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NY A03896
Bill
Status
Introduced
1/29/2013
Primary Sponsor
Marcos Crespo
Click for details
AI Summary
- Imposes an annual franchise tax on companies receiving benefits from life insurance policies obtained on employees and/or retirees, effective for taxable years beginning January 1, 2017
- Tax rate is 50 percent of gross receipts from all proceeds derived from such life insurance policies
- Companies subject to the tax must maintain records in the form required by the Commissioner and preserve them for three years, unless the Commissioner consents to earlier destruction or requires longer retention
- Applies to companies exercising corporate franchise, doing business, employing capital, owning or leasing property in New York State in a corporate or organized capacity, or maintaining an office in the state
Legislative Description
Provides for an additional franchise tax on life insurance policies obtained by companies on its employees and/or retirees.
Last Action
held for consideration in ways and means
6/17/2014
Committee Referrals
Ways and Means1/29/2013
Full Bill Text
No bill text available