Home

Comparison of Executive Budget & Assembly Revenue Legislation

This table compares the major business-related revenue measures included in the Executive Budget with the revenue bill included in the Assembly budget proposal. Unless otherwise noted, all Assembly provisions are in A.9810-B.

BILL & SECTION ISSUE PROJECTED IMPACT ASSEMBLY ACTION
IN A.9810-B
NA Increase PIT rate to 7.7% for portions of incomes over $1 million (thru tax year 2012) $1.5 billion annually PROPOSED IN PART U
S6810/A9810, Part R Four year extension of MTA surcharges for Article 9, 9-A, 32 and 33 taxpayers Approximately $892 million in continued revenues ACCEPTED - PART J
S6810/A9810, Part K Subjects for-profit HMOs taxation to Article 33 premium tax -$269 million in FY 2009
-$310 million in FY 2010
ACCEPTED - PART D
S6810/A9810, Part J -Reduces Article 9-A capital base rate to 0.15%
-Eliminate the $1 million cap on capital base calculation of Article 9-A (for non-mnfg)
-$98 million in FY 2009
-$70 million in FY 2010
REJECTED
S6810/A9810, Part Y Establish nexus for credit card companies based on number of customers or level of receipts in NY -$95 million in FY 2009
-$75 million in FY 2010
ACCEPTED - PART V
HOWEVER, AMENDED TO PRECLUDE INCLUSION IN COMBINED REPORTS
S6810/A9810, Part V Increase first installment of MTA surcharge payment to 30% (FY 2009 only) $100million (FY 2009 only) ACCEPTED - PART K
S6810/A9810, Part X Creates sales tax nexus for vendors compensating NY residents for sales leads -$43 million in FY 2009
-$73 million in FY 2010
ACCEPTED - PART M
S6810/A9810, Part S -Repeals organization tax (Section 210)
-Amends fees and taxes for LLCs & partnerships
-Modifies Article 9-A fixed dollar minimum tax
-$75 million annually LARGELY ACCEPTED - PART S; EXCLUDED REDUCTION IN ANNUAL "MAINTENANCE" FEE
NA Allows expiration of ITC for financial Service industry (Articles 9-A & 32) -$35 million in FY 2009
-$75 million in FY 2010
PART T - EXTENDS ITC THROUGH 10/1/2010
S6810/A9810, Part I Decouple from federal qualifying production activity income deduction $56 million in FY 2009 and 2010 ACCEPTED - PART C
S6810/A9810, Part H Restructure and integrate existing motor fuel taxes (PBT, sales tax, fuel tax) -$13 million in FY 2009
-$55 million in FY 2010
REJECTED
S6810/A9810, Part Z -Creates statutory incentives to report deficiencies file returns
-modifies certain enforcement provisions
-allows Commissioner to mandate electronic submissions
-updates sales tax registrations
$50 million+ annually PARTIALLY ACCEPTS - PART Y; REJECTS NEW PENALTY & ENFORCEMENT PROVISIONS
S6810/A9810, Part C -Creates new tax rate for flavored malt liquor
-Authorizes NYC to impose tax
$15 million annually REJECTED
       
S6810/A9810, Part T Includes gains from sale of partnerships as NY source income if gains are from sale of NY property $10 million annually ACCEPTED - PART X
S6810/A9810, Part F Repeals private label credit card bad debt write-off -$9 million in FY 2009
-$7 million in FY 2010
REJECTED
S6810/A9810, Part L Apply sales tax to additional "remote" and auction sales by not-for-profits -$7.5 million in FY 2009
-$15 million in FY 2010
ACCEPTED - PART E
S6810/A9810, Part EE -Eliminates sales & use tax exemption of aircraft purchased for prime purpose of transporting personnel of a business and/or affiliates
- eliminates new resident exemption for sales & use taxes for aircraft, vessel or vehicle purchased out-of-state by a business entity for in-state use
-$4 million in FY 2009
-$6.3 million in FY 2010
ACCEPTED - PART R
S6810/A9810, Part U -Modifies combined reporting requirements for REITs & RICs
- creates 50% stock ownership threshold for defining a captive REIT and RIC
No new revenues projected; Propose changes will "preserve" revenues included in state financial plan REJECTED
S6810/A9810, Parts D & E Modifies eligibility for, restructures, and imposes caps on brownfield remediation and redevelopment tax credits No estimate provided; projected "substantial savings" in future fiscal years REJECTED
S6810/A9810, Part W Increases and amends the Film Production Tax Credit -$5 million tax savings in FY 2009
-$15 million in tax savings in FY 2010
ACCEPTED - PART L
S6810/A9810, Part BB Extends NYC's authority to impose 4% sales tax Continuation of current revenues ACCEPTED - PART P
S6808/A9808, Part B Increase HCRA taxes (covered life assessment) $140 million per year ACCEPTED - A9808-B, Part B
S6809/A9809, Part GG Expand "bottle bill" to most non-carbonated beverages; state capture of unclaimed deposits -$25 million in FY 2009
$100 million in FY 2010
ACCEPTED - A9809-B, Part GG
S6806/A9806, Part P -Authorizes increase in county clerk fees
-includes mobile phones in local utility GRTs
-$70 million for counties and $27 million for NYC from recording fees
-$8 million in utility GRT
REJECTED GRT CHANGES
S6806/A9806, Part T Authorize increase in real property transfer fees for commercial properties over $175,000 $30 million annually ACCEPTED - A9806, Part T
S6806/A9806, Part H Extension/expansion of wireless surcharges $20 million REJECTED
S6809/A9809, Part EE Increases cap on Title V air permits to $80 per ton; eliminate 6000 ton per contaminant cap Up to $19 million annually REJECTED
S6809/A9809, Part U Authorizes NYSERDA assessment on gas & electric utilities $18 million annually ACCEPTED - A9809-B, Part U
S6806/A9806, Parts K Authorizes nuclear plant security assessments to fund NYS homeland security programs $12 million ACCEPTED - A9806-B, Parts K
S6809/A9809, Part S Authorizes annual utility and cable TV assessments None provided ACCEPTED - A9809-B, Part S