assembly Bill A4877

2023-2024 Legislative Session

Relates to imposing a specific tax on all corporate stock buybacks of issued shares

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee

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

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view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 24, 2023 referred to ways and means


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A4877 (ACTIVE) - Details

See Senate Version of this Bill:
Law Section:
Tax Law
Laws Affected:
Amd §270, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: A9748, S7629
2021-2022: A2422, S4528

A4877 (ACTIVE) - Summary

Relates to imposing a tax of one-half of one percent on all corporate stock buybacks of issued shares.

A4877 (ACTIVE) - Bill Text download pdf

                     S T A T E   O F   N E W   Y O R K
                        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,
   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

   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.