File #: Int 0497-2003    Version: * Name: Interest rates for overpayments of the general corporation tax and banking corporation tax.
Type: Introduction Status: Enacted
Committee: Committee on Finance
On agenda: 5/28/2003
Enactment date: 6/12/2003 Law number: 2003/039
Title: A Local Law to amend the administrative code of the city of New York, in relation to setting interest rates for overpayments of the general corporation tax and banking corporation tax.
Sponsors: David I. Weprin, Leroy G. Comrie, Jr., (by request of the Mayor)
Council Member Sponsors: 3
Attachments: 1. Committee Report, 2. Hearing Transcript, 3. Fiscal Impact Statement, 4. Local Law, 5. Hearing Transcript - Stated Meeting 6/5
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
6/12/2003*David I. Weprin City Council Recved from Mayor by Council  Action details Meeting details Not available
6/12/2003*David I. Weprin Mayor Signed Into Law by Mayor  Action details Meeting details Not available
6/12/2003*David I. Weprin Mayor Hearing Held by Mayor  Action details Meeting details Not available
6/5/2003*David I. Weprin City Council Sent to Mayor by Council  Action details Meeting details Not available
6/5/2003*David I. Weprin City Council Approved by CouncilPass Action details Meeting details Not available
6/5/2003*David I. Weprin Committee on Finance Hearing Held by Committee  Action details Meeting details Not available
6/5/2003*David I. Weprin Committee on Finance Approved by CommitteePass Action details Meeting details Not available
5/28/2003*David I. Weprin City Council Referred to Comm by Council  Action details Meeting details Not available
5/28/2003*David I. Weprin City Council Introduced by Council  Action details Meeting details Not available

Int. No. 497

 

By Council Members Weprin and Comrie (by request of the Mayor)

 

A Local Law to amend the administrative code of the city of New York, in relation to setting interest rates for overpayments of the general corporation tax and banking corporation tax.

 

Be it enacted by the Council as follows:

 

Section 1.  Paragraph (a) of subdivision 5 of section 11-687 of the administrative code of the city of New York, as amended by chapter 241 of the laws of 1989, is amended to read as follows:

(a)  Authority to set interest rates.  The commissioner of finance shall set the overpayment and underpayment rates of interest to be paid pursuant to sections 11-606, 11-608, 11-645, 11-647, 11-675, 11-676, and 11-679 of this chapter, but if no such rate or rates of interest are set, such rate or rates shall be deemed to be set at six percent per annum.  Such overpayment and underpayment rates shall be the rates prescribed in paragraph (b) of this subdivision but the underpayment rate shall not be less than six percent per annum[, except that for purposes of subdivision five of section 11-608 of this chapter the rate of interest shall not be less than four percent per annum].  Any such rates set by the commissioner of finance shall apply to taxes, or any portion thereof, which remain or become due or overpaid on or after the date on which such rates become effective and shall apply only with respect to interest computed or computable for periods or portions of periods occurring in the period during which such rates are in effect.

§ 2.  This local law shall take effect on July 1, 2003, provided that if New York Assembly Bill No. 2106-B, which passed the New York Assembly on May 2, 2003 and the New York Senate on May 2, 2003, and was delivered to the Governor on May 2, 2003, has not become a law prior to the time that this local law becomes a law, then this local law shall take effect immediately upon the enactment into law of such bill.  This local law shall apply to the interest chargeable or due on taxes or on any other amounts, or any portion thereof, which remain or become due on or after such date.  The interest rates set prior to amendment by this local law shall apply up to and including the day before the effective date of this local law, to the interest chargeable or due on taxes or on other amounts for which interest rates are set under this local law.