Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 24, 2016 |
recommit, enacting clause stricken |
Jan 06, 2016 |
referred to investigations and government operations |
Feb 25, 2015 |
referred to investigations and government operations |
Senate Bill S4003
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - Stricken
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2015-S4003 (ACTIVE) - Details
- Law Section:
- Tax Law
- Laws Affected:
- Amd §1115, Tax L
2015-S4003 (ACTIVE) - Sponsor Memo
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".
2015-S4003 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4003 2015-2016 Regular Sessions I N S E N A T E February 25, 2015 ___________ Introduced by Sen. DeFRANCISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations 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 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 1115 of the tax law is amended by adding a new subdivision (jj) to read as follows: (JJ) TANGIBLE PERSONAL PROPERTY OR SERVICES OTHERWISE TAXABLE UNDER THIS ARTICLE SOLD TO A RELATED PERSON SHALL NOT BE SUBJECT TO THE TAXES IMPOSED BY SECTION ELEVEN HUNDRED FIVE OF THIS ARTICLE OR THE COMPENSAT- ING USE TAX IMPOSED UNDER SECTION ELEVEN HUNDRED TEN OF THIS ARTICLE WHERE THE PURCHASER CAN SHOW THAT THE FOLLOWING CONDITIONS HAVE BEEN MET TO THE EXTENT THEY ARE APPLICABLE: (1)(I) THE VENDOR AND THE PURCHASER ARE REFERENCED AS EITHER A "COVERED COMPANY" AS DESCRIBED IN SUBDIVISION (F) OF SECTION 243.2 OR A "MATERIAL ENTITY" AS DESCRIBED IN SUBDIVISION (L) OF SECTION 243.2 OF TITLE 12 OF THE CODE OF FEDERAL REGULATIONS IN A RESOLUTION PLAN THAT HAS BEEN SUBMITTED TO AN AGENCY OF THE UNITED STATES FOR THE PURPOSE OF SATISFYING SUBPARAGRAPH ONE OF PARAGRAPH (D) OF SECTION ONE HUNDRED SIXTY-FIVE OF THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT (THE "ACT") OR ANY SUCCESSOR LAW, OR (II) THE VENDOR AND THE PURCHASER ARE SEPARATE LEGAL ENTITIES PURSUANT TO A DIVESTITURE DIRECTED PURSUANT TO SUBPARAGRAPH FIVE OF PARAGRAPH (D) OF SECTION ONE HUNDRED SIXTY-FIVE OF SUCH ACT OR ANY SUCCESSOR LAW; (2) THE SALE WOULD NOT HAVE OCCURRED BETWEEN SUCH RELATED PERSONS WERE IT NOT FOR SUCH RESOLUTION PLAN OR DIVESTITURE; AND (3) IN ACQUIRING SUCH PROP- ERTY OR SERVICES, THE VENDOR DID NOT CLAIM AN EXEMPTION FROM THE TAX IMPOSED BY THIS STATE OR ANOTHER STATE BASED ON THE VENDOR'S INTENT TO RESELL SUCH SERVICES OR PROPERTY. A PERSON IS RELATED TO ANOTHER PERSON EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09471-01-5
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