assembly Bill A9748

2019-2020 Legislative Session

Relates to imposing a specific tax on all corporate stock buybacks of issued shares

download bill text pdf

Sponsored By

Current 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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 07, 2020 referred to ways and means

Co-Sponsors

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A9748 (ACTIVE) - Details

See Senate Version of this Bill:
S7629
Law Section:
Tax Law
Laws Affected:
Amd §270, Tax L

A9748 (ACTIVE) - Summary

Relates to imposing a tax of one-half of one percent on all corporate stock buybacks of issued shares.

A9748 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9748
 
                           I N  A S S E M B L Y
 
                             February 7, 2020
                                ___________
 
 Introduced  by  M. of A. NIOU -- read once and referred to the Committee
   on Ways and Means
 
 AN ACT to amend the tax law, in relation to imposing a specific  tax  on
   all corporate stock buybacks of issued shares
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subdivisions 1 and 2 of section 270 of the tax law,  subdi-
 vision 1 as amended by chapter 996 of the laws of 1963 and subdivision 2
 as  amended  by  chapter  827 of the laws of 1968, are amended and a new
 subdivision 2-a is added to read as follows:
   1. There is  hereby  imposed  and  shall  immediately  accrue  and  be
 collected  a  tax,  as  herein  provided, on all sales, or agreements to
 sell, or memoranda of sales and all deliveries or transfers of shares or
 certificates of stock, or certificates of rights to  stock,  or  certif-
 icates  of  interest  in  property  or accumulations, or certificates of
 deposit representing certificates taxable under  this  article,  in  any
 domestic or foreign association, company or corporation, or certificates
 of  interest  in business conducted by a trustee or trustees, made after
 the first day of June, nineteen hundred five, whether made upon or shown
 by the books of the association, company, corporation, or trustee, or by
 any assignment in blank, or by any delivery, or by any paper  or  agree-
 ment or memorandum or other evidence of sale or transfer, whether inter-
 mediate  or  final, and whether investing the holder with the beneficial
 interest in or legal title to said stock, or other certificates  taxable
 hereunder, or merely with the possession or use thereof for any purpose,
 or  to secure the future payment of money, or the future transfer of any
 such stock, or certificates.  The purchase, redemption or other reacqui-
 sition of its own shares by a corporation is subject to tax  under  this
 article  [unless]  REGARDLESS  OF  WHETHER  such shares are cancelled on
 reacquisition pursuant to the provisions of section five hundred fifteen
 of the business corporation law, or [unless] WHETHER within one year  of
 the  date  of  such  purchase,  redemption  or other reacquisition, such
 shares are cancelled by an appropriate amendment  to  the  corporation's
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.