senate Bill S3926

Signed By Governor
2021-2022 Legislative Session

Relates to terminal rental adjustment clauses in motor vehicle leases

download bill text pdf

Sponsored By

Current Bill Status Via A5401 - Signed by Governor


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

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Actions

view actions (12)
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
Jun 10, 2021 substituted by a5401
ordered to third reading cal.1773
committee discharged and committed to rules
May 19, 2021 reported and committed to finance
Feb 01, 2021 referred to budget and revenue

Votes

view votes

Jun 10, 2021 - Rules committee Vote

S3926
21
0
committee
21
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

May 18, 2021 - Budget and Revenue committee Vote

S3926
5
0
committee
5
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Budget and Revenue committee vote details

Budget and Revenue Committee Vote: May 18, 2021

aye wr (2)

S3926 (ACTIVE) - Details

See Assembly Version of this Bill:
A5401
Law Section:
Tax Law
Laws Affected:
Amd §1111, Tax L
Versions Introduced in 2019-2020 Legislative Session:
S9065

S3926 (ACTIVE) - Summary

Relates to terminal rental adjustment clauses in motor vehicle leases; provides multiple tax payment options for the lessor.

S3926 (ACTIVE) - Sponsor Memo

S3926 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3926
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2021
                                ___________
 
 Introduced  by  Sen. KENNEDY -- 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 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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