Bill Text: NY A05592 | 2011-2012 | General Assembly | Introduced

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Bill Title: Requires certain publicly traded corporations to periodically file reports on tax payments and finances with the commissioner of taxation and finance; sets forth information to be reported including, but not limited to, its total gross profit, deductions which reduce income subject to taxation, credits, total net taxable income, and value of property.

Spectrum: Partisan Bill (Democrat 16-0)

Status: (Introduced - Dead) 2012-01-04 - referred to ways and means [A05592 Detail]

Download: New_York-2011-A05592-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5592
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 23, 2011
                                      ___________
       Introduced  by  M.  of A. BRENNAN, DINOWITZ, CAHILL, STEVENSON -- Multi-
         Sponsored by -- M. of A.  BOYLAND, CLARK, COLTON,  ENGLEBRIGHT,  GOTT-
         FRIED,  JACOBS,  JAFFEE, LATIMER, ORTIZ, PHEFFER, ROBINSON, SWEENEY --
         read once and referred to the Committee on Ways and Means
       AN ACT to amend the tax law, in relation to the  periodic  reporting  of
         tax payments by major corporations
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The opening paragraph of subdivision 1 of  section  211  of
    2  the tax law is designated paragraph (a) and a new paragraph (b) is added
    3  to read as follows:
    4    (B) EVERY PUBLICLY-TRADED CORPORATION OBLIGATED TO FILE BOTH AN ANNUAL
    5  REPORT  PURSUANT TO SECTION THIRTEEN OR FIFTEEN (D) OF THE FEDERAL SECU-
    6  RITIES AND EXCHANGE ACT OF 1934 OR ANY OF ITS SUCCESSOR ACTS AND A FRAN-
    7  CHISE TAX RETURN PURSUANT TO THIS ARTICLE SHALL, AT  THE  SAME  TIME  IT
    8  FILES  A REPORT PURSUANT TO PARAGRAPH (A) OF THIS SUBDIVISION, SUBMIT TO
    9  THE COMMISSIONER AN ADDITIONAL  REPORT  IN  A  FORM  PRESCRIBED  BY  THE
   10  COMMISSIONER. THE FORM SHALL CONTAIN:
   11    (I)  THE NAME OF THE CORPORATION AND THE STREET ADDRESS OF ITS PRINCI-
   12  PAL OFFICE;
   13    (II) ITS TOTAL GROSS PROFIT;
   14    (III) ANY DEDUCTION OR OTHER OFFSET WHICH REDUCES  INCOME  SUBJECT  TO
   15  TAXATION  OR  ANY CREDIT WHICH REDUCES THE TAX LIABILITY BY GREATER THAN
   16  FIVE PERCENT;
   17    (IV) ANY CREDIT WHICH REDUCES THE TAX LIABILITY BY GREATER  THAN  FIVE
   18  PERCENT WHICH IS CARRIED OVER FROM THE PREVIOUS YEAR OR YEARS;
   19    (V)  ANY UNUSED CREDIT WHICH REDUCES THE TAX LIABILITY BY GREATER THAN
   20  FIVE PERCENT WHICH WILL BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS;
   21    (VI) ITS TOTAL NET TAXABLE INCOME;
   22    (VII) THE PERCENTAGE USED TO ESTABLISH WHAT PORTION OF TOTAL NET TAXA-
   23  BLE INCOME IS APPORTIONED TO NEW YORK;
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08075-01-1
       A. 5592                             2
    1    (VIII) ITS INCOME TAXABLE IN NEW YORK;
    2    (IX)  THE VALUE OF THE TANGIBLE PROPERTY OF THE CORPORATION TAXABLE IN
    3  NEW YORK OR ITS TAXABLE NET WORTH, WHICHEVER IS APPLICABLE;
    4    (X) THE TOTAL FRANCHISE TAX DUE IN NEW YORK FOR THE TAX YEAR IN  QUES-
    5  TION;
    6    (XI) ITS NET INCOME ACCORDING TO ITS BOOKS REPORTED IN ITS FEDERAL TAX
    7  RETURN; AND
    8    (XII)  ANY  ADDITIONAL INFORMATION FROM ITS FRANCHISE TAX RETURN WHICH
    9  SUCH CORPORATION CHOOSES TO VOLUNTARILY DISCLOSE.
   10    S 2. Section 211 of the tax law is amended by adding a new subdivision
   11  7-a to read as follows:
   12    7-A. (A) BY JANUARY FIFTEENTH OF EACH  YEAR,  THE  COMMISSIONER  SHALL
   13  FORWARD  TO  THE SECRETARY OF STATE A LIST OF ALL PUBLICLY-TRADED CORPO-
   14  RATIONS OBLIGATED TO FILE UNDER PARAGRAPH (B) OF SUBDIVISION ONE OF THIS
   15  SECTION.
   16    (B) BY MARCH FIRST OF EACH YEAR THE COMMISSIONER SHALL PUBLISH:    (I)
   17  ALL  SUCH  FORMS  FILED  PURSUANT TO PARAGRAPH (B) OF SUBDIVISION ONE OF
   18  THIS SECTION BY DECEMBER THIRTY-FIRST OF THE PREVIOUS YEAR; AND  (II)  A
   19  LIST  OF THOSE PUBLICLY-TRADED CORPORATIONS REQUIRED TO FILE PURSUANT TO
   20  PARAGRAPH (B) OF SUBDIVISION ONE OF THIS SECTION BUT WHICH FOR THE  MOST
   21  RECENT  TAX  YEAR  HAVE NOT DONE SO WITHIN THE TIME LIMITS PRESCRIBED BY
   22  THIS SUBDIVISION. THIS INFORMATION SHALL BE MADE AVAILABLE TO THE PUBLIC
   23  UNDER RULES AND REGULATIONS PROMULGATED BY THE COMMISSIONER.
   24    S 3. This act shall take effect on the first of January next  succeed-
   25  ing  the date on which it shall have become a law, except that any rules
   26  and regulations necessary for the timely implementation of this  act  on
   27  its effective date shall be promulgated on or before such date.