| Enacts into law major components of legislation necessary to implement the revenue budget for the 2010-2011 state fiscal plan; relates to the statutory limitation on the biofuel production credit and the qualified emerging technology company facilities, operations and training credits (Part A); relates to the inclusion of certain past employment related income in the calculation of the New York source income of nonresidents (Part B); clarifies that certain income constitutes New York source income of nonresident shareholders of an S corporation (Part C); relates to information reporting of payments made in settlement of payment card and third party network transactions (Part E); relates to the penalties imposed upon tax return preparers failing to electronically file returns and other tax documents when required by law to do so; authorizes reasonable correction periods for electronic tax filings and payments, and prohibits tax return preparers and software companies from charging separately for electronic filing of New York tax documents (Part G); authorizes the division of the lottery to conduct a pilot program involving the operation of video lottery terminals at certain racetracks, in relationship to the effectiveness thereof; relates to the hours of operation of video lottery gaming, the vendor fees paid to lottery agents, the amount of video lottery gaming revenue after payout of prizes to be retained by the division of the lottery for operation, administration and procurement purposes at a certain track and the recapture of the vendor fee at a certain track; and to repeal certain provisions relating to thoroughbred racing and to annual capital improvement credits for video lottery gaming operators, relating thereto (Part K); narrows the definition of vendor for purposes of the sales and compensating use taxes (Part N); provides a credit against income tax for persons or entities investing in low-income housing (Part P); relates to the empire state film production credit and the effectiveness of such provisions; relates to the empire state film post production credit (Part Q); relates to the decertification of business entities located in empire zones and relates to a refund or credit provided to certain zone businesses and to a report on empire zone businesses produced by the department of taxation and finance, and amends certain provisions relating to enacting reforms to the empire zones program, in relation to the effectiveness thereof (Part R); makes technical corrections to certain tax enforcement and sales tax avoidance provisions; relates to the effectiveness of provisions relating to the "tax fraud act" (Subpart A); defines certain terms (Subpart B); relates to statements of industrial agencies and their agents and project operators (Subpart C) (Part S); relates to the amount of the unified credit against the estate tax (Part T); relates to the taxicab ride tax imposed in the metropolitan commuter transportation district by article 29-A of the tax law (Part V); repeals provisions of the tax law, relating to a sales tax bad debt credit or refund for purchases made by private label credit cards (Part W); relates to the sales tax vendor credit authorized under article 28 (Part X); relates to the deferral of use or payment of certain tax credits (Part Y); relates to the deduction for bad debts provided to qualifying thrift institutions and commercial banks (Part Z); ensures payment of sales tax due on rent for hotel room occupancy by room remarketers of hotel rooms and reverses the decision of the Tax Appeals Tribunal in the Marriott International, Inc. matter on rewards program payments; repeals certain sections of the administrative code of the city of New York relating thereto (Part AA); modifies the New York itemized deduction (Part CC); relates to the New York city personal income tax rates (Part EE); amends provisions relating to the STAR exemption (Part FF); relates to eliminating the state's sales and compensating use tax exemption for clothing and footwear sold for less than $110 per item for the period October 1, 2010, through March 31, 2011, exempting clothing and footwear sold for less than $55 per item from state taxes for the period April 1, 2011, through March 31, 2012; authorizes counties and cities to elect the less than $55 exemption for the same period, and restores the state's original exemption April 1, 2012; repeals provisions of the tax law relating thereto; provides for the repeal of certain provisions upon expiration thereof (Part GG); limits itemized deductions for certain taxpayers and determines the amount of estimated tax installments to be paid (Part HH); relates to uncashed travelers checks and money orders and miscellaneous unclaimed property (Part II); relates to investment management services to a partnership or other entity (Part KK); relates to the taxation of captive real estate investment trusts and captive regulated investment companies (Part MM); relates to the definition of a captive REIT (Part NN); relates to electric corporations (Part OO); relates to deficit reduction assessment restoration (Part PP); makes technical corrections concerning gap elimination adjustment offset (Part QQ); relates to the implementation of a state longitudinal data system (Part RR); makes technical amendments concerning designated bus lanes (Part SS); relates to the manner of paying employer contributions to the New York state and local employees' retirement system and the New York state and local police and fire retirement system (Part TT); relates to the New York state urban development corporation submitting a comprehensive financial plan to the director of the budget and the establishment of accounts and subaccounts within the treasury of such corporation (Part UU); establishes the education assessment account (Part VV); relates to excluding from sales tax transportation service provided by an affiliated livery vehicle in a city with a population of one million or more (Part WW); relates to the collection of census data (Part XX); relates to little cigars (Part YY). |
