NY State Senate Bill 2021-S3892

Senate Bill S3892

2021-2022 Legislative Session

Relates to providing relief to businesses for late fees and interest on certain tax payments

download bill text pdf

Archive: Last Bill Status - In Senate Committee Budget And Revenue 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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 05, 2022	referred to budget and revenue
Feb 01, 2021	referred to budget and revenue

2021-S3892 (ACTIVE) - Details

Current Committee:: Senate Budget And Revenue
Law Section:: Taxation
Versions Introduced in 2019-2020 Legislative Session:: S8313

2021-S3892 (ACTIVE) - Summary

Provides relief to businesses for late fees and interest for any delayed payments for businesses filing sales or property taxes for a period of one year.

2021-S3892 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S3892

SPONSOR: KENNEDY
 
TITLE OF BILL:

An act providing relief to businesses for late fees and interest on
certain tax payments

 
PURPOSE:

This bill eliminates any late fees or interest accrued associated with
late property or sales tax filings by a business during the state emer-
gency related to COVID-19.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section one waives any late fees or interest accrued for businesses
filing sales or property taxes during the current state disaster emer-
gency.

Section two establishes the effective date.

 
JUSTIFICATION:

Due to the COVID-19 pandemic, businesses have found themselves, at no
fault of their own, with substantially lower revenue as a result of the
prudent implementation of the New York on PAUSE plan. This has left many
in a precarious financial situation, with difficult decisions being made
about what bills to pay. By waiving late fees and interest accrual
during the declared state of emergency, business owners can have comfort
that while the taxes owed must still be paid, but they won't be subject
to additional penalties that they cannot afford if they don't have
enough cash flow to pay the taxes on the date owed. This flexibility
gives businesses the ability to stretch their cash on hand further,
setting them up to survive the economic downturn in a better financial
condition, which preserves local jobs as well as future sales and prop-
erty tax payments in the years ahead.

 
LEGISLATIVE HISTORY:

2020: S.8313 Referred to Budget and Revenue

 
FISCAL IMPLICATIONS:

Reduced state revenue expected as no late fees or interest will be paid.

 
EFFECTIVE DATE:
This act shall take immediately.

2021-S3892 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3892
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2021
                                ___________
 
 Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT providing relief to businesses for  late  fees  and  interest  on
   certain tax payments
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Notwithstanding any provision of law to  the  contrary,  no
 late fees shall be imposed or interest accrue on the late payment of any
 taxes  imposed or levied on a business pursuant to article 28 of the tax
 law or article 9 of the real property tax law for a period of  one  year
 following  the  declaration  of  a  state disaster emergency pursuant to
 executive order 202.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08061-01-1

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