File #: Int 0457-2003    Version: * Name: Increasing the rate of interest imposed on underpayments of the general corporation tax and banking corporation tax.
Type: Introduction Status: Enacted
Committee: Committee on Finance
On agenda: 4/30/2003
Enactment date: 6/12/2003 Law number: 2003/038
Title: A Local Law to amend the administrative code of the city of New York, in relation to increasing the rate of interest imposed on underpayments of the general corporation tax and banking corporation tax.
Sponsors: David I. Weprin, Lewis A. Fidler, (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
4/30/2003*David I. Weprin City Council Referred to Comm by Council  Action details Meeting details Not available
4/30/2003*David I. Weprin City Council Introduced by Council  Action details Meeting details Not available

Int. No. 457

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

A Local Law to amend the administrative code of the city of New York, in relation to increasing the rate of interest imposed on underpayments of the general corporation tax and banking corporation tax.

 

Be it enacted by the Council as follows:

 

 

Section 1.  Subparagraph (B) of paragraph (b) 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:

(B)  Underpayment rate.  The underpayment rate set under this subdivision shall be the sum of (i) the federal short-term rate as provided under paragraph (c) of this subdivision, plus (ii) [three] five percentage points.

§ 2.  This local law shall take effect on July 1, 2003, and 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 June 30, 2003, to the interest chargeable or due on taxes or on other amounts for which interest rates are set under this local law.