File #: Int 0521-2003    Version: * Name: Disallowing deductions under the unincorporated business tax.
Type: Introduction Status: Enacted
Committee: Committee on Finance
On agenda: 6/25/2003
Enactment date: 7/16/2003 Law number: 2003/053
Title: A Local Law to amend the administrative code of the city of New York, in relation to disallowing deductions under the unincorporated business tax for certain payments to related parties and to repeal subdivision (n) of section 11-501 of the administrative code of the city of New York relating thereto.
Sponsors: David I. Weprin, Leroy G. Comrie, Jr., Alan J. Gerson, Larry B. Seabrook, Kendall Stewart, (by request of the Mayor)
Council Member Sponsors: 6
Attachments: 1. Committee Report, 2. Hearing Transcript, 3. Local Law, 4. Hearing Transcript - Stated Meeting 6/27, 5. Fiscal Impact Statement
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
7/18/2003*David I. Weprin City Council Recved from Mayor by Council  Action details Meeting details Not available
7/16/2003*David I. Weprin Mayor Signed Into Law by Mayor  Action details Meeting details Not available
7/16/2003*David I. Weprin Mayor Hearing Held by Mayor  Action details Meeting details Not available
6/27/2003*David I. Weprin City Council Sent to Mayor by Council  Action details Meeting details Not available
6/27/2003*David I. Weprin City Council Approved by CouncilPass Action details Meeting details Not available
6/27/2003*David I. Weprin Committee on Finance Hearing Held by Committee  Action details Meeting details Not available
6/27/2003*David I. Weprin Committee on Finance Approved by CommitteePass Action details Meeting details Not available
6/25/2003*David I. Weprin City Council Referred to Comm by Council  Action details Meeting details Not available
6/25/2003*David I. Weprin City Council Introduced by Council  Action details Meeting details Not available

Int. No. 521

By Council Members Weprin, Comrie, Gerson, Seasbrook and Stewart (by request of the Mayor)

A Local Law to amend the administrative code of the city of New York, in relation to disallowing deductions under the unincorporated business tax for certain payments to related parties and to repeal subdivision (n) of section 11-501 of the administrative code of the city of New York relating thereto.

 

Be it enacted by the Council as follows:

 

Section 1.  Subdivision (n) of section 11-501 of the administrative code of the city of New York is REPEALED.

                     §2.  Section 11-506 of the administrative code of the city of New York is amended by adding a new subdivision (f) to read as follows:

                     (f)  To determine related members expense and income exclusions and add backs refer to paragraph (n) of subdivision eight of section 11-602 of this title.

                     §3.  This act shall take effect on the same date and in the same manner as part N of a chapter of the laws of 2003, amending the tax law and other laws relating to the imposition of certain taxes in the city of New York, as proposed in legislative bill numbers S. 4968 and A. 8388, takes effect.