Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 27, 2014 |
referred to investigations and government operations |
Senate Bill S6901
2013-2014 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Actions
2013-S6901 (ACTIVE) - Details
2013-S6901 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6901 TITLE OF BILL: An act to amend the tax law, in relation to rebates on stock transfer tax paid GENERAL PURPOSE OF BILL: Since at least 1915, New York has imposed a tax on the sale of securities. Nonetheless, the securities industry flourished in the State. The State began rebating the tax in 1979 so that it is now 100% rebated back to the industry. As explained below, the 100% rebate is no longer justifiable. SUMMARY OF PROVISIONS: Section 1 of the bill amends subdivision 1 of section 280-a of the tax law, as amended by chapter 578 of the laws of 1981, by providing for a rebate of 60% of the tax collected. Accordingly, $6.4 billion in revenue would be raised. Section 2 of the bill sets forth an immediate effective date. JUSTIFICATION: The tax was essentially repealed as part of the over-exuberance about stimulating the economy through tax cuts and unleashing the financial
2013-S6901 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6901 I N S E N A T E March 27, 2014 ___________ Introduced by Sen. AVELLA -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to rebates on stock transfer tax paid THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 280-a of the tax law, as amended by chapter 578 of the laws of 1981, is amended to read as follows: 1. Except as otherwise provided in subdivision fifteen of this section, where a tax shall have been paid under this article a portion of the amount paid shall be allowed as a rebate and such portion shall be paid to the taxpayer but only to the extent that moneys are available for the payment of such rebates in the stock transfer incentive fund established pursuant to section ninety-two-i of the state finance law. The portion of the amount of tax paid which is to be allowed as a rebate shall be thirty percent of the tax incurred and paid on transactions subject to the stock transfer tax occurring on and after October first, nineteen hundred seventy-nine and on or before September thirtieth, nineteen hundred eighty and sixty percent of the tax incurred and paid on such transactions occurring on and after October first, nineteen hundred eighty and on or before September thirtieth, nineteen hundred eighty-one and all of the amount of tax incurred and paid shall be allowed as a rebate on transactions subject to the stock transfer tax occurring on and after October first, nineteen hundred eighty-one AND ON OR BEFORE SEPTEMBER THIRTIETH, TWO THOUSAND FIFTEEN AND SIXTY PERCENT OF THE AMOUNT OF TAX INCURRED AND PAID SHALL BE ALLOWED AS A REBATE ON TRANSACTIONS SUBJECT TO THE STOCK TRANSFER TAX OCCURRING ON AND AFTER OCTOBER FIRST, TWO THOUSAND FIFTEEN. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13369-01-3
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