Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 11, 2020 |
referred to ways and means |
Assembly Bill A9768
2019-2020 Legislative Session
Sponsored By
CYMBROWITZ
Archive: Last Bill Status - In Assembly Committee
- 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
2019-A9768 (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd §1703, Tax L
2019-A9768 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9768 I N A S S E M B L Y February 11, 2020 ___________ Introduced by M. of A. CYMBROWITZ -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to reporting requirements for payment settlement entities, third party settlement organizations and electronic payment facilitators THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 1703 of the tax law, as added by section 1 of part E of chapter 57 of the laws of 2010, paragraph (c) as amended by chapter 235 of the laws of 2013, is amended to read as follows: 1. (a) Every payment settlement entity, third party settlement organ- ization, electronic payment facilitator or other third party acting on behalf of a payment settlement entity, all as defined in section 6050W of the internal revenue code and referred to herein as "a reporting entity," required to file information returns pursuant to [that section] PARAGRAPH (B) OF THIS SUBDIVISION shall, within thirty days of the filing thereof, file with the department in such form and manner as prescribed by the commissioner either (i) a duplicate of all such infor- mation returns [or]; (ii) a duplicate of such information returns related to participating payees, as defined in section 6050W of the internal revenue code, with a New York state address or New York state taxpayers; OR (III) IN AN ALTERNATE FORM AS PRESCRIBED BY THE COMMIS- SIONER. The commissioner may require that such returns be filed elec- tronically. (b) A REPORTING ENTITY SHALL REPORT THE GROSS AMOUNT PAID IN SETTLE- MENT TO A PAYEE THAT IS EQUAL TO SIX HUNDRED DOLLARS OR GREATER IRRE- SPECTIVE OF THE NUMBER OF TRANSACTIONS BETWEEN SUCH REPORTING ENTITY AND SUCH PAYEE, AND NOTWITHSTANDING SUCH REPORTING ENTITY'S OBLIGATION UNDER SECTION 6050W OF THE INTERNAL REVENUE CODE. (C) To facilitate accurate reporting by the entities required to file information returns pursuant to this section, the department shall provide a list or database of New York state taxpayers no later than forty-five days prior to the information reporting deadline, in such EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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