Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 10, 2021 |
approval memo.62 signed chap.664 |
Nov 29, 2021 |
delivered to governor |
Jun 10, 2021 |
returned to assembly passed senate 3rd reading cal.1773 substituted for s3926 |
May 19, 2021 |
referred to finance delivered to senate passed assembly |
May 13, 2021 |
advanced to third reading cal.365 |
May 11, 2021 |
reported |
Feb 16, 2021 |
referred to ways and means |
Assembly Bill A5401
Signed By Governor2021-2022 Legislative Session
Sponsored By
MCDONALD
Archive: Last Bill Status - Signed by Governor
- 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
Votes
2021-A5401 (ACTIVE) - Details
2021-A5401 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5401 2021-2022 Regular Sessions I N A S S E M B L Y February 16, 2021 ___________ Introduced by M. of A. McDONALD -- read once and referred to the Commit- tee on Ways and Means AN ACT to amend the tax law, in relation to terminal rental adjustment clauses in motor vehicle leases THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (B) of subdivision (i) of section 1111 of the tax law, as amended by chapter 20 of the laws of 1992, is amended to read as follows: (B) (1) Notwithstanding any inconsistent provisions of this subdivi- sion, with respect to a lease of a motor vehicle described in paragraph (A) of this subdivision for a term of one year or more [(1)] which includes an indeterminate number of options to renew or other similar contractual provisions or which includes thirty-six or more monthly options to renew beyond the initial term, and [(2)] under which lease the lessee of such motor vehicle has certified in the writing described in clause (i) of subparagraph (C) of paragraph two of subsection (h) of section 7701 of the internal revenue code of 1986, under penalty of perjury, that the lessee intends that more than fifty percent of the use of such vehicle is to be in a trade or business of the lessee, THE LESSOR SHALL: (I) PAY TAX ON THE RECEIPTS FROM THE SALE OF OR CONSIDER- ATION GIVEN OR CONTRACTED TO BE GIVEN FOR THE PURCHASE, AS MEASURED BY SUBDIVISION (B) OF SECTION ELEVEN HUNDRED TEN OF THIS PART, OF SUCH VEHICLE FOR LEASE; OR (II) COLLECT AND PAY TAX AS MEASURED BY all receipts due or consideration given or contracted to be given under such lease for the first thirty-two months, or the period of the initial term if greater, of such lease shall be deemed to have been paid or given [and shall be subject to tax in accordance with the provisions of this subdivision]. [For] (2) IF A LESSOR COLLECTS AND PAYS TAX AS MEASURED UNDER CLAUSE (II) OF SUBPARAGRAPH ONE OF THIS PARAGRAPH, FOR each such option to EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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