Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to investigations and government operations |
Jan 10, 2017 |
referred to investigations and government operations |
Senate Bill S1586
2017-2018 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
2017-S1586 (ACTIVE) - Details
2017-S1586 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1586 TITLE OF BILL : An act to amend the tax law, in relation to rebates on stock transfer tax paid 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, $6.9 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 JUSTIFICATION : The tax was essentially repealed as part of the over-exuberance about stimulating the economy through tax cuts and unleashing the financial sector. As Nobel Prize-winning economist Joseph Stiglitz, who has written in favor of the tax, explained in 2013, that economic philosophy encouraged speculation, did not promote investment, led to economic collapse, and simply transferred wealth from the middle class to the top of the economic spectrum, increasing unemployment and income inequality to unprecedented levels.
2017-S1586 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1586 2017-2018 Regular Sessions I N S E N A T E January 10, 2017 ___________ 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 NINETEEN 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 NINETEEN. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00868-01-7
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.