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Who cares
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Sponsors
No co-sponsors yet.
History
- 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.
Relates to franchise tax on banking corporations
In Assembly Committee · Ways And Means · Sponsor James Skoufis
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to franchise tax on banking corporations
Purpose or general idea of bill
Reinstates a bank tax based on the highest of four bases: a tax on allocated entire net income, a tax on allocated alternative entire net income, a tax on allocated taxable assets, or a fixed dollar minimum tax. Banks are not allowed to segregate their income and capital into business and investment varieties.
Summary of specific provisions
The bill will amend the tax law to reinstate Article 32, the franchise tax on bank corporations.
Justification
No analysis or study has ever been shared that demonstrates the elimination of the bank tax in the 2014-2015 budget was in any way vital to the well-being of New York's financial sector. Until that time, the bank tax should be reinstated, particularly in light of the financial sector's actions leading up to the recent recession as well as the fact that it has already received substantial assistance from taxpayers as part of the federal government's Trouble Asset Relief Program or TARP.
Prior legislative history
None.
Fiscal implications
Estimated revenue increase of 200 million to 250 million.
Effective date
This act shall take effect immediately and apply to taxable years starting January 1, 2015.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.