Bill Text: NY S08230 | 2019-2020 | General Assembly | Introduced

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Bill Title: Prohibits federal corporate bailout recipients who engage in stock buybacks from receiving New York state tax credits within three years of engaging in such buybacks.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2020-04-27 - REFERRED TO BUDGET AND REVENUE [S08230 Detail]

Download: New_York-2019-S08230-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8230

                    IN SENATE

                                     April 27, 2020
                                       ___________

        Introduced  by  Sen.  RAMOS  -- 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, in relation to prohibiting  federal  corpo-
          rate  bailout  recipients  who engage in stock buybacks from receiving
          New York state tax credits

          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 212 to read
     2  as follows:
     3    § 212. Certain corporate bailout recipients prohibited from  receiving
     4  tax  credits. 1. A federal emergency economic assistance recipient shall
     5  be prohibited from applying for or receiving  any  New  York  state  tax
     6  credit  under  this  chapter within three years of any purchase, redemp-
     7  tion, or other reacquisition of its own shares.
     8    2. A federal emergency economic assistance recipient applying  for  or
     9  receiving  a  tax credit in violation of subdivision one of this section
    10  may be subject to a civil penalty of three times the amount of such  tax
    11  credit. The attorney general may impose such civil penalty on any recip-
    12  ient he or she determines has violated subdivision one of this section.
    13    3.  For  the  purposes  of  this  section, "federal emergency economic
    14  assistance recipient" or "recipient" shall mean any corporation that has
    15  received federal emergency economic assistance under a  program  author-
    16  ized by a federal bailout or stimulus act.
    17    § 2. This act shall take effect immediately.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16075-01-0