S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        262--A
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       Introduced by Sens. DIAZ, KRUEGER -- read twice and ordered printed, and
         when  printed  to  be committed to the Committee on Investigations and
         Government Operations -- recommitted  to  the  Committee  on  Investi-
         gations  and  Government  Operations in accordance with Senate Rule 6,
         sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
         amended and recommitted to said committee
       AN  ACT  to  amend  the  tax law, in relation to providing an additional
         franchise tax on certain life insurance policies
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  tax  law is amended by adding a new section 182-b to
    2  read as follows:
    3    S 182-B. ADDITIONAL FRANCHISE TAX ON CERTAIN LIFE INSURANCE  POLICIES.
    4  1.  NOTWITHSTANDING ANY OTHER PROVISION OF THIS CHAPTER, OR OF ANY OTHER
    5  LAW, FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
    6  FOURTEEN, AN ANNUAL TAX IS HEREBY IMPOSED UPON EVERY  COMPANY  RECEIVING
    7  BENEFITS  FROM  LIFE INSURANCE POLICIES IT HAS OBTAINED ON ITS EMPLOYEES
    8  AND/OR RETIREES EQUAL TO FIFTY PER CENTUM OF ITS GROSS RECEIPTS FROM ALL
    9  PROCEEDS FROM SUCH LIFE INSURANCE POLICIES, FOR THE PRIVILEGE  OF  EXER-
   10  CISING  ITS  CORPORATE  FRANCHISE, OR OF DOING BUSINESS, OR OF EMPLOYING
   11  CAPITAL, OR OF OWNING OR LEASING PROPERTY IN THIS STATE IN  A  CORPORATE
   12  OR  ORGANIZED  CAPACITY,  OR OF MAINTAINING AN OFFICE IN THIS STATE, FOR
   13  ALL OR ANY PART OF EACH OF ITS TAXABLE YEARS.
   14    2. EVERY COMPANY SUBJECT TO TAX UNDER THIS  SECTION  SHALL  KEEP  SUCH
   15  RECORDS  OF  ITS  BUSINESS IN SUCH FORM AS THE COMMISSIONER MAY REQUIRE,
   16  AND SUCH RECORDS SHALL BE PRESERVED FOR A PERIOD OF THREE YEARS,  EXCEPT
   17  THAT THE COMMISSIONER MAY CONSENT TO THEIR DESTRUCTION WITHIN THAT PERI-
   18  OD OR MAY REQUIRE THAT THEY BE KEPT LONGER.
   19    S 2. This act shall take effect immediately and shall apply to taxable
   20  years beginning on or after January 1, 2014.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03251-02-1