Int 0497-2003
Interest rates for overpayments of the general corporation tax and banking corporation tax.
IntroductionEnactedCommittee on Financeintroduced 2003-05-28Local Law 2003/039
Enacted as Local Law 2003/039.
Official record · Legistar
Agenda: 2003-05-28Passed: 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
68% of similar bills passed
34 passed · 16 died
This bill: 7 days in committee
Similar bills: median 48 days · 29 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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Sponsors (3)
Lifecycle
IntroducedIntroduced by Council
2003-05-28 · City Council
ActionReferred to Comm by Council
2003-05-28 · 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 · 2003-05-28 · 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. 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.
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