Assembly Actions -
Senate Actions - UPPERCASE
|Jan 05, 2022||
referred to budget and revenue
|Feb 01, 2021||
referred to budget and revenue
Senate Bill S3980
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S3980 (ACTIVE) - Details
2021-S3980 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3980 SPONSOR: SALAZAR TITLE OF BILL: An act to amend the tax law, in relation to the imposition of tax on certain financial transactions PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to raise additional tax revenues by taxing the trading activities of financial services firms including investment banks and hedge funds. The tax applies at low rates to transfers of stocks, bonds, and derivatives. SUMMARY OF PROVISIONS: Section 1 amends tax law by adding a new article 15 titled, "Tax on Financial Transactions", containing the following sections: -Section 340 is comprised of definitions for terms including "specified
2021-S3980 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3980 2021-2022 Regular Sessions I N S E N A T E February 1, 2021 ___________ Introduced by Sens. SALAZAR, BRISPORT -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Reven- ue AN ACT to amend the tax law, in relation to the imposition of tax on certain financial transactions THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The tax law is amended by adding a new article 15 to read as follows: ARTICLE 15 TAX ON FINANCIAL TRANSACTIONS SECTION 340. DEFINITIONS. 341. IMPOSITION OF TAX. 342. EXCEPTIONS. 343. LIABILITY FOR TAX. 344. ADMINISTRATION AND REGULATION. 345. INTEREST AND CIVIL PENALTIES. 346. CRIMINAL PENALTIES. § 340. DEFINITIONS. 1. SPECIFIED BASE AMOUNT. FOR PURPOSES OF THIS ARTICLE, THE TERM "SPECIFIED BASE AMOUNT" MEANS: (A) EXCEPT AS PROVIDED IN PARAGRAPH (B) OF THIS SUBDIVISION, THE FAIR MARKET VALUE OF THE SECURITY (DETERMINED AS OF THE TIME OF THE COVERED TRANSACTION); AND (B) IN THE CASE OF ANY PAYMENT DESCRIBED IN SUBPARAGRAPH FOUR, FIVE, OR SIX OF PARAGRAPH (A) OF SUBDIVISION THREE OF THIS SECTION, THE AMOUNT OF SUCH PAYMENT. 2. COVERED TRANSACTION. FOR PURPOSES OF THIS SECTION, THE TERM "COVERED TRANSACTION" MEANS: (A) EXCEPT AS PROVIDED IN PARAGRAPH (B) OF THIS SUBDIVISION, ANY PURCHASE IF: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08795-01-1
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