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S03671 Summary:

BILL NOS03671
 
SAME ASSAME AS UNI. A06845
 
SPONSORRULES
 
COSPNSR
 
MLTSPNSR
 
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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