L.L. 1987/051

Enactment date: 7/29/1987

Int. No. 883

By the Vice Chairman (Council Member Vallone) and Council Member DeMarco (by request of the Mayor); also Council Members Dryfoos, Gerges, Messinger and O'Donovan (Passed under a message of necessity from the Mayor)

A Local Law to amend the administrative code of the city of New York, in relation to a credit against the tax on unincorporated businesses imposed by chapter five of title eleven of such code and the requirements for filing returns and declarations of estimated tax with respect to such tax; and in relation to decreasing the rate of the tax on general corporations imposed by subchapter two of chapter six of title eleven of such code

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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§ 5. This local law shall take effect immediately, but in no event sooner than the effective date of a chapter of the laws of nineteen hundred eighty-seven entitled "AN ACT to amend chapter seven hundred seventy-two of the laws of nineteen hundred sixty-six, relating to enabling any city having a population of one million or more to raise tax revenue by imposing taxes on general, financial and transportation corporations and unincorporated businesses, in relation to a decrease in the rate of tax on general corporations; and in relation to a credit against the tax on unincorporated businesses and the requirements for filing returns and declarations of estimated tax with respect to such tax," provided that sections one, two and three of this local law shall apply to taxable years beginning on or after January first, nineteen hundred eighty-seven.