senate Bill S3980

2021-2022 Legislative Session

Relates to the imposition of tax on certain financial transactions

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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 01, 2021 referred to budget and revenue

Co-Sponsors

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S3980 (ACTIVE) - Details

See Assembly Version of this Bill:
A5215
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Add Art 15 §§ 340-346, Tax L

S3980 (ACTIVE) - Summary

Relates to the imposition of tax on certain financial transactions.

S3980 (ACTIVE) - Sponsor Memo

S3980 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3980
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2021
                                ___________
 
 Introduced by Sens. SALAZAR, BRISPORT -- 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 the imposition of tax on
   certain financial transactions
 
   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 article 15 to read
 as follows:
                                ARTICLE 15
                       TAX ON FINANCIAL TRANSACTIONS
 SECTION 340. DEFINITIONS.
         341. IMPOSITION OF TAX.
         342. EXCEPTIONS.
         343. LIABILITY FOR TAX.
         344. ADMINISTRATION AND REGULATION.
         345. INTEREST AND CIVIL PENALTIES.
         346. CRIMINAL PENALTIES.
   § 340. DEFINITIONS. 1. SPECIFIED BASE AMOUNT.  FOR  PURPOSES  OF  THIS
 ARTICLE, THE TERM "SPECIFIED BASE AMOUNT" MEANS:
   (A)  EXCEPT AS PROVIDED IN PARAGRAPH (B) OF THIS SUBDIVISION, THE FAIR
 MARKET VALUE OF THE SECURITY (DETERMINED AS OF THE TIME OF  THE  COVERED
 TRANSACTION); AND
   (B)  IN  THE CASE OF ANY PAYMENT DESCRIBED IN SUBPARAGRAPH FOUR, FIVE,
 OR SIX OF PARAGRAPH (A) OF SUBDIVISION THREE OF THIS SECTION, THE AMOUNT
 OF SUCH PAYMENT.
   2. COVERED  TRANSACTION.  FOR  PURPOSES  OF  THIS  SECTION,  THE  TERM
 "COVERED TRANSACTION" MEANS:
   (A)  EXCEPT  AS  PROVIDED  IN  PARAGRAPH  (B) OF THIS SUBDIVISION, ANY
 PURCHASE IF:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08795-01-1

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