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History
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Companion bill
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Exempts wholesalers from filing annual information returns with the commissioner of taxation and finance for sales made to and from farm wineries
In Assembly Committee · Ways And Means · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to exempting wholesalers from filing annual information returns with the commissioner of taxation and finance for sales made to and from farm wineries
Purpose
This bill exempts farm wineries from filing annual information returns regarding their transactions with sales tax vendors.
Summary of provisions
Amends chapter 57 of the Laws of 2009 by adding language to exempt farm wineries from filing annual information returns regarding their transactions with sales tax vendors.
Justification
The 2009-10 Revenue budget Bill (Chapter 57 of the Laws of 2009), enacted various tax compliance initiatives. One of the initiatives mandates the filing of annual information returns by certain third parties that do business with sales tax vendors. Information that needs to be reported include general information (such as vendor's name, phone number, etc) and more labor-intensive information, such as total monthly sales amounts to each vendor exclusive of total amounts for deposit and returns. In order to complete these information returns, valuable time and resources will be needed to compile and submit it on time (the first due is September 20th).
Such third parties mandated to file the information returns are alcoholic beverage wholesalers, including farm wineries. Farm wineries are run by farms, most of whom are small businesses that are already burdened by the high costs of doing business. This mandate places further burdens on them. Farms are an industry that New York State needs to protect, rather than hinder with additional State requirements.
This legislation exempt farm wineries from filing annual information returns regarding their transactions with sales tax vendors. Thus, farm wineries would be freed from this State mandate.
Legislative history
New bill.
Fiscal implications
Decreased revenue for the State.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.