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NY A06014
Bill
Status
3/3/2011
Primary Sponsor
Daniel Burling
Click for details
AI Summary
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Amends chapter 298 of the laws of 1985 to remove January 1, 2011 expiration dates for sections relating to the franchise tax on banking corporations imposed by New York City.
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Removes January 1, 2011 expiration dates from the business tax reform and rate reduction act of 1987 (chapter 817 of the laws of 1987) for provisions applying to banking corporation taxes.
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Removes January 1, 2011 expiration dates from chapter 525 of the laws of 1988 relating to tax provisions imposed by New York City on banking corporations.
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Makes permanent the application of alternative minimum tax provisions measured by taxable assets and other specified tax measures for all taxpayers, while other provisions continue to apply only to savings banks and savings and loan associations.
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Takes effect immediately upon enactment.
Legislative Description
Eliminates expiration of and makes permanent the provisions of the tax law authorizing the imposition by city of New York of a franchise tax on banking corporations.
Last Action
held for consideration in ways and means
6/19/2012