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Sponsors
Senator · Senate District 61
1 Co-sponsor
History
- Reported and committed to finance
- Print number 4429a
- Amend and recommit to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
- Reported and committed to finance
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Eliminates a number of filing fees imposed on businesses by the department of state; repealers
In Assembly Committee · Corporations, Authorities And Commissions · Sponsor Joseph Morelle
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4429A
Title of bill
An act to repeal certain provisions of the business corporation law, the executive law and the not-for-profit corporation law, in relation to certain fees collected by the department of state
Purpose or general idea of bill
To relieve businesses from the "hidden" taxes associated with fees required for various administrative filings with the state.
Summary of specific provisions
This legislation will repeal certain filing fees paid to the Secretary of State, related to the start up, merger, consolidation or dissolution of a corporation under the Business Corporation Law, the Executive Law and the Not-For-Profit Corporation Law.
Justification
Currently, businesses in New York State are hampered by the high cost of doing business in New York. One problem area recognized by business is the number of "small" filing fees imposed by the state for which no service is received in return, the so-called "nickel and dime" fees. These fees were initially enacted to cover the costs involved in processing and storing the forms. However, the business receives no benefit from paying these fees. The only benefit is revenue to the state. Therefore, these fees are nothing but an additional tax on the business community. To that end, fees will be eliminated in instances where the business receives no benefit from the fee paid.
Prior legislative history
2009-2010: S.6689/A.1757 CORPS/Corporations 2011: S.4429/A.1760 -- FINANCE/Corporations
Fiscal implications
The elimination of these fees will result in a loss of revenue to the state of approximately $8 to $10 million.
Effective date
January 1, 2014.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.