Bill Text: NY S01132 | 2015-2016 | General Assembly | Amended
Bill Title: Relates to rebates on stock transfer tax paid; decreases amount to sixty percent.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-04-13 - PRINT NUMBER 1132A [S01132 Detail]
Download: New_York-2015-S01132-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 1132--A 2015-2016 Regular Sessions IN SENATE January 8, 2015 ___________ Introduced by Sen. AVELLA -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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: 1 Section 1. Subdivision 1 of section 280-a of the tax law, as amended 2 by chapter 578 of the laws of 1981, is amended to read as follows: 3 1. Except as otherwise provided in subdivision fifteen of this 4 section, where a tax shall have been paid under this article a portion 5 of the amount paid shall be allowed as a rebate and such portion shall 6 be paid to the taxpayer but only to the extent that moneys are available 7 for the payment of such rebates in the stock transfer incentive fund 8 established pursuant to section ninety-two-i of the state finance law. 9 The portion of the amount of tax paid which is to be allowed as a rebate 10 shall be thirty percent of the tax incurred and paid on transactions 11 subject to the stock transfer tax occurring on and after October first, 12 nineteen hundred seventy-nine and on or before September thirtieth, 13 nineteen hundred eighty and sixty percent of the tax incurred and paid 14 on such transactions occurring on and after October first, nineteen 15 hundred eighty and on or before September thirtieth, nineteen hundred 16 eighty-one and all of the amount of tax incurred and paid shall be 17 allowed as a rebate on transactions subject to the stock transfer tax 18 occurring on and after October first, nineteen hundred eighty-one and on 19 or before September thirtieth, two thousand eighteen and sixty percent 20 of the amount of tax incurred and paid shall be allowed as a rebate on 21 transactions subject to the stock transfer tax occurring on and after 22 October first, two thousand eighteen. 23 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02125-02-6
