Bill Text: NY S04708 | 2009-2010 | General Assembly | Introduced
Bill Title: Allows a taxpayer to elect to contribute a gift to the love your library fund on corporate and personal income tax return forms.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2010-03-16 - REPORTED AND COMMITTED TO FINANCE [S04708 Detail]
Download: New_York-2009-S04708-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 4708 2009-2010 Regular Sessions I N S E N A T E April 27, 2009 ___________ Introduced by Sen. LEIBELL -- 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 and the state finance law, in relation to the love your library fund THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. The tax law is amended by adding a new section 209-G to 2 read as follows: 3 S 209-G. GIFT TO THE LOVE YOUR LIBRARY FUND. EFFECTIVE FOR ANY TAX 4 YEAR COMMENCING ON OR AFTER JANUARY FIRST, TWO THOUSAND TEN, A TAXPAYER 5 IN ANY TAXABLE YEAR MAY ELECT TO CONTRIBUTE TO THE LOVE YOUR LIBRARY 6 FUND. SUCH CONTRIBUTION SHALL BE IN ANY WHOLE DOLLAR AMOUNT AND SHALL 7 NOT REDUCE THE AMOUNT OF THE STATE TAX OWED BY SUCH TAXPAYER. THE 8 COMMISSIONER SHALL INCLUDE SPACE ON THE CORPORATE INCOME TAX RETURN TO 9 ENABLE A TAXPAYER TO MAKE SUCH CONTRIBUTION. NOTWITHSTANDING ANY OTHER 10 PROVISION OF LAW, ALL REVENUES COLLECTED PURSUANT TO THIS SECTION SHALL 11 BE CREDITED TO THE LOVE YOUR LIBRARY FUND AND SHALL BE USED ONLY FOR 12 THOSE PURPOSES ENUMERATED IN SECTION NINETY-NINE-L OF THE STATE FINANCE 13 LAW, AS ADDED BY CHAPTER THREE HUNDRED THREE OF THE LAWS OF TWO THOUSAND 14 FOUR. 15 S 2. The tax law is amended by adding a new section 630-b to read as 16 follows: 17 S 630-B. GIFT TO THE LOVE YOUR LIBRARY FUND. EFFECTIVE FOR ANY TAX 18 YEAR COMMENCING ON OR AFTER JANUARY FIRST, TWO THOUSAND TEN, AN INDIVID- 19 UAL IN ANY TAXABLE YEAR MAY ELECT TO CONTRIBUTE TO THE LOVE YOUR LIBRARY 20 FUND. SUCH CONTRIBUTION SHALL BE IN ANY WHOLE DOLLAR AMOUNT AND SHALL 21 NOT REDUCE THE AMOUNT OF STATE TAX OWED BY SUCH INDIVIDUAL. THE COMMIS- 22 SIONER SHALL INCLUDE SPACE ON THE PERSONAL INCOME TAX RETURN TO ENABLE A 23 TAXPAYER TO MAKE SUCH CONTRIBUTION. NOTWITHSTANDING ANY OTHER PROVISION 24 OF LAW ALL REVENUES COLLECTED PURSUANT TO THIS SECTION SHALL BE CREDITED EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01648-01-9 S. 4708 2 1 TO THE LOVE YOUR LIBRARY FUND AND USED ONLY FOR THOSE PURPOSES ENUMER- 2 ATED IN SECTION NINETY-NINE-L OF THE STATE FINANCE LAW, AS ADDED BY 3 CHAPTER THREE HUNDRED THREE OF THE LAWS OF TWO THOUSAND FOUR. 4 S 3. Subdivision 2 of section 99-l of the state finance law, as added 5 by chapter 303 of the laws of 2004, is amended to read as follows: 6 2. Such fund shall consist of all revenues received by the department 7 of motor vehicles pursuant to section four hundred four-v of the vehicle 8 and traffic law, AS ADDED BY CHAPTER THREE HUNDRED THREE OF THE LAWS OF 9 TWO THOUSAND FOUR, ALL THE REVENUES RECEIVED BY THE DEPARTMENT OF TAXA- 10 TION AND FINANCE PURSUANT TO SECTIONS TWO HUNDRED NINE-G AND SIX HUNDRED 11 THIRTY-B OF THE TAX LAW and all other moneys appropriated, credited, or 12 transferred thereto from any other fund or source pursuant to law. 13 S 4. This act shall take effect immediately.