L.L. 2003/039

Enactment date: 6/12/2003

Int. No. 497

By Council Members Weprin and Comrie (by request of the Mayor)

A Local Law to amend the administrative code of the city of New York, in relation to setting interest rates for overpayments of the general corporation tax and banking corporation tax.

Be it enacted by the Council as follows:

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[Consolidated provisions are not included in this Appendix A]

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§ 2. This local law shall take effect on July 1, 2003, provided that if New York Assembly Bill No. 2106-B, which passed the New York Assembly on May 2, 2003 and the New York Senate on May 2, 2003, and was delivered to the Governor on May 2, 2003, has not become a law prior to the time that this local law becomes a law, then this local law shall take effect immediately upon the enactment into law of such bill. This local law shall apply to the interest chargeable or due on taxes or on any other amounts, or any portion thereof, which remain or become due on or after such date. The interest rates set prior to amendment by this local law shall apply up to and including the day before the effective date of this local law, to the interest chargeable or due on taxes or on other amounts for which interest rates are set under this local law.