State Legislation Resolution No. 79
State Legislation Resolution requesting the New York State Legislature to pass bills introduced by Senator Padavan, S.6247-A, and Assembly Member Farrell, A.9482, “AN ACT to amend the tax law and the administrative code of the city of New York, in relation to authorizing a credit against the city personal income tax on residents for such residents’ share of city general corporation tax and banking corporation tax paid by subchapter S corporations in which such residents are shareholders for taxable years beginning on or after January 1, 2007; to amend the administrative code of the city of New York, in relation to decreasing the alternative income plus compensation base under the general corporation tax; and to amend the administrative code of the city of New York, in relation to revising the unincorporated business tax paid credit”.
By Council Members Baez, Fidler, Jackson, Katz, Sears and Vallone Jr.
Whereas, bills have been introduced in the New York State Legislature by Senator Padavan, S.6247-A, and Assembly Member Farrell, A.9482, “AN ACT to amend the tax law and the administrative code of the city of New York, in relation to authorizing a credit against the city personal income tax on residents for such residents’ share of city general corporation tax and banking corporation tax paid by subchapter S corporations in which such residents are shareholders for taxable years beginning on or after January 1, 2007; to amend the administrative code of the city of New York, in relation to decreasing the alternative income plus compensation base under the general corporation tax; and to amend the administrative code of the city of New York, in relation to revising the unincorporated business tax paid credit”; and
Whereas, the enactment of the above State Legislation requires the concurrence of the Council of the City of New York as the local legislative body; now, therefore, be it
Resolved, that the Council of the City of New York, in accordance with the provisions of Section 2 of Article 9 of the Constitution of the State of New York, does hereby request the New York State Legislature to enact into law the aforesaid pending bills.
Referred to the Committee on State and Federal Legislation.