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NY S08115
Bill
Status
Introduced
6/9/2010
Primary Sponsor
Carl Kruger
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AI Summary
- Adds a retailer credit for eligible taxpayers engaged in retail activity subject to New York City's general corporation tax, effective for taxable years beginning January 1, 2010
- Provides a full tax credit if computed tax is $3,400 or less; a sliding credit if tax exceeds $3,400 but is less than $5,400; and no credit if tax is $5,400 or more
- Defines eligible taxpayers as those subject to the general corporation tax with an election in effect under Tax Law Section 660(a)
- Defines retail activity as predominantly in-person sales of tangible personal property for purposes unrelated to a buyer's business, food for off-premises consumption, or physical care of personal property
- Requires corporations with substantially identical shareholders engaged in the same or related businesses to be treated as a single entity for credit purposes
Legislative Description
Establishes a credit against the general corporation tax for eligible taxpayers engaged in retail activity.
Last Action
REFERRED TO CITIES
6/9/2010
Committee Referrals
Cities6/9/2010
Full Bill Text
No bill text available