Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 24, 2022 |
signed chap.87 delivered to governor |
Feb 14, 2022 |
returned to senate passed assembly ordered to third reading cal.411 substituted for a9026 |
Feb 14, 2022 |
substituted by s7721 |
Feb 10, 2022 |
advanced to third reading cal.411 |
Feb 08, 2022 |
reported |
Jan 21, 2022 |
referred to ways and means |
Assembly Bill A9026
Signed By Governor2021-2022 Legislative Session
Sponsored By
MCDONALD
Archive: Last Bill Status Via S7721 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2021-A9026 (ACTIVE) - Details
- See Senate Version of this Bill:
- S7721
- Law Section:
- Tax Law
- Laws Affected:
- Amd §1111, Tax L; amd §2, Chap of 2021 (as proposed in S.3926 & A.5401)
2021-A9026 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9026 I N A S S E M B L Y January 21, 2022 ___________ Introduced by M. of A. McDONALD -- read once and referred to the Commit- tee on Ways and Means AN ACT to amend the tax law, in relation to terminal rental adjustment clauses in motor vehicle leases; and to amend a chapter of the laws of 2021 amending the tax law relating to terminal rental adjustment clauses in motor vehicle leases, as proposed in legislative bills numbers S. 3926 and A. 5401, in relation to the effectiveness thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (B) of subdivision (i) of section 1111 of the tax law, as amended by a chapter of the laws of 2021 amending the tax law relating to terminal rental adjustment clauses in motor vehicle leases, as proposed in legislative bills numbers S. 3926 and A. 5401, is amended to read as follows: (B) (1) Notwithstanding any inconsistent provisions of this subdivi- sion, with respect to a lease of a motor vehicle described in paragraph (A) of this subdivision for a term of one year or more which includes an indeterminate number of options to renew or other similar contractual provisions or which includes thirty-six or more monthly options to renew beyond the initial term, and under which lease the lessee of such motor vehicle has certified in the writing described in clause (i) of subpara- graph (C) of paragraph two of subsection (h) of section 7701 of the internal revenue code of 1986, under penalty of perjury, that the lessee intends that more than fifty percent of the use of such vehicle is to be in a trade or business of the lessee, [the lessor shall: (i) pay tax on the receipts from the sale of or consideration given or contracted to be given for the purchase, as measured by subdivision (b) of section eleven hundred ten of this part, of such vehicle for lease; or (ii) collect and pay tax as measured by] all receipts due or consideration given or contracted to be given under such lease for the first thirty-two months, or the period of the initial term if greater, of such lease shall be deemed to have been paid or given AND SHALL BE SUBJECT TO TAX IN ACCORD- ANCE WITH THE PROVISIONS OF THIS SUBDIVISION. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08089-02-2
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