senate Bill S3892A

2011-2012 Legislative Session

Reduces rebate of the stock transfer tax to 80% and provides for appropriation of the balance of such tax: 25% to the city of New York and 75% to the state

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to investigations and government operations
Dec 21, 2011 print number 3892a
amend and recommit to investigations and government operations
Mar 08, 2011 referred to investigations and government operations

Bill Amendments

Original
A (Active)
Original
A (Active)

S3892 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §280-a, Tax L; amd §92-b, St Fin L

S3892 - Summary

Reduces rebate of the stock transfer tax to 80% and provides for appropriation of the balance of such tax: 25% to the city of New York and 75% to the state.

S3892 - Sponsor Memo

S3892 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3892

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              March 8, 2011
                               ___________

Introduced  by  Sen.  AVELLA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law and the state finance law,  in  relation  to
  the stock transfer tax

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 1 of section 280-a of the tax law,  as  amended
by chapter 578 of the laws of 1981, is amended to read as follows:
  1.  Except  as  otherwise  provided  in  subdivision  fifteen  of this
section, where a tax shall have been paid under this article  a  portion
of  the  amount paid shall be allowed as a rebate and such portion shall
be paid to the taxpayer but only to the extent that moneys are available
for the payment of such rebates in the  stock  transfer  incentive  fund
established  pursuant  to section ninety-two-i of the state finance law.
The portion of the amount of tax paid which is to be allowed as a rebate
shall be thirty percent of the tax incurred  and  paid  on  transactions
subject  to the stock transfer tax occurring on and after October first,
nineteen hundred seventy-nine and  on  or  before  September  thirtieth,
nineteen  hundred  eighty and sixty percent of the tax incurred and paid
on such transactions occurring on  and  after  October  first,  nineteen
hundred  eighty  and  on or before September thirtieth, nineteen hundred
eighty-one and all of the amount of  tax  incurred  and  paid  shall  be
allowed  as  a  rebate on transactions subject to the stock transfer tax
occurring on and after October first, nineteen hundred eighty-one AND ON
OR BEFORE SEPTEMBER THIRTIETH, TWO THOUSAND ELEVEN, AND  EIGHTY  PERCENT
OF THE TAX INCURRED AND PAID SHALL BE ALLOWED AS A REBATE ON SUCH TRANS-
ACTIONS OCCURRING ON AND AFTER OCTOBER FIRST, TWO THOUSAND ELEVEN.
  S  2.  Subdivision  3  and 4 of section 92-b of the state finance law,
subdivision 3 as amended by chapter 878 of the laws of 1977 and subdivi-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09580-01-1

S3892A (ACTIVE) - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §280-a, Tax L; amd §92-b, St Fin L

S3892A (ACTIVE) - Summary

Reduces rebate of the stock transfer tax to 80% and provides for appropriation of the balance of such tax: 25% to the city of New York and 75% to the state.

S3892A (ACTIVE) - Sponsor Memo

S3892A (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 3892--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              March 8, 2011
                               ___________

Introduced  by  Sen.  AVELLA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment  Operations  --  committee  discharged,  bill  amended,   ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to  amend the tax law and the state finance law, in relation to
  the stock transfer tax

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subdivision 1 of section 280-a of the tax law, as amended
by chapter 578 of the laws of 1981, is amended to read as follows:
  1. Except  as  otherwise  provided  in  subdivision  fifteen  of  this
section,  where  a tax shall have been paid under this article a portion
of the amount paid shall be allowed as a rebate and such  portion  shall
be paid to the taxpayer but only to the extent that moneys are available
for  the  payment  of  such rebates in the stock transfer incentive fund
established pursuant to section ninety-two-i of the state  finance  law.
The portion of the amount of tax paid which is to be allowed as a rebate
shall  be  thirty  percent  of the tax incurred and paid on transactions
subject to the stock transfer tax occurring on and after October  first,
nineteen  hundred  seventy-nine  and  on  or before September thirtieth,
nineteen hundred eighty and sixty percent of the tax incurred  and  paid
on  such  transactions  occurring  on  and after October first, nineteen
hundred eighty and on or before September  thirtieth,  nineteen  hundred
eighty-one  and  all  of  the  amount  of tax incurred and paid shall be
allowed as a rebate on transactions subject to the  stock  transfer  tax
occurring on and after October first, nineteen hundred eighty-one AND ON
OR  BEFORE  SEPTEMBER THIRTIETH, TWO THOUSAND TWELVE, AND EIGHTY PERCENT
OF THE TAX INCURRED AND PAID SHALL BE ALLOWED AS A REBATE ON SUCH TRANS-
ACTIONS OCCURRING ON AND AFTER OCTOBER FIRST, TWO THOUSAND TWELVE.
  S 2. Subdivisions 3 and 4 of section 92-b of the  state  finance  law,
subdivision 3 as amended by chapter 878 of the laws of 1977 and subdivi-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09580-02-1

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