assembly Bill A7086

2019-2020 Legislative Session

Relates to the stock transfer tax

download bill text pdf

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Archive: Last Bill Status - In Assembly 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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to ways and means
Apr 05, 2019 referred to ways and means

A7086 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §280-a, Tax L; amd §92-b, St Fin L; amd §1270-a, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2021-2022: A3271
2023-2024: A2613

A7086 (ACTIVE) - Summary

Directs a percentage of the stock transfer tax to the metropolitan transportation authority special assistance fund.

A7086 (ACTIVE) - Bill Text download pdf


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

                                  7086

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                              April 5, 2019
                               ___________

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

AN ACT to amend the tax law,  the  state  finance  law  and  the  public
  authorities 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 NINETEEN, 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 NINETEEN.
  § 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-
sion  4  as  amended  by chapter 724 of the laws of 1979, are amended to
read as follows:

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