Bill Text: NY S05621 | 2023-2024 | General Assembly | Amended

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

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Bill Title: Relates to reporting of digital assets on the annual statement of financial disclosure filed with the legislative ethics commission or the joint commission on public ethics.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2023-05-18 - SUBSTITUTED BY A2873A [S05621 Detail]

Download: New_York-2023-S05621-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         5621--A

                               2023-2024 Regular Sessions

                    IN SENATE

                                      March 9, 2023
                                       ___________

        Introduced  by  Sen.  MAY  --  read  twice and ordered printed, and when
          printed to be committed to the Committee on Ethics and Internal Gover-
          nance -- committee discharged,  bill  amended,  ordered  reprinted  as
          amended and recommitted to said committee

        AN  ACT  to  amend  the public officers law, in relation to reporting of
          cryptocurrency holdings on the annual statement of  financial  disclo-
          sure

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 3 of section 73-a of the public officers law is
     2  amended by adding a new paragraph 16-a to read as follows:
     3    16-a. List below the type and market value of cryptocurrencies held by
     4  the reporting individual or such individual's spouse or domestic partner
     5  in EXCESS of $1,000 at the close of  the  taxable  year  last  occurring
     6  prior  to  the  date of filing. Whenever an interest in cryptocurrencies
     7  exists through a beneficial interest in a  trust,  the  cryptocurrencies
     8  held  in such trust shall be listed ONLY IF the reporting individual has
     9  knowledge thereof except where the reporting individual or the reporting
    10  individual's spouse or domestic partner has transferred assets  to  such
    11  trust  for his or her benefit in which event such cryptocurrencies shall
    12  be listed unless they are not ascertainable by the reporting  individual
    13  because  the  trustee  is  under an obligation or has been instructed in
    14  writing not to disclose the contents of the trust to the reporting indi-
    15  vidual.   Cryptocurrencies of which  the  reporting  individual  or  the
    16  reporting individual's spouse or domestic partner is the owner of record
    17  but  in  which  such  individual or the reporting individual's spouse or
    18  domestic partner has no beneficial interest shall not  be  listed.  Also
    19  list  cryptocurrencies  owned  for  investment purposes by a corporation
    20  more than fifty percent  (50%)  of  the  stock  of  which  is  owned  or
    21  controlled  by  the  reporting individual or such individual's spouse or
    22  domestic partner. For the purposes of this item the term  "cryptocurren-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03465-03-3
        S. 5621--A                          2

     1  cy"  shall  mean  a  digital currency in which encryption techniques are
     2  used to regulate the generation of units and  currency  and  verify  the
     3  transfer of funds, operating independently from a central bank.

     4                                          Category of
     5                                          Market Value
     6                                          as of the close
     7                                          of the taxable
     8                                          year last
     9                                          occurring
    10                                          prior to
    11    Self/        Type of                  the filing of
    12    Spouse or    Cryptocurrency           this statement
    13    Domestic                              (In Table II)
    14    Partner
    15  _______________________________________________________________________
    16  _______________________________________________________________________
    17  _______________________________________________________________________
    18  _______________________________________________________________________
    19  _______________________________________________________________________
    20    §  2. This act shall take effect on the first of January next succeed-
    21  ing the date upon which it shall have become a law.