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Assembly Bill A8658

2013-2014 Legislative Session

Relates to exemptions from sales and use taxes for gift certificates, electronic gift cards and magnetic gift cards

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Archive: Last Bill Status - In Assembly Committee

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2013-A8658 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง1115, Tax L

2013-A8658 (ACTIVE) - Summary

Relates to exemptions from sales and use taxes for gift certificates, electronic gift cards and magnetic gift cards.

2013-A8658 (ACTIVE) - Bill Text download pdf 

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

                                  8658

                          I N  A S S E M B L Y

                            January 31, 2014
                               ___________

Introduced  by  M.  of  A.  GARBARINO  --  read once and referred to the
  Committee on Ways and Means

AN ACT to amend the tax law, in relation to exemptions  from  sales  and
  use  taxes  for  gift certificates, electronic gift cards and magnetic
  gift cards

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

  Section  1.  Subdivision (a) of section 1115 of the tax law is amended
by adding a new paragraph 44 to read as follows:
  (44)(A) GIFT CERTIFICATES, ELECTRONIC GIFT  CARDS  AND  MAGNETIC  GIFT
CARDS.
  (B) FOR THE PURPOSE OF THIS PARAGRAPH: (I) THE TERM "GIFT CERTIFICATE"
MEANS A WRITING IDENTIFIED AS A GIFT CERTIFICATE BY AN ISSUER FOR USE BY
A  CUSTOMER, WHETHER OR NOT REDEEMABLE FOR CASH, AND USABLE FOR ITS FACE
AMOUNT IN LIEU OF CASH FOR THE EXCHANGE OF GOODS OR SERVICES SUPPLIED BY
THE SELLER. GIFT CERTIFICATES SHALL INCLUDE ELECTRONIC OR MAGNETIC CARDS
WITH A BANKED DOLLAR VALUE, A MERCHANDISE CREDIT,  A  CERTIFICATE  WHERE
THE  ISSUER  HAS RECEIVED PAYMENT FOR THE FULL FACE VALUE FOR THE FUTURE
PURCHASE OR DELIVERY OF GOODS OR SERVICES, AND  ANY  OTHER  MEDIUM  THAT
EVIDENCES  THE  GIVING  OF  CONSIDERATION  IN  EXCHANGE FOR THE RIGHT TO
REDEEM IT FOR GOODS OR SERVICES OF AT LEAST AN EQUAL  VALUE.    PRE-PAID
CALLING  ARRANGEMENTS,  SUCH AS PRE-PAID PHONE CARDS, ARE NOT CONSIDERED
GIFT CERTIFICATES; (II) THE TERM "ELECTRONIC  GIFT  CARD"  OR  "MAGNETIC
GIFT  CARD" MEANS A CARD WITH A BANKED DOLLAR VALUE THAT MAY BE REDEEMED
FOR GOODS OR SERVICES WHEREBY THE DOLLAR AMOUNT OF THE CARD  IS  REDUCED
ACCORDINGLY.
  S  2. This act shall take effect on the first day of a quarterly sales
tax period, as set forth in subdivision (b) of section 1136 of  the  tax
law, next succeeding the thirtieth day after it shall have become a law.
Provided,  however  that  the commissioner of taxation and finance shall
take any action necessary for the timely implementation of this  act  on
or before the date on which it shall have become a law.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11982-02-4

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