Bill Text: NY S08365 | 2017-2018 | General Assembly | Introduced

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Bill Title: Provides a sales tax exemption for businesses in tax-free NY areas for a period of up to one hundred twenty consecutive months.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-05-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S08365 Detail]

Download: New_York-2017-S08365-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          8365
                    IN SENATE
                                       May 3, 2018
                                       ___________
        Introduced  by  Sen.  GOLDEN -- 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 tax benefits for  businesses
          located in tax-free NY areas
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision (f) of section 39 of the tax law, as  added  by
     2  section  2  of  part  A of chapter 68 of the laws of 2013, is amended to
     3  read as follows:
     4    (f) Sales and use tax. Such business shall be [eligible for  a  credit
     5  or refund for sales and use taxes imposed] exempt from sales and compen-
     6  sating  use taxes imposed under articles twenty-eight and twenty-nine of
     7  this chapter on  the  retail  sale  of  tangible  personal  property  or
     8  services  under subdivisions (a), (b), and (c) of section eleven hundred
     9  five and section eleven hundred ten of this chapter  and  similar  taxes
    10  imposed  pursuant  to the authority of article twenty-nine of this chap-
    11  ter. The [credit or refund] exemption shall be allowed for  one  hundred
    12  twenty  consecutive  months  beginning  with the month during which such
    13  business locates in the tax-free NY area.
    14    § 2. Subdivision (a) of section 1116 of the  tax  law  is  amended  by
    15  adding a new paragraph 10 to read as follows:
    16    (10) A business approved pursuant to article twenty-one of the econom-
    17  ic  development law for a period of up to one hundred twenty consecutive
    18  months.
    19    § 3. This act shall take effect on the first day of the  second  sales
    20  tax quarter following the date on which it shall have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14973-01-8