Bill Text: NY S01132 | 2015-2016 | General Assembly | Introduced

New York Senate Bill 1132 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1132
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                    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
       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 SEVENTEEN 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 SEVENTEEN.
   23    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02125-01-5