senate Bill S7629

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 Senate Committee Budget And Revenue 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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 03, 2020 referred to budget and revenue

Co-Sponsors

S7629 (ACTIVE) - Details

See Assembly Version of this Bill:
A9748
Law Section:
Tax Law
Laws Affected:
Amd §270, Tax L

S7629 (ACTIVE) - Summary

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

S7629 (ACTIVE) - Sponsor Memo

S7629 (ACTIVE) - Bill Text download pdf


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

                                  7629

                            I N  S E N A T E

                            February 3, 2020
                               ___________

Introduced  by  Sen. METZGER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Budget and Revenue

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.

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