Authorizing a credit against the city personal income tax on residents for such residents’ share of city general corporation tax and banking corporation tax paid by subchapter S corporations. (S.6247-A/A.9482)

State Legislation Resolution requesting the New York State Legislature to pass bills introduced by Senator Padavan, S.6247-A, and Assembly Member Farrell, A.9482, “AN ACT to amend the tax law and the administrative code of the city of New York, in relation to authorizing a credit against the city personal income tax on residents for such residents’ share of city general corporation tax and banking corporation tax paid by subchapter S corporations in which such residents are shareholders for taxable years beginning on or after January 1, 2007; to amend the administrative code of the city of New York, in relation to decreasing the alternative income plus compensation base under the general corporation tax; and to amend the administrative code of the city of New York, in relation to revising the unincorporated business tax paid credit”.