Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Feb 24, 2023 | referred to ways and means |
Current Bill Status - In Assembly Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Your Voice
Actions
Co-Sponsors
Deborah Glick
Jo Anne Simon
Patricia Fahy
Harvey Epstein
A4877 (ACTIVE) - Details
A4877 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4877 2023-2024 Regular Sessions I N A S S E M B L Y February 24, 2023 ___________ Introduced by M. of A. KELLES, GLICK, SIMON, FAHY, EPSTEIN, REYES, SEAWRIGHT, DARLING, L. ROSENTHAL, CARROLL, DICKENS -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to imposing a specific tax on all corporate stock buybacks of issued shares THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivisions 1 and 2 of section 270 of the tax law, subdi- vision 1 as amended by chapter 996 of the laws of 1963 and subdivision 2 as amended by chapter 827 of the laws of 1968, are amended and a new subdivision 2-a is added to read as follows: 1. There is hereby imposed and shall immediately accrue and be collected a tax, as herein provided, on all sales, or agreements to sell, or memoranda of sales and all deliveries or transfers of shares or certificates of stock, or certificates of rights to stock, or certif- icates of interest in property or accumulations, or certificates of deposit representing certificates taxable under this article, in any domestic or foreign association, company or corporation, or certificates of interest in business conducted by a trustee or trustees, made after the first day of June, nineteen hundred five, whether made upon or shown by the books of the association, company, corporation, or trustee, or by any assignment in blank, or by any delivery, or by any paper or agree- ment or memorandum or other evidence of sale or transfer, whether inter- mediate or final, and whether investing the holder with the beneficial interest in or legal title to said stock, or other certificates taxable hereunder, or merely with the possession or use thereof for any purpose, or to secure the future payment of money, or the future transfer of any such stock, or certificates. The purchase, redemption or other reacqui- sition of its own shares by a corporation is subject to tax under this article [unless] REGARDLESS OF WHETHER such shares are cancelled on reacquisition pursuant to the provisions of section five hundred fifteen EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00472-01-3