Int 0457-2003
Increasing the rate of interest imposed on underpayments of the general corporation tax and banking corporation tax.
IntroductionEnactedCommittee on Financeintroduced 2003-04-30Local Law 2003/038
Enacted as Local Law 2003/038.
Official record · Legistar
Agenda: 2003-04-30Passed: 2003-06-12Enacted: 2003-06-12
Committee on Finance — Executive Budget review and Budget modification, Banking Commission, Comptroller's Office, Department of Finance, Independent Budget Office, Office of Administrative Tax Appeal, and fiscal policy and revenue from any source.
How it compares
70% of similar bills passed
35 passed · 15 died
This bill: 35 days in committee
Similar bills: median 41 days · 25 days when passed
Compared against 50 Introduction bills in Committee on Finance.
Ranked by how closely each matches this bill's topic — closest first:
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Interest rates for overpayments of the general corporation tax and banking corporation tax.
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Interest rate and discount percentage recommendations provided by the NYC Banking Commission.
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Sponsors (3)
Lifecycle
IntroducedIntroduced by Council
2003-04-30 · City Council
ActionReferred to Comm by Council
2003-04-30 · City Council
HeardHearing Held by Committee
2003-06-05 · Committee on Finance
AdvancedApproved by Committee
2003-06-05 · Committee on Finance
AdvancedApproved by Council
2003-06-05 · City Council
ActionSent to Mayor by Council
2003-06-05 · City Council
HeardHearing Held by Mayor
2003-06-12 · Mayor
AdvancedSigned Into Law by Mayor
2003-06-12 · Mayor
ActionRecved from Mayor by Council
2003-06-12 · City Council
Votes (19)
Aye (19)
David I. WeprinTracy L. BoylandMargarita LopezMadeline T. ProvenzanoChristine C. QuinnEva S. MoskowitzJoel RiveraLeroy G. Comrie, Jr.Bill De BlasioLewis A. FidlerRobert JacksonMichael E. McMahonHelen SearsGale A. BrewerSimcha FelderMichael C. NelsonBill PerkinsDennis P. GallagherJames S. Oddo
Heard at (3)
Committee on Finance · 2003-06-05 · 10:00 AM · Committee Room - City Hall
City Council · 2003-06-05 · 1:30 PM · Council Chambers - City Hall
City Council · 2003-04-30 · 1:30 PM · Council Chambers - City Hall
Attachments (5)
- Committee Report
- Hearing Transcript
- Fiscal Impact Statement
- Local Law
- Hearing Transcript - Stated Meeting 6/5
Full text
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.