senate Bill S2756

2021-2022 Legislative Session

Prohibits federal corporate bailout recipients who engage in stock buybacks from receiving New York state tax credits

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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to budget and revenue
Jan 25, 2021 referred to budget and revenue

Co-Sponsors

S2756 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Add §212, Tax L
Versions Introduced in 2019-2020 Legislative Session:
S8230

S2756 (ACTIVE) - Summary

Prohibits federal corporate bailout recipients who engage in stock buybacks from receiving New York state tax credits within three years of engaging in such buybacks.

S2756 (ACTIVE) - Sponsor Memo

S2756 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2756
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2021
                                ___________
 
 Introduced  by  Sens.  RAMOS, HOYLMAN -- 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 prohibiting  federal  corpo-
   rate  bailout  recipients  who engage in stock buybacks from receiving
   New York state tax credits

   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 section 212 to read
 as follows:
   § 212. CERTAIN CORPORATE BAILOUT RECIPIENTS PROHIBITED FROM  RECEIVING
 TAX  CREDITS. 1. A FEDERAL EMERGENCY ECONOMIC ASSISTANCE RECIPIENT SHALL
 BE PROHIBITED FROM APPLYING FOR OR RECEIVING  ANY  NEW  YORK  STATE  TAX
 CREDIT  UNDER  THIS  CHAPTER WITHIN THREE YEARS OF ANY PURCHASE, REDEMP-
 TION, OR OTHER REACQUISITION OF ITS OWN SHARES.
   2. A FEDERAL EMERGENCY ECONOMIC ASSISTANCE RECIPIENT APPLYING  FOR  OR
 RECEIVING  A  TAX CREDIT IN VIOLATION OF SUBDIVISION ONE OF THIS SECTION
 MAY BE SUBJECT TO A CIVIL PENALTY OF THREE TIMES THE AMOUNT OF SUCH  TAX
 CREDIT. THE ATTORNEY GENERAL MAY IMPOSE SUCH CIVIL PENALTY ON ANY RECIP-
 IENT HE OR SHE DETERMINES HAS VIOLATED SUBDIVISION ONE OF THIS SECTION.
   3.  FOR  THE  PURPOSES  OF  THIS  SECTION, "FEDERAL EMERGENCY ECONOMIC
 ASSISTANCE RECIPIENT" OR "RECIPIENT" SHALL MEAN ANY CORPORATION THAT HAS
 RECEIVED FEDERAL EMERGENCY ECONOMIC ASSISTANCE UNDER A  PROGRAM  AUTHOR-
 IZED BY A FEDERAL BAILOUT OR STIMULUS ACT.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06607-01-1


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