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A190Assembly2017-2018 Session

Skip Fully Rebatable Stock Taxes

Official title

“Authorizes certain taxpayers who are entitled to a one hundred percent rebate of certain stock transfer taxes not to pay such taxes”

Sponsor David BuchwaldAD-93Affects Finance
Status
In Assembly Committee
Ways And Means
Impact
4/10
Low
Passage
0%

Bill progress

Step 2 of 7

In committee · Ways And Means

What's happening

This bill lets taxpayers skip stock transfer taxes when they qualify for a full rebate.

Why it matters

  1. Statewide tax change. Applies to New York stock transfer taxpayers entitled to a 100 percent rebate, not all taxpayers.

  2. No upfront payment. Eligible taxpayers would no longer have to pay taxes they are entitled to receive back in full.

  3. Immediate effect. The payment exemption would take effect immediately, leaving eligibility for the full rebate as the qualifying condition.

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Who cares

  • Eligible stock transfer taxpayers

    They would no longer have to pay stock transfer taxes that qualify for a full rebate.

  • State tax administrators

    They would administer a payment exemption for taxpayers entitled to full rebates.

  • Tax professionals handling stock transfers

    They would need to account for the exemption when determining clients’ payment obligations.

Headline styles

Skip Fully Rebatable Stock Taxes

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
David Buchwald

Assembly Member · Assembly District 93

No co-sponsors yet.

History

  1. Referred to ways and means
  2. Referred to ways and means

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

190

2017-2018 Regular Sessions

IN ASSEMBLY (Prefiled)

January 4, 2017

Introduced by M. of A. BUCHWALD -- read once and referred to the Committee on Ways and Means

AN ACT to amend the tax law, in relation to authorizing certain taxpayers who are entitled to a one hundred percent rebate of certain stock transfer taxes not to pay such taxes

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. The tax law is amended by adding a new section 281-b to read as follows:

§ 281-b. Application of article to certain taxpayers. Notwithstanding any other provision of law to the contrary, a taxpayer that would be entitled to receive a rebate of one hundred percent of the tax imposed by this article shall not be obligated to pay such taxes.

§ 2. This act shall take effect immediately.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD01585-01-7

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.