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 |
Senate Bill S3926
Signed By Governor2021-2022 Legislative Session
Sponsored By
(D, WF) 63rd Senate District
Archive: Last Bill Status Via A5401 - 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-S3926 (ACTIVE) - Details
2021-S3926 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3926 SPONSOR: KENNEDY TITLE OF BILL: An act to amend the tax law, in relation to terminal rental adjustment clauses in motor vehicle leases PURPOSE OF THE BILL: To clarify how sales taxes must be calculated and remitted under termi- nal rental adjustment lease agreements. SUMMARY OF SPECIFIC PROVISIONS: Section 1 of the bill would clarify the Tax Law to state that under vehicle leases containing a terminal rental adjustment clause, motor vehicle leasing companies have the flexibility to pay sales taxes on its purchases of fleet vehicles either up-front on the receipts of the sale at the time it purchases motor vehicles for lease to New York businesses or up-front on the lease consideration that the lessors receive from the
2021-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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