senate Bill S270

2021-2022 Legislative Session

Relates to rebates on stock transfer tax paid; dedicates funds of the stock transfer tax fund to the dedicated infrastructure investment fund

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2021 referred to budget and revenue

Co-Sponsors

S270 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §280-a, Tax L; amd §§92-b & 93-b, St Fin L
Versions Introduced in Other Legislative Sessions:
2017-2018: S7670
2019-2020: S3315

S270 (ACTIVE) - Summary

Relates to rebates on stock transfer tax paid; decreases amount to sixty percent; dedicates funds of the stock transfer tax fund to the dedicated infrastructure investment fund.

S270 (ACTIVE) - Sponsor Memo

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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