Gambar halaman
PDF
ePub

or

or

empowered

activity or business,, by, entering into any transaction at more or less than fair price which, but for such agreement, arrangement or understanding, might have been paid or received therefor, or (2) any taxpayer enters into any transaction with another corporation on such terms as to create an improper loss or net income, the commissioner of finance may include in the entire net income or alternative entire net income of the taxpayer the fair prof its which, but for such agreement, arrangement understanding, the taxpayer might have derived from such transaction.

§ 46. If the provisions of article thirty-two of the tax law or the analogous provisions of the administrative code of the city of New York regarding the deduction for the adjusted eligible net income of an ințernational banking facility shall be adjudged by any, court of competent jurisdiction

to

be invalid, such modižication shall be disallowed and the portion of entire net income or alternative entire net income which is derived from business carried on within the state shall be determined as if the election, provided for in paragraph two of subsection (b) of section fourteen hundred fifty-four of such law had been made or as if the election provided for in paragraph two of subdivision (b) of section R46-37.4 of the administrative code of the city of New York had been made. Such judgment shall not affect, impair invalidate any other provisions of such law or the analogous provisions of such code.

§ 47. The provisions of this chapter amending article thirty-two of the tax law are substantially identical to the provisions of subpart four of part three of title R of chapter forty-six of the administrative code of the city of New York. The state tax commission and the commissioner of finance of the city of New York shall use their best efforts both to promulgate joint regulations and to take such steps as are appropriate to ensure that identical regulations and statutes are applied and interpreted uniformly and consistently. To carry out the provisions and intent of this section, the state tax commission and the commissioner of finance of the city of New York are authorized and to enter, at their discretion, into an agreement or agreements to provide for: (1) a single audit, and examinations of the books and records of any corporation which is subject to the taxes imposed by, or required to file returns, pursuant to both such article and such subpart, (2) where appropriate, a consistent determination and conclusion with respect to factual matters and interpretations of law whenever such determinations and conclusions relate to substantially identical provisions of such article and such subpart. Provided, however, that such agreement shall relate solely to examining books and records and not relate to review, assessment, appeal, or any other action taken on the basis of such examination. 'Nothing' in this section shall require a single assessment or appeal, or any other action taken on the basis of any single audit, examination, determination or conclusion.

§ 48. The tax commission and the commissioner of finance of the city of New York, on or before December first, nineteen hundred eighty-five, shall promulgate joint rules and regulations pertaining to article thirty-two of the tax law and subpart four of part three of title R of chapter forty-six of the administrative code of the city of New York. Such sules and regulations shall cover, but shall not be limited to, (i) the definition and situs of loans, 'finance leases and other business receipts, (ii) the definition of "maintained" with respect to the situs of deposits, (iii) the definition and situs of wages, salary and other compensation, (iv) the definition of taxable assets; (v) the criteria for determining when the filing of combined returns is required or permitted, and (vi) the criteria for determining when tax liability is improperly reflected because of intercompany transactions or some agreement, understanding, arrangement or transaction.

$ 49. On or before December fifteenth, nineteen hundred eighty-five, the commissioner of taxation and finance shall submit to the governor and the legislature a bank tax audit plan, approved by the director of the budget. Such plan shall provide for the enhancement of audit and collection efforts related to compliance with the provisions of article thirty-two of the tax law and shall be fully implemented during the nineteen hundred eighty-six-eighty-seven fiscal year if the relevant appropriations requested by the governor in his nineteen hundred eighty, six-eigthy-seven executive budget are approved by the legislature. Such plan shall also provide information regarding the utilization of the auditors involved including appropriate targets of the kind required by EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

or

а

section fourteen-a of the state finance law. The results of audits conducted pursuant to such plan shall be included in the report required by section fourteen-a of the state finance law, in the manner required by such section.

§ 50. 1. On or before December first, nineteen hundred eighty-seven, temporary state commission shall be created to determine whether the provisions of this act shall be continued for taxable years beginning or after January first, nineteen hundred ninety, whether they should be changed in some manner, or whether they should be eliminated, and, on or before December first, nineteen hundred eighty-eight and December first, nineteen hundred eighty-nine the commission shall report its findings to the governor, the legislature and the mayor of the city of New York with recommendations of changes necessary, and if elimination is recommended it shall recommend what alternatives should be considered. The department of taxation and finance, the department of commerce, the department of labor, the department of banking, the department of públic service, the department of insurance and all other state agencies shall cooperate with and assist the commission in the fulfillment of its responsibilities pursuant to this section and may render such services to the commission within their respective functions as may be requested by the commission. The department of taxation and finance shall supply to such commission any information as may be needed, including, but not limited to, (i) the number of taxpayers paying, on éach tax base and the amount of taxes paid on each such base for taxable years beginning on or after January first, nineteen hundred eighty for which such information is available; (ii) the total amount of subtractions made

pursuant to each subparagraph of paragraph eleven of subsection (e) of section fourteen hundred fifty-three of the tax law, paragraph twelve of such subsection, and subsection (f) of such section and the total amount of additions and subtractions made pursuant to each subsection of such section for such taxable years;, (iii) for taxable years beginning on or after January first, nineteen hundred eighty-five, information as to the number of corporations included in the federal consolidated return, the total consolidated federal taxable income before any net operating 'loss deduction of such corporations, the total consolidated federal taxable income before any net operating loss deduction of those corporations which are included in the federal consolidated return but are not included in the combined return pursuant to article thirty-two of the tax law, and the total consolidated federal taxable income before any net operating loss deduction of those corporations not included in the federal consolidated return but are included in the combined return purşuant to article thirty-two of the tax law; (iv) for taxable years beginning on

on or after January first, nineteen hundred eighty-five, the numerators and denominators of the receipts, deposits and wages ratios used to allocate income and assets within and without the state; (v) audiț activity and results of all audit activity to date for all such taxable. years; and (vi) classifications of items (i) to (v) by major type, foreign banks, the twelve largest commercial banks (determined according to assets), other commercial banks with their headquarters in New York state, other commercial banks with their headquarters outside of New York state, savings banks, and savings and loan associations, and size of taxpayer. Notwithstanding the provisions of this section, the secrecy provisions described in section fourteen hundred sixty-seven of the tax

2. The commission established in subdivision one of this section shall be composed of eleven voting members to be appointed by the governor, five of whom shall be appointed, one each, upon the recommendation of the following: the temporary president of the senate, the speaker of the assembly, the minority leader of the senate, the minority leader of the assembly, and the mayor of the city of New York. In addition, the commission shall include two non-voting members from the city of New York, one of whom shall be the commissioner of finance of the city of New York and one of whom shall be appointed by the mayor of the city of New York.

§ 51. This act shall take effect immediately and shall apply to taxable years beginning on or after January first, nineteen hundred eightyfive, except that:

(a) sections one through eight shall not apply to taxable years beginning on or after January first, nineteen hundred ninety;

(5) sections nine, twelve, the amendment made to paragraph nine of subsection (a) of section fourteen hundred fifty-two of the tax law by section thirteen, sections fifteen, sixteen, eighteen, nineteen, twenty, twenty-three, twenty-seven, thirty and thirty-two, the amendment made to

paragraph nine of subdivision (a), of section R46-37. 2 of the administrative code of the city of New York by section thirty-three, sections thirty-five, thirty-six, thirty-eight, thirty-nine, forty, and fortyfive shall not apply to corporations other than savings banks and savings and loan associations for taxable years beginning on or after January first, nineteen hundred ninety;

(c), sections twenty-one, twenty-two,, twenty-four, forty-one and fortytwo shall not apply to corporations other than savings banks and savings and loan associations for taxable years, beginning on or after January first, nineteen hundred ninety, provided, however, that the provisions of such sections which relate to the alternative minimum tax measured by taxable assets shall continue to apply to all taxpayers for taxable years beginning on or after January first, nineteen hundred ninety;

(d) the amendment to the section heading and the opening paragraph of section R46-37.53 of the administrative code of the city of New York made by section forty-three shall not apply to corporations other than savings banks and savings and loan associations for taxable years beginning on or after January first, nineteen hundred ninety with respect to those provisions of such section R46-37.53 which relate to the basic tax measured by entire net income; and

(e) section twenty-eight, and the addition of new section R46-37.55 of the administrative code of the city of New York made by section fortyfour shall not apply to corporations other than savings banks and savings and loan associations for taxable years beginning on or after January first, nineteen hundred ninety, provided, however, that the provisions of such sections which relate to the alternative minimum taxes measured by assets, issued capital stock and one hundred twentyfive dollars shall continue to apply to all taxpayers for taxable years beginning on or after January first, nineteen hundred ninety.

REPEAL. NOTE. -Subsection (b) of section fourteen hundred fifty-five of the tax law repealed by section twenty-four of this act relates to the alternative minimum tax. Section twenty-four of this act replaces the current alternative minimum tax with another one. Subsection (d) of section fourteen hundred fifty-six of the tax law repealed by section twenty-six of this act provides that the bank tax credits for home heating oil emergency loans made in the winter of nineteen hundred seventynine-nineteen hundred eighty shall no longer apply. This section is obsolete. Subsection (¥) of section fourteen hundred sixty-two of the tax law, and subdivision (f) of section R46-37.8 of the administrative code, repealed by sections twenty-seven and forty-five of this act relate to the calculation of the tax on a consolidated basis. Sections twenty-seven and forty-five of this act replace this calculation with one where the tax is computed on a combined basis. Subdivision B of section nine of chapter eight hundred eighty-three of the laws of nineteen hundred seventy-five, repealed by section twenty-nine of this act, relates the expiration of certain provisions concerning rate increases and the deductibility of taxes for purposes of the franchise tax on banking corporations imposed by the city of New York. That subdivision is now obsolete and its repeal is necessary to avoid possible confusion.

SPECIAL NOTE. -Notwithstanding that Chapter 298 of the Laws of 1985 amends paragraph (a) of subdivision 4 of section R46-3.0, amends subdivision (c)

and adds subdivisions (d) and (e) of section R46-37.0, amends subdivisions (a), (b), and (d) of section R46-37.2, amends paragraph ,(1) of subdivision (b), the opening paragraph, and paragraph (8) of subdivision (e), adds paragraphs (9), (10), (11) and (12) of subdivi: sion (e), amends the opening paragraph of subdivision (f), reletters subdivisions (8) through (j) to be (h) through (k) and adds a new (8) to section R46-37.3, adds sections R46-37. 3-A and Ř46-37.55, amends section R46-37.4, amends the section heading and opening paragraph of section R46-37.53, repeals subdivision (f) and adds new subdivisions (f) and (8) of section R46-37.8 of the former Administrative Code of the City of New York, it is the determination of the Legislative Bill Drafting Commission, pursuant to the provisions of bill section 14 of Chapter 907 of the Laws of 1989 to juxtapose such section headings, paragraphs, subdivisions and sections, as paragraph ,(a), of subdivision 4 of section 11-603; subdivisions (c), (d) and (é) of section 11-638; subdivisions EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

[merged small][ocr errors][ocr errors]

to

(a), (b) and (d) of section 11-640; paragraph (1) of subdivision (b), the opening, paragraph and paragraphs (8), (9), (10), (11) and (12) of subdivision(e), the opening paragraph of subdivision (f), and subdivisions (8) through (k) of section 11-641; sections 11-641. 01, 11-652 and 11-642; the section heading and opening paragraph of section 11-650 and subdivisions (f) and CR of section 11-646, respectively, to the Unconsolidated Law entitled "The Administrative Code of the City of New York", as enacted by such Chapter 907 of the Laws of 1985.

CHAPTER 299

AN ACT to amend the banking law, in relation to the limits of savings

bank life insurance policies
Became a law July 10, 1985, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.
The People of the State of New York, represented in Senate and Assen-
bly, do enact as follows:

Section 1. The opening and closing paragraphs of section two hundred sixty-six of the banking law, as amended by chapter six hundred fifty of the laws of nineteen hundred sixty-seven, amended to read as follows:

A savings and insurance bank may obligate itself to pay not more than [thirty) fifty thousand dollars in the event of the death of one person exclusive of:

No sayings and insurance bank shall write any annuity contract other wise binding it to pay in any one year more than [three] five thousand dollars exclusive of dividends or profits.

§ 2. This act shall take effect immediately.

are

CHAPTER 300

[ocr errors]

AN ACT to amend the civil practice law and rules, in relation to appeals

to the court of appeals
Became a law July 11, 1985, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.
The People of the State of New York, represented in Senate and Assen-
bly, do enact as follows:

Section 1. Subdivision (a) of section fifty-six hundred one of the çivil practice law and qules, as amended by chapter ninety-five of the laws of nineteen hundred seventy-three, is amended to read as follows:

(a) Dissents, reversal or modification). An appeal may be taken to the court of appeals as of right in an action originating in the supreme court, a county court, a surrogate's court, the family court, the court of claims or an administrative agency, from an order of the appellate division which finally determines the action, where [(i)) there is a dissent by at least two justices on a question of law in favor of the party taking such appealt, or (li) such order directs a reversal of the judgment or order appealed' from, or (iii) such order directs a modification thereof in a substantial respect, which is within the power of the court of appeals to review on such appeal, and the party taking the appeal is aggrieved by the modification):

§ 2. The opening paragraph of subdivision (a) of section fifty-six hundred two of such law and rules is amended to read as follows:

Permission of appellate division or court of appeals. An appeal may be taken to the court of appeals by permission of the appellate division granted before application to the court of appeals, or by permission of

the court of appeals upon refusal by the appellate division or upon direct application. Permission by an appellate division for leave to appeal shall be pursuant to rules authorized by that appellate division. Permission by the court of Appeals for leave to appeal shall be pursuant to rules authorized by the court which shall provide that leave to &ppeal be granted upon the approval of two judges of the court of appeals. Such appeal may be taken:

§ 3. This act shall take effect on the first day of January next succeeding the date on which it shall have become a law and shall apply to every notice of appeal taken or motion for leave to appeal to the court of appeals made on or after such effective date.

CHAPTER 301

on

AN ACT to amend the state finance law, in relation to compensation and

benefits of certain state officers and employees
Became a law July 11, 1985, with the approval of the Governor.

Passed by a majority vote, three-fifths being present. The People of the State of New York, represented in Senate and Assenbly, do enact as follows:

Section 1. Subdivision two of section two hundred seven of the state finance law, as amended by chapter seventy-eight of the laws of nineteen hundred eighty-two, is amended to read as follows:

2. Where, and to the extent that, an agreement between the state and an employee organization entered into pursuant to article fourteen of the civil service law so provides on behalf of employees and upon audit and warrant of the comptroller, the director shall provide for the payment of monies quarterly to such employee organization for the establishment and maintenance of an employee benefit fund established by the employee organization for the employees in the negotiating unit covered by the controlling provision of such agreement providing for such emo ployee benefit, . fund, such amount to be determined consistent with the procedure established' in said agreement and on the basis of the number of employees the payroll during the payroll period the last day of which ends no later than twenty-one calendar days before the beginning of the quarter next following such day as determined by the comptroller unless there is an agreement entered into pursuant to such article fourteen between the state and such employee organization for the determination during a different payroll period of the number of employees in positions which are on an appointment cycle which does not place them on payroll at the time that such number of employees would otherwise be determined. The amount, which will be determined pursuant to this section, for employees who are paid from special or administrative funds, will be paid from the appropriations as provided by law, in which case the comptroller will establish procedures to ensure repayment from said special or administrative funds. The director may enter into agreement with an employee organization which sets forth the specific terms and conditions for the establishment and administration of an employee benefit fund as a condition for the transmittal of monies

pursuant to this section.

§ 2. Subdivision two of section two hundred nine of such law, as added by chapter nine hundred twenty-four of the laws of nineteen hundred eightyötwo is amended to read as follows:

the effective date of this section, and to the extent that, an agreement between the state and an employee organization tered into pursuant to article fourteen of the civil service law so provides on behalf of employees

employees in the collective negotiating unit designated as the professional services negotiating unit in the state university of New York established pursuant to article fourteen of the civil service law, and upon audit and warrant of the comptroller, the director shall provide for the payment of monies quarterly to such EXPLANATION—Matter in italics is new; matter in brackets [ ] is old law

an

en

em

« SebelumnyaLanjutkan »