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A06845 Summary:

Amd Various Laws, generally
Enacts into law major components of legislation relating to taxes and revenues which are necessary to implement the state's fiscal plan for the 2005-2006 fiscal year; reduces the tax on aviation fuel businesses; relates to tax table benefit recapture; relates to the single sales factor when determining the tax on corporate income taxpayers; enacts the Caregiver's Assistance Act; grants tax refunds for business principally engaged in farming; provides for the computation of sales and compensating use taxes when the price paid reflects a discount; exempts coin-operated tire inflation services from sales and use taxes; establishes a textile remanufacturing investment tax credit; establishes tax credit for alternative energy systems and generating equipment; creates a commercial biofuel production tax credit; establishes freedom health insurance plans; provides a tax credit for the purchase of certain health insurance; establishes the health maintenance organization direct pay market program; establishes a commercial production tax credit; establishes an excell-NY research and development activities credit; establishes the excelsior angel investor program; authorizes rebates by industrial development agencies in lieu of taxes for certain infrastructure improvements for user specific technology and development facilities; relates to streamlined sales tax project regulations; authorizes additional school tax relief tax rebate in certain instances; extends the expiration of provisions of the tax law providing a personal income tax credit for residential oil storage tanks; exempts receipts from certain coin-operated car wash services from sales and use taxes; provides for taxation of fuel and cigarettes bought on Native American lands; exempts the sale of certain aircraft from sales and use taxes; amends application capital gains tax on co-ops; authorizes certain out-of-state wineries to ship wine to state residents; extends expiration of the Quick Draw lottery game; requires certain tax preparers to electronically file tax returns; provides for the imposition of filing fees on certain limited liability companies; establishes a tax credit for investments in low-income housing; suspends the sales and use tax exemption for clothing and footwear until May 31, 2007; makes permanent provisions setting forth requirements for parking, garaging and storage services for motor vehicles; provides that taxpayers need not file a tax return if they don't have sufficient income; authorizes the crediting of overpayments of New York city taxes to state tax liabilities of the taxpayer; requires compliance by certain persons seeking licensing by the state; increases the amount of capital base tax; expands the green building tax credits; provides for undertaking by tobacco product master settlement agreement signatories; establishes a long-term care insurance tax credit; extends tax credits for alternative fuel vehicles; allows special additional mortgage recording tax credit; reduces the corporate franchise tax rates for certain small businesses; changes the method of determining the entire net income of corporations.
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