Provides an exemption for certain tangible property or services from the sales and compensating use tax

BILL NUMBER:S4003

Title of bill

An act to amend the tax law, in relation to providing an exemption for certain tangible personal property or services from the sales and compensating use tax

Purpose

This bill provides an exemption for certain tangible property or services from the sales and compensating use tax.

Summary of provisions

Section 1 - Amends Section 1115 of the tax law by adding a new subdivision (jj).

Section 2 - Effective date

Justification

This bill will address an unintended consequence resulting from the Dodd-Frank Wall Street Reform and Consumer Protection Act as it pertains to the definition of "separate legal entities".

Legislative history

New legislation

Fiscal implications

None

Effective date

This act shall take effect on the first day of the sales tax quarterly period, as described in subdivision (b) of section 1136 of the tax law, next commencing September 1, 2015 and shall apply in accordance with the applicable transitional provisions in sections 1106 and 1217 of the tax law; provided, further, that the commissioner of taxation and finance shall be authorized on and after the date this act shall have become a law to adopt and amend any rules or regulations and issue any procedure, forms or instructions necessary to implement this act on its effective date.