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NY A10506
Bill
Status
5/31/2022
Primary Sponsor
Helene Weinstein
Click for details
AI Summary
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Excludes COVID-19 pandemic small business recovery grants and small business resilience grants from taxable income under general corporation tax, business corporation tax, and partnership taxes, retroactive to January 1, 2021.
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Allows overpayments of business taxes to be credited against any tax liability before being paid to the state commissioner of taxation and finance.
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Expands business corporation tax nexus to include corporations deriving $1 million or more in receipts from activity within New York City, with inflation adjustments every 10 percent change in consumer price index.
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Requires full disclosure of ultimate owners of limited liability companies in real property transfer tax filings, extending disclosure requirements to shareholders, directors, officers, members, managers and partners of business entities.
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Modifies pass-through entity tax election deadlines and estimated payment requirements for taxable year 2022, moving the effective date to January 1, 2022.
Legislative Description
Relates to the exclusion of certain grants as taxable income for certain business taxes, the imposition of the business corporation tax, the credit of certain overpayments of tax against other taxes owed, and the disclosure of owners of limited liability companies with respect to the real property transfer tax; relates to a city pass-through entity tax.
Last Action
substituted by s9454
6/3/2022