assembly Bill A5215

2021-2022 Legislative Session

Relates to the imposition of tax on certain financial transactions

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 12, 2021 referred to ways and means

Co-Sponsors

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A5215 (ACTIVE) - Details

See Senate Version of this Bill:
S3980
Law Section:
Tax Law
Laws Affected:
Add Art 15 §§ 340-346, Tax L

A5215 (ACTIVE) - Summary

Relates to the imposition of tax on certain financial transactions.

A5215 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5215
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 12, 2021
                                ___________
 
 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 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