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S 76. The subsection heading of subsection (e) of section 1456 of the tax law, as added by chapter 686 of the laws of 1986, is amended to read as follows:

Economic development zone wage tax credit.

§ 77. The subsection heading of subsection (8) of section 1511 of the tax law, as added by chapter 686 of the laws of 1986, is amended to read as follows:

Economic development zone wage tax credit.

§ 78. Subparagraph (Q) of paragraph 2 of subdivision (b) of section 1503 of the tax law, as added by chapter 817 of the laws of 1987, is amended to read as follows:

(Q) the amount excluded from premiums earned pursuant to the provisions of section 832(b)(8)(A)(i) of the internal revenue code which is the difference between the amount of discounted unearned premiums on outstanding business at the end of the preceding taxable year

and the amount of unearned premiums on outstanding business at the end of the preceding taxable year; and

§ 79. Paragraph 3 of subdivision (h) of section 1511 of the tax law, as added by chapter 686 of the laws of 1986, is amended to read as follows:

(3) Where stock the purchase of which is the basis for the credit provided for herein is disposed of, the taxpayer's entire net income [or portion thereof allocated within this state) shall be computed, pursuant to regulations promulgated by the [state tax commission] commissioner,

to properly reflect the reduced cost of such stock arising from the application of the credit provided for herein.

$ 80. Paragraph 28 of subdivision (b) of section 11-1712 of the administrative code of the city of New York is repealed.

§ 81. Paragraph 1 of subdivision (c) of section 11-1712 of the administrative code of the city of New York, as amended by chapter 333 of the laws of 1987, is amended to read as follows:

(1) Interest income on obligations of the United States and its possessions to the extent includible in gross income for federal income tax purposes; such interest income shall include the amount received as dividends from a regulated investment company, as defined in section eight hundred fifty-one of the internal revenue code, which has been designated as the amount of such interest income in written notice to shareholders not later than [forty-five] sixty days following the close of its taxable year; provided that, at the close of each quarter of the taxable

year of such regulated investment company, at least fifty percent of the value of its total assets, as defined in subsection (c) of section eight hundred fifty-one of the internal revenue code, consists of obligations of the United States and its possessions. The

aggregate amount so designated by the regulated investment company for its taxable year shall not exceed the amount determined by multiplying the total distributions paid by such regulated investment company to its shareholders with respect to that taxable year, (attributable to income earned in that year), including any such distributions paid after the close of the taxable year, as described in section eight hundred fifty-five of the internal revenue code,

by the

ratio that the interest income received in that taxable year on obligations of the United States and its possessions,

after reduction for the deductions and expenses directly or indirectly attributable thereto bears to the

investment company taxable income of such regulated investment company for such taxablé year, determined without regard to subparagraph (D) of paragraph two of subsection (b) of section eight hundred fifty-two of the internal revenue code;

§. 82. Paragraph 3-a of subdivision (c) of section 11-1712 of the administrative code of the city of New York, such section as renumbered by chapter 639 of the laws of 1986, is amended to read as follows:

(3-a) Pensions and annuities received by an individual who has attained the age of fifty-nine and one-half, not otherwise excluded

pursuant to paragraph three of this subdivision, to the extent includible in gross income for federal income tax purposes, but not in excess twenty thousand dollars, which are periodic payments attributable to personal services performed by such individual prior to his her retirement from employment, which arise: (i) from an employer-employee relationship or (ii) from contributions to à retirement plan which deductible for federal income tax purposes. However, the term "pensions EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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and annuities" shall also include distributions received by an individual who has attained the age of fifty-nine and one-half from an individual retirement account or an individual retirement annuity, defined in section four hundred eight of the internal revenue code, and distributions received by an individual who has attained the age of fiftynine and one-half. from self-employed individual and owner-employee retirement plans which qualify under section four hundred one of the interna revenue code, whether or not the payments are periodic in nature. Nevertheless, the term "pensions and annuities" shall not include any lump sum distribution, as defined in subparagraph (A) of paragraph four of subsection (e) of section four hundred two of the internal revenue code and taxed under section (six hundred one-C] six hundred three of the tax law. Where a husband and wife file a joint city personal income tax

return, the modification provided for in this paragraph shall be computed as if they were filing, separate city personal income tax returns. Where a payment would otherwise come within the meaning of the term "pensions and annuities" as set forth in this paragraph except that such individual is deceased,

such

payment shall, nevertheless, be treated as a pension or annuity for purposes of this paragraph if such payment is received by such individual''s beneficiary. [In the case of an estate or trust, the amount of New York adjusted gross income of an tate trust' for purposes of this paragraph shall be determined as if the estate or trust were an individual.)

§ 83. Subdivision (e) of section 11-1712 of the administrative code of the city of New York is amended by adding a new paragraph 3 to read follows:

(3) New York S termination year. In the case of a New York S termination year, the amounts of the modifications required under this section which relate to the S corporation's items of income, loss, deduction and reductions for taxes (as described in paragraphs two and three of subsection (f) of section thirteen hundred sixty-six of the internal revenue code) shall be ad justed in the same manner that the scorporation's items are adjusted under subdivision (s) of this section.

$ 84. Subdivision (s) of section 11-1712 of the administrative code of the city of New York, as amended by chapter 190 of the laws of 1990,

is amended to read as follows:

(s). New York S termination year. (1) General. In the case of a New York's termination year, [an equal portion of the amount of any item of S corporation [items of] income, loss and deduction included in the shareholder's federal adjusted gross income and [the] any reductions for taxes (as described in paragraphs two and three of subsection (f) of section thirteen hundred sixty-six of the internal revenue

code) shall be ad justed in accordance with the treatment provided in paragraph two or three of this subdivision.

(2) Pro rata allocation. Unless paragraph three of this subdivision applies, an equal portion of each s corporation item shall be assigned to each day of the s corporation's taxable year for federal income tax purposes[, and each such item shall be reduced by the]. The portion of each

such item thereby assigned to the [period beginning on the day the election ceases to be effective, provided however, the portion assigned to such days shall be determined under normal tax accounting rules if paragraph two of this subdivision applies] s short year shall be treated

item of a New York S corporation, and the portion of each such item thereby assigned to the C short year shall be treated as an item of an s corporation which is a New York ç corporation,

[(2)) (3) Normal tax accounting [rules shall apply under paragraph one of this subdivision). The portion of each $ corporation item assigned

the S short year and the C short year shall be determined using normal tax accounting rules if:

(A) there is a sale or exchange of fifty percent or more of the stock in such corporation during the New York s termination year or (B) the corporation

elects,

as provided in subparagraph (B) of paragraph two of subsection (s) of section six hundred twelve of the tax

$ 85. Subdivision (e) of section 11-1715 of the administrative code of the city of New York, as amended by chapter 639 of the laws of 1986, is amended to read as follows:

(e) [Partners] Modification of partners and shareholders of S corporations. (1) Partners and shareholders of S corp otions which are not New York C corporations. The amounts of modifications under subdivision (c) or under paragraph two or three of subdivision (d) required to be made by a partner or by a shareholder of an s corporation (not subject

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to tax under article nine-a of the tax law, including but not limited to
an] (other than an s corporation (for which the election provided for in
subsection (a) of section six hundred sixty of such law is in effect]
which is à New York C corporation), with respect to items of deduction
of a partnership or s corporation

shall be determined under section
11-1717.

(2) Shareholders of s .corporations which are New York C corporations.
In the case of a shareholder of an s corporation which is a New York C
corporation, the modifications under this section which relate to the
corporation's items of deduction shall not apply, except for the modifi-
cation provided under paragraph six of subdivision (c)

(3) New York S termination year. In the case of a New York s termina-
tion year, the amounts of the modifications required under this section
which relate to the $ corporation's items of deduction shall be adjusted
in the same manner that the S corporation's items

ad justed under subdivision (s) of section 11-1712.

§ 86. Subdivision (b) of section 11-1716 of the administrative code of the city of New York, as amended by chapter 333 of the laws of 1987, is amended to read as follows:

(b) Husband and wife. If the city income taxes of a husband and wife are required to be separately determined but their federal income tax is determined on a joint return, each of them shall be separately entitled to [a] the city [exemption, in the amount allowed. pursuant to] exemptions under subdivision (a) of this sections, for each federal exemption] to which [he or she] each would be separately entitled for the taxable year

if

their federal income taxes had been determined on separate returns.

§ 87. Subdivision 4 of section 11-1718 of the administrative code of the city of New York, as amended by chapter 782 of the laws of 1988, is amended to read as follows:

(4) There shall be added subtracted (as the case may be) the modifications described in paragraphs six, ten, seventeen, eighteen, nineteen, twenty, twenty-one, twenty-two, twenty-three, twenty-four twenty-five, twenty-six, twenty-sevenç, twenty-eight) and twenty-nine of subdivision (b) and in paragraphs eleven, thirteen, fifteen, nineteen, twenty, twenty-one, twenty-two, twenty-three, twenty-four, twenty-five, twenty-six and twenty-eight of subdivision (C) of section 11-1712.

§ 88. Subdivision (d) of section 11-1724 of the administrative code of the city of New York, as amended by chapter 333 of the laws of 1987, is amended to read as follows:

(d) Definitions and special rules. For purposes of this section, the following [definitions and special rules] provisions shall apply, to the extent applicable to the taxpayer's federal tax on lump sum distributions [shall apply]: (1) the (defintions] definitions and special rules as specified in paragraph four of subsection (e) of section four hundred two of the internal revenue code; and (2) the special rules relating to (A) individuals who have attained the age of fifty before January first, nineteen hundred eighty-six and (B) capital gains, as specified in paragraphs three, four five and six of subsection (h) of section eleven hundred twenty-two of the tax reform act of nineteen hundred eighty-six

enacted by public law 99-5142, but (i) in the event that paragraph three of such subsection is applicable, clause (ii) of subparagrapho (3) of such paragraph shall be applied using a rate of one and seventy-two hundredths percent, and (ii) in the event that paragraph five of such subsection applicable, the words "five" and "one-fifth" in subdivision (a) of this section shall be read as "ten" and "one-tenth", respectively, and subdivision (a) of this section shall be applied by using the rate of tax specified in subdivision (a) of section 11-1702 as subdivision

was in effect for taxable years beginning in nineteen hun-
dred eighty-six.

§ 89. Subdivision (a) of section 11-1757 of the administrative code of
the city of New York, as amended by chapter 639 of the laws of 1986, is
amended to read as follows:

(a) General. The [tax commission] commissioner of taxation and finance
may grant a reasonable extension of time for payment of tax or estimated
tax

(or any installment), or for filing any return, statement, or other
document required pursuant to this chapter, on such terms and conditions
it

may require. Except for a taxpayer who is outside the United States or who intends to claim nonresident status pursuant to [subparaEXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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graphs (i),] clause (ii) [and (iii)] of subparagraph (A) of paragraph one of subdivision [(a)) (b) of section 11-1705, no such extension for filing any return, statement or other document, 'shall exceed six months.

§ 90. Paragraph 1 of subdivision (b) of section 11-1771 of the administrative code of the city of New York, as amended by section 199 of chapter 61 of the laws of 1989, is amended to read as follows:

(1) For purposes of this chapter, any payment subject to withholding, within the meaning of paragraph two of this subdivision, shall treated as [it] if it were wages paid by an employer to an employee.

$ 91. Section 363 of chapter 61 of the laws of 1989, amending the general business law and other laws relating to

fees,

corporate taxes cigarette and alcohol taxes and various other taxes, is amended to read as follows:

§ 363. Notwithstanding the provisions of subsection (c) of section 685 or subsection (C) of section 1085 of the tax law or subdivision (c) of section 11-1785' of the administrative code of the city of New York, no addition to tax shall be made with respect to the portion of any underpayment of an, installment of estimated tax due prior to [the date this act shall have become a law] April 19, 1989, which was created

increased by [any provision) reason of the enactment of sections three hundred forty-two through three hundred sixty-two of this act.

§ 92. Paragraph 1 of subdivision (q) of section 385 of chapter 190 of the laws of 1990, amending the business corporation law, the tax law and other laws generally relating to taxes and fees, is amended to read as follows:

(1) the provisions of sections two hundred eleven through two hundred fourteen and two hundred sixteen through two hundred seventeen of this act shall apply on and after September 1, 1990;

§ 93. This act shall take effect immediately, except that:

(a) section five of this act shall apply to taxable years beginning on and after January 1, 1990;

(b) section six of this act shall take effect immediately, and shall be deemed to have been in full force and effect on July 19, 1991 and shall apply as if included in the provisions of section 8 of chapter 410 of the laws of 1991;

(c) sections forty-three, forty-five, fifty-two, fifty-seven, sixtyfive and seventy-nine of this act shall apply to taxable years beginning after 1991;

(d) section seven of this act shall apply to taxable years ending on or after July 21, 1976; provided, however, that this provision shall not permit the issuance of any assessment or any claim for credit or refund otherwise barred by any provision of the tax law;

(e) section twelve of this act shall take effect on the same date and in the same manner as section 341 of chapter 61 of the laws of 1989 takes effect;

(f) section twenty-five of this act shall take effect on the same date and in the same manner as section 279 of chapter 61 of the laws of 1989 takes effect;

(8) section thirty-one of this act shall apply to purchases made on or after March 1, 1992;

(h) section thirty-three of this act shall apply to sales made on or after March 1, 1992;

(i), sections thirty-eight, ,, forty, forty-one, fifty-four, fifty-five and fifty-six of this act shall apply to taxable years beginning after 1987; provided, however, that these provisions shall not permit the issuance of any assessment or any claim for credit or refund otherwise barred by any provision of the tax law;

(j) sections forty-six and eighty-one of this act shall apply to taxable years of regulated investment companies ending on or after the date of enactment of this act;

(k) section sixty-four of this act shall take effect on the first day of the first quarterly period, as described in paragraph (3) of subdivision (a) of section 807 of the tax law, commencing after the date on which this act is signed into law;

(1) section seventy of this act shall apply to conveyances occurring on or after July 1, 1989;

(m) section one hundred forty-seven of this act shall apply to taxable years beginning after 1986;

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(n) section eighty-seven of this act insofar as it amends subdivision 4 of section 11-1718 of the administrative code of the city of New York shall not affect the expiration provisions as provided by section 8 of chapter 782 of the laws of 1988;

(o) section ninety one of this act shall take effect on the same date as chapter 61 of the laws of 1989 takes effect; and

section ninety-two of this act shall be deemed to have been in tion shall apply as if included in the provision of chapter 190 of the laws of 1990 to which it relates.

REPEAL NOTE. -Subdivision 14 of section 210 of the tax law, repealed by section twenty-one of this act, provided for

obsolete credit against the tax imposed under article 9-A thereof, for the tax incurred in market making transactions under the provisions of article 12 of the tax law occurring on or after October 1, 1981.

Subdivision 16 of section 210 of the tax law, which is repealed by section twenty-two of this act, provided for now obsolete credit against the tax imposed under article 9-A thereof, for sales and compensating use taxes on certain property used or consumed directly and

predominantly in industrial waste treatment or air, water, or noise pollution abatement.

Subparagraph 2 of paragraph (f) of subdivision 1 of section 1447 of the tax law, repealed by section seventy-four of this act, provides that the State of New York or any of its political subdivisions, agencies, instrumentalities, authorities or public benefit corporations may record

acquisition map without the use of a gains tax affidavit, tentative assessment or statement of no tax due where the consideration is less than $500,000.

Subdivision (k) of section 213-b of the tax law, repealed by section twenty-eight of this act, provided that an overpayment of estimated tax attributable to a credit allowed under subdivision 14 of section 210 of the tax law may not be credited against any payment of estimated tax due. Since subdivision 14 of section 210 is repealed by section twentyone of this act, this provision is no longer required.

Paragraph 28 of subdivision (b) of section 11-1712. of the administrative code of the city of New York, which is repealed by section eighty of this act, denies a deduction for tax paid under article 13-A of the tax law in determining city adjusted gross income under the New York city personal income tax.

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CHAPTER 761

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AN ACT to amend the racing, pari-mutuel wagering and breeding law, in

relation to the New York Jockey Injury Compensation Fund, Inc.

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Became a law July 31, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

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Section 1.

Subdivision 7 and paragraph a of subdivision 8 of section 213-a of the racing, pari-mutuel wagering and breeding law, as added by chapter 346 of the laws of 1990, are amended to read as follows: EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

.

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