Assembly Bill A2754

2023-2024 Legislative Session

Relates to exemptions from sales and use taxes for gift certificates, electronic gift cards and magnetic gift cards

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee

  • 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

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2023-A2754 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §1115, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A1775
2017-2018: A5519
2019-2020: A4801
2021-2022: A5358

2023-A2754 (ACTIVE) - Summary

Relates to exemptions from sales and use taxes for gift certificates, electronic gift cards and magnetic gift cards.

2023-A2754 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2754
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2023
                                ___________
 
 Introduced by M. of A. GANDOLFO, DURSO -- Multi-Sponsored by -- M. of A.
   BARCLAY,  BRABENEC,  DiPIETRO,  FRIEND,  HAWLEY, McDONOUGH, PALMESANO,
   STECK, THIELE -- read once and referred to the Committee on  Ways  and
   Means
 
 AN  ACT  to  amend the tax law, in relation to exemptions from sales and
   use taxes for gift certificates, electronic gift  cards  and  magnetic
   gift cards
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision (a) of section 1115 of the tax law  is  amended
 by adding a new paragraph 47 to read as follows:
   (47)(A)  GIFT  CERTIFICATES,  ELECTRONIC  GIFT CARDS AND MAGNETIC GIFT
 CARDS.
   (B) FOR THE PURPOSE OF THIS PARAGRAPH: (I) THE TERM "GIFT CERTIFICATE"
 MEANS A WRITING IDENTIFIED AS A GIFT CERTIFICATE BY AN ISSUER FOR USE BY
 A CUSTOMER, WHETHER OR NOT REDEEMABLE FOR CASH, AND USABLE FOR ITS  FACE
 AMOUNT IN LIEU OF CASH FOR THE EXCHANGE OF GOODS OR SERVICES SUPPLIED BY
 THE SELLER. GIFT CERTIFICATES SHALL INCLUDE ELECTRONIC OR MAGNETIC CARDS
 WITH  A  BANKED  DOLLAR VALUE, A MERCHANDISE CREDIT, A CERTIFICATE WHERE
 THE ISSUER HAS RECEIVED PAYMENT FOR THE FULL FACE VALUE FOR  THE  FUTURE
 PURCHASE  OR  DELIVERY  OF  GOODS OR SERVICES, AND ANY OTHER MEDIUM THAT
 EVIDENCES THE GIVING OF CONSIDERATION  IN  EXCHANGE  FOR  THE  RIGHT  TO
 REDEEM  IT  FOR  GOODS OR SERVICES OF AT LEAST AN EQUAL VALUE.  PRE-PAID
 CALLING ARRANGEMENTS, SUCH AS PRE-PAID PHONE CARDS, ARE  NOT  CONSIDERED
 GIFT  CERTIFICATES;  (II)  THE  TERM "ELECTRONIC GIFT CARD" OR "MAGNETIC
 GIFT CARD" MEANS A CARD WITH A BANKED DOLLAR VALUE THAT MAY BE  REDEEMED
 FOR  GOODS  OR SERVICES WHEREBY THE DOLLAR AMOUNT OF THE CARD IS REDUCED
 ACCORDINGLY.
   § 2. This act shall take effect on the first day of a quarterly  sales
 tax  period,  as set forth in subdivision (b) of section 1136 of the tax
 law, next succeeding the thirtieth day after it shall have become a law.
 Provided, however that the commissioner of taxation  and  finance  shall
 take  any  action necessary for the timely implementation of this act on
 or before the date on which it shall have become a law.

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