Bill Text: NY S08166 | 2019-2020 | General Assembly | Introduced
Bill Title: Imposes a sales tax on digital advertising; establishes a digital advertising services tax revenue fund; establishes a zero interest education loan refinancing program.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-04-13 - REFERRED TO BUDGET AND REVENUE [S08166 Detail]
Download: New_York-2019-S08166-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 8166 IN SENATE April 13, 2020 ___________ Introduced by Sen. THOMAS -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law and the state finance law, in relation to sales tax on digital advertising; to amend the education law, in relation to zero interest undergraduate loan refinancing; and provid- ing for the repeal of such provisions upon the expiration thereof The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision (c) of section 1105 of the tax law is amended 2 by adding a new paragraph 1-a to read as follows: 3 (1-a) Notwithstanding the provisions of paragraph one of this subdivi- 4 sion, the receipts from every sale, except for resale, of digital adver- 5 tising services. For purposes of this paragraph: 6 (i) "Digital advertising services" means advertisement services on a 7 digital interface, including advertisements in the form of banner adver- 8 tising, search engine advertising, interstitial advertising, and other 9 comparable advertising services which markets or promotes a particular 10 good, service, or political candidate or message. 11 (ii) "Digital interface" means any type of software, including a 12 website, part of a website, or application, that a user is able to 13 access. 14 (iii) "User" means an individual or any other person who accesses a 15 digital interface with a device. 16 All revenue received from the imposition of this tax shall be deposit- 17 ed into the digital advertising services tax revenue fund established 18 pursuant to section seventy-eight-c of the state finance law. 19 § 2. The state finance law is amended by adding a new section 78-c to 20 read as follows: 21 § 78-c. Digital advertising services tax revenue fund. 1. There is 22 hereby created and established in the sole custody of the state comp- 23 troller a special fund to be known as the digital advertising services 24 tax revenue fund which shall be for the exclusive benefit of providing 25 zero interest refinancing of eligible education loans by the higher EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15664-02-0S. 8166 2 1 education services corporation under section six hundred eighty-three-c 2 of the education law. 3 2. Amounts held in this fund shall not be, or be deemed, funds of the 4 state or funds under the management of the state or the higher education 5 services corporation. The obligations of the fund shall not be, or be 6 deemed, the debts or obligations of the state and the state shall not 7 be, or be deemed, in any way obligated to any holder of any such educa- 8 tion loan. 9 3. Such fund shall consist of all moneys received by the department of 10 taxation and finance pursuant to paragraph one-a of subdivision (c) of 11 section eleven hundred five of the tax law. Moneys in the fund shall be 12 segregated from all other funds kept by the state comptroller and shall 13 not be used for any other purpose beyond those set forth in section six 14 hundred eighty-three-c of the education law or in this section. 15 4. The state comptroller shall make payments from the fund in amounts 16 and at times required by the higher education services corporation 17 pursuant section six hundred eighty-three-c of the education law. 18 § 3. The education law is amended by adding a new section 683-c to 19 read as follows: 20 § 683-c. Refinance of undergraduate student loans. 1. An eligible 21 borrower, as defined in this section, may apply to have their federal 22 and private undergraduate education loans refinanced by the corporation. 23 The maximum amount allowed to be refinanced under this section shall be 24 one hundred thousand dollars. The minimum amount to be refinanced shall 25 be three thousand dollars. 26 2. An eligible borrower shall include an individual who: (a) has been 27 a New York state resident for at least twenty-four consecutive months 28 prior to application for refinancing; (b) owes less than one hundred 29 thousand dollars in federal and private undergraduate education loans; 30 and (c) is current on their loan payments. 31 3. Beginning January first, two thousand twenty-two, the corporation 32 shall offer zero percent interest rate refinancing based on availability 33 of funds in the digital advertising services tax revenue fund estab- 34 lished in section seventy-eight-c of the state finance law. 35 4. (a) A borrower may be granted deferment or forbearance up to two 36 times during the repayment period upon a showing of economic hardship. 37 (b) The corporation shall establish terms for repayment of loans on 38 the basis of the income of the borrower. There shall be no penalty for 39 prepayment. 40 (c) Loans refinanced under this section shall be eligible for loan 41 forgiveness programs available to public service employees. 42 5. Rules and regulations. The corporation is authorized to promulgate 43 rules and regulations necessary for the implementation of the provisions 44 of this section. 45 § 4. This act shall take effect on the thirtieth day after it shall 46 have become a law and shall apply to sales made and uses occurring on 47 and after such date although made, occurring or rendered under a prior 48 contract; provided that this act shall expire and be deemed repealed 5 49 years after such effective date.
