|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 06, 2021||referred to budget and revenue|
senate Bill S270
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S270 (ACTIVE) - Details
S270 (ACTIVE) - Sponsor Memo
BILL NUMBER: S270 SPONSOR: MYRIE TITLE OF BILL: An act to amend the tax law, in relation to rebates on stock transfer tax paid; to amend the state finance law, in relation to the funds of the stock transfer tax fund and the dedicated infrastructure investment fund PURPOSE: Since at least 1915, New York has imposed a tax on the sale of securi- ties. Nonetheless, the securities industry flourished in the State. The State began rebating the tax in 1979 so that it is now 100% rebated back to the industry. As explained below, the 100% rebate is no longer justi- fiable. New York State has failing infrastructure state-wide. We have not committed to raising revenue to support our infrastructure needs, therefore we must raise revenue to address them. SUMMARY OF PROVISIONS:
S270 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 270 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sens. MYRIE, BIAGGI, COMRIE, JACKSON, RIVERA -- 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 rebates on stock transfer tax paid; to amend the state finance law, in relation to the funds of the stock transfer tax fund and the dedicated infrastructure invest- ment fund THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 280-a of the tax law, as amended by chapter 578 of the laws of 1981, is amended to read as follows: 1. Except as otherwise provided in subdivision fifteen of this section, where a tax shall have been paid under this article a portion of the amount paid shall be allowed as a rebate and such portion shall be paid to the taxpayer but only to the extent that moneys are available for the payment of such rebates in the stock transfer incentive fund established pursuant to section ninety-two-i of the state finance law. The portion of the amount of tax paid which is to be allowed as a rebate shall be thirty percent of the tax incurred and paid on transactions subject to the stock transfer tax occurring on and after October first, nineteen hundred seventy-nine and on or before September thirtieth, nineteen hundred eighty and sixty percent of the tax incurred and paid on such transactions occurring on and after October first, nineteen hundred eighty and on or before September thirtieth, nineteen hundred eighty-one and all of the amount of tax incurred and paid shall be allowed as a rebate on transactions subject to the stock transfer tax occurring on and after October first, nineteen hundred eighty-one AND ON OR BEFORE SEPTEMBER THIRTIETH, TWO THOUSAND TWENTY-TWO AND SIXTY PERCENT OF THE AMOUNT OF TAX INCURRED AND PAID SHALL BE ALLOWED AS A REBATE ON EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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