N.Y.C. Admin. Code § L.L. 1986/048: L.L. 1986/048

Enactment date: 11/10/1986

Int. No. 682-A

By the Vice Chairman (Council Member Vallone), Council Members Katzman, DeMarco, Messinger, Dryfoos and Molinari; also Council Members Alter, Berman, Castaneira-Colon, Crispino, Eisland, Ferrer, Gerges, Leffler, Maloney, McCaffrey, Michels, O'Donovan, Spigner and Wooten (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 the appointment of a Tax Study Commission to investigate and report

Be it enacted by the Council as follows:

Section one. Declaration of legislative intent. The council finds that the economic and social well-being of the people of the city of New York is clearly related to the tax policies and procedures of the city and the manner in which those policies and procedures are administered. The council is aware that the changes made in the federal tax law and contemplated for the state tax laws, as well as major changes taking place in our national and local economies, have significant effects on the operation and impact of our tax system. Accordingly, the council finds it appropriate to establish a joint tax study commission to: (1) analyze the impact of the federal tax reform law on the city and consider how the local tax system might best adapt to anticipated changes in tax burdens and tax receipts; (2) analyze the city's current tax laws to determine their effectiveness in realizing municipal fiscal, and policy goals, and in satisfying the traditional objectives of equity and efficiency; and (3) make recommendations in each instance for such improvements as it deems necessary to achieve these objectives, including, but not limited to, identifying in what instances state legislative approval would be a prerequisite to such improvements.

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[Consolidated provisions are not included in this Appendix A]

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Section 3. This law shall take effect immediately.