Assembly Bill A10291

2019-2020 Legislative Session

Prohibits federal corporate bailout recipients who engage in stock buybacks from receiving New York state tax credits

download bill text pdf

Sponsored By

Archive: Last 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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2019-A10291 (ACTIVE) - Details

See Senate Version of this Bill:
S8230
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §212, Tax L
Versions Introduced in Other Legislative Sessions:
2021-2022: S2756
2023-2024: S1742

2019-A10291 (ACTIVE) - Summary

Prohibits federal corporate bailout recipients who engage in stock buybacks from receiving New York state tax credits within three years of engaging in such buybacks.

2019-A10291 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10291
 
                           I N  A S S E M B L Y
 
                              April 15, 2020
                                ___________
 
 Introduced  by M. of A. SIMOTAS, LUPARDO, DICKENS, LENTOL, REYES, TAYLOR
   -- Multi-Sponsored by -- M. of A. STERN -- read once and  referred  to
   the Committee on Ways and Means
 
 AN  ACT  to amend the tax law, in relation to prohibiting federal corpo-
   rate bailout recipients who engage in stock  buybacks  from  receiving
   New York state tax credits

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The tax law is amended by adding a new section 212 to  read
 as follows:
   §  212. CERTAIN CORPORATE BAILOUT RECIPIENTS PROHIBITED FROM RECEIVING
 TAX CREDITS. 1. A FEDERAL EMERGENCY ECONOMIC ASSISTANCE RECIPIENT  SHALL
 BE  PROHIBITED  FROM  APPLYING  FOR  OR RECEIVING ANY NEW YORK STATE TAX
 CREDIT UNDER THIS CHAPTER WITHIN THREE YEARS OF  ANY  PURCHASE,  REDEMP-
 TION, OR OTHER REACQUISITION OF ITS OWN SHARES.
   2.  A  FEDERAL EMERGENCY ECONOMIC ASSISTANCE RECIPIENT APPLYING FOR OR
 RECEIVING A TAX CREDIT IN VIOLATION OF SUBDIVISION ONE OF  THIS  SECTION
 MAY  BE SUBJECT TO A CIVIL PENALTY OF THREE TIMES THE AMOUNT OF SUCH TAX
 CREDIT. THE ATTORNEY GENERAL MAY IMPOSE SUCH CIVIL PENALTY ON ANY RECIP-
 IENT HE OR SHE DETERMINES HAS VIOLATED SUBDIVISION ONE OF THIS SECTION.
   3. FOR THE PURPOSES  OF  THIS  SECTION,  "FEDERAL  EMERGENCY  ECONOMIC
 ASSISTANCE RECIPIENT" OR "RECIPIENT" SHALL MEAN ANY CORPORATION THAT HAS
 RECEIVED  FEDERAL  EMERGENCY ECONOMIC ASSISTANCE UNDER A PROGRAM AUTHOR-
 IZED BY A FEDERAL BAILOUT OR STIMULUS ACT.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD16075-01-0

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