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Who cares
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Sponsors
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History
- Substituted by A7764
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1086
- Referred to cities
- Referred to cities
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.
Expands requirements relating to the development and operation of a data match system for tax collection purposes
Signed by Governor · Sponsor Herman D. Farrell
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5461
Title of bill
An act to amend the administrative code of the city of New York, in relation to the financial institution data match system for tax collection purposes
Summary of provisions
This bill amends paragraph (b) of subdivision 2 of section 11-130 of the New York City Administrative Code, which provides that any bank doing business in the City must develop and operate a data match system to facilitate the identification and seizure of financial assets of tax debtors, to apply to any bank that does business in New York State.
Reasons for support
The bill corrects a technical error in the 2009 "Conformity Legislation," chapter 201 of the Laws of 2009, which granted the City authority to require financial institution data matching for any bank that does business in New York City. The legislation should have included all financial institutions with a presence in the State of New York. This amendment will make identifying and seizing non-exempt financial assets of tax debtors easier and should result in additional collections. All banks within New York State are already required to do data matching for the New York State Department of Taxation and Finance.
Accordingly, the Mayor urges the earliest possible favorable consideration of this proposal by the Legislature.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.