Bill S6872-2013

Allows for a gift to the love your library fund on corporate and personal income tax return forms

Allows a taxpayer to elect to contribute a gift to the love your library fund on corporate and personal income tax return forms.

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  • Mar 24, 2014: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Memo

BILL NUMBER:S6872

TITLE OF BILL: An act to amend the tax law and the state finance law, in relation to the love your library fund

PURPOSE:

To support and promote local libraries and their summer reading programs by allowing contributions to be made into the Love Your Library Fund via corporate and personal income tax return forms.

SUMMARY OF PROVISIONS:

Section 1 amends the Tax Law by adding a new Section 209-1 authorizing corporate income taxpayers to contribute to the Love Your Library Fund. The contribution can be in any whole dollar amount and shall not reduce the amount of state tax paid. The Commissioner shall include space on the corporate income tax returns to enable taxpayers to make these contributions. All revenues thus collected shall be credited to the Love Your Library Fund and shall be used only for purposes enumerated in Section 99-L of the State Finance Law.

Section 2 amends the Tax Law by adding a new Section 630-d with equivalent provisions for personal income taxpayers.

Section 3 amends section 99-L of the State Finance Law by directing funds generated as a result of these amendments to the Tax Law into the "Love Your Library Fund."

Section 4 establishes the effective date.

JUSTIFICATION:

The New York Library Association reports that over 53% of New York's residents are registered library users. In 2011, there were 159.4 million visits to a local library, and 7.7 million New Yorkers attended over 407,000 free public library programs in 2011. Citizens view libraries as a valuable resource, and this legislation provides a new way for individuals to support library programs for children.

According to New York State Library officials, the 2013 Summer Reading Program had 1.76 million youth participants statewide. This program helps children maintain and improve their reading skills, which might otherwise deteriorate while school is not in session. The State Library coordinates the program and works with 23 library systems to offer the program in hundreds of local libraries throughout New York State, providing a summer reading theme, promotional material, a creative idea manual, and state-level support. Contributions made to the "Love Your Library Fund" will support and expand these programs.

FISCAL IMPLICATIONS:

There are no fiscal implications.

EFFECTIVE DATE:

This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 6872 IN SENATE March 24, 2014 ___________
Introduced by Sens. FARLEY, PARKER -- 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 and the state finance law, in relation to the love your library fund THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The tax law is amended by adding a new section 209-I to read as follows: S 209-I. GIFT TO THE LOVE YOUR LIBRARY FUND. EFFECTIVE FOR ANY TAX YEAR COMMENCING ON OR AFTER JANUARY FIRST, TWO THOUSAND FOURTEEN, A TAXPAYER IN ANY TAXABLE YEAR MAY ELECT TO CONTRIBUTE TO THE LOVE YOUR LIBRARY FUND. SUCH CONTRIBUTION SHALL BE IN ANY WHOLE DOLLAR AMOUNT AND SHALL NOT REDUCE THE AMOUNT OF THE STATE TAX OWED BY SUCH TAXPAYER. THE COMMISSIONER SHALL INCLUDE SPACE ON THE CORPORATE INCOME TAX RETURN TO ENABLE A TAXPAYER TO MAKE SUCH CONTRIBUTION. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, ALL REVENUES COLLECTED PURSUANT TO THIS SECTION SHALL BE CREDITED TO THE LOVE YOUR LIBRARY FUND AND SHALL BE USED ONLY FOR THOSE PURPOSES ENUMERATED IN SECTION NINETY-NINE-L OF THE STATE FINANCE LAW, AS ADDED BY CHAPTER THREE HUNDRED THREE OF THE LAWS OF TWO THOUSAND FOUR. S 2. The tax law is amended by adding a new section 630-d to read as follows: S 630-D. GIFT TO THE LOVE YOUR LIBRARY FUND. EFFECTIVE FOR ANY TAX YEAR COMMENCING ON OR AFTER JANUARY FIRST, TWO THOUSAND FOURTEEN, AN INDIVIDUAL IN ANY TAXABLE YEAR MAY ELECT TO CONTRIBUTE TO THE LOVE YOUR LIBRARY FUND. SUCH CONTRIBUTION SHALL BE IN ANY WHOLE DOLLAR AMOUNT AND SHALL NOT REDUCE THE AMOUNT OF STATE TAX OWED BY SUCH INDIVIDUAL. THE COMMISSIONER SHALL INCLUDE SPACE ON THE PERSONAL INCOME TAX RETURN TO ENABLE A TAXPAYER TO MAKE SUCH CONTRIBUTION. NOTWITHSTANDING ANY OTHER PROVISION OF LAW ALL REVENUES COLLECTED PURSUANT TO THIS SECTION SHALL BE CREDITED TO THE LOVE YOUR LIBRARY FUND AND USED ONLY FOR THOSE PURPOSES ENUMERATED IN SECTION NINETY-NINE-L OF THE STATE FINANCE LAW,
AS ADDED BY CHAPTER THREE HUNDRED THREE OF THE LAWS OF TWO THOUSAND FOUR. S 3. Subdivision 2 of section 99-l of the state finance law, as added by chapter 303 of the laws of 2004, is amended to read as follows: 2. Such fund shall consist of all revenues received by the department of motor vehicles pursuant to section four hundred four-v of the vehicle and traffic law, AS ADDED BY CHAPTER THREE HUNDRED THREE OF THE LAWS OF TWO THOUSAND FOUR, ALL THE REVENUES RECEIVED BY THE DEPARTMENT OF TAXA- TION AND FINANCE PURSUANT TO SECTIONS TWO HUNDRED NINE-I AND SIX HUNDRED THIRTY-D OF THE TAX LAW and all other moneys appropriated, credited, or transferred thereto from any other fund or source pursuant to law. S 4. This act shall take effect immediately.

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