Specifically, it will allow the State to share information concerning persons or entities with a Net,V York City address or that are required to pay New York City taxes and/or charges that are subject to any reporting requirement pursuant to New York City tax laws. This information will provide DOF with a much needed enforcement tool that will allow the City to identify underreporting and nonfiling by businesses who are potentially subject to New York City taxes who are parties to payment card and third party network transactions. For example, such information could assist the Department of Finance in identifying underpayment of City business taxes by merchants who are subject to the New York City general corporation tax.
This amendment would allow for the use of this information by the New York City Commissioner of Finance only for the administration of laws relating to taxes or charges collected by the Commissioner.
Accordingly, the Mayor urges the earliest possible favorable consideration of this proposal by the Legislature.
Legislative history
New Bill; was Part DDD of S.2609-C of 2013
Fiscal implications
None
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.