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Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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| Jan 05, 2022 |
referred to budget and revenue |
| Feb 01, 2021 |
referred to budget and revenue |
Senate Bill S3980
2021-2022 Legislative Session
Sponsored By
(D, WF) 18th Senate District
Archive: Last Bill Status - In Senate Committee Budget And Revenue 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
co-Sponsors
(D) Senate District
(D, WF) Senate District
(D, WF) 25th Senate District
(D, WF) 55th Senate District
2021-S3980 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A5215
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Add Art 15 §§340 - 346, Tax L
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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