Bill Text: NY S06907 | 2015-2016 | General Assembly | Introduced
Bill Title: Establishes the statewide pre-k fund from revenues received through the stock transfer tax; decreases percentage of tax rebate currently allowed in order to fund pre-kindergarten.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-03-04 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S06907 Detail]
Download: New_York-2015-S06907-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6907 IN SENATE March 4, 2016 ___________ Introduced by Sen. AVELLA -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law and the state finance law, in relation to the stock transfer tax and to creating the statewide pre-k fund The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 1 of section 280-a of the tax law, as amended 2 by chapter 578 of the laws of 1981, is amended to read as follows: 3 1. Except as otherwise provided in subdivision fifteen of this 4 section, where a tax shall have been paid under this article a portion 5 of the amount paid shall be allowed as a rebate and such portion shall 6 be paid to the taxpayer but only to the extent that moneys are available 7 for the payment of such rebates in the stock transfer incentive fund 8 established pursuant to section ninety-two-i of the state finance law. 9 The portion of the amount of tax paid which is to be allowed as a rebate 10 shall be thirty percent of the tax incurred and paid on transactions 11 subject to the stock transfer tax occurring on and after October first, 12 nineteen hundred seventy-nine and on or before September thirtieth, 13 nineteen hundred eighty and sixty percent of the tax incurred and paid 14 on such transactions occurring on and after October first, nineteen 15 hundred eighty and on or before September thirtieth, nineteen hundred 16 eighty-one and all of the amount of tax incurred and paid shall be 17 allowed as a rebate on transactions subject to the stock transfer tax 18 occurring on and after October first, nineteen hundred eighty-one and on 19 or before September thirtieth, two thousand sixteen, and thirty percent 20 of the tax incurred and paid shall be allowed as a rebate on such trans- 21 actions occurring on and after October first, two thousand sixteen. 22 § 2. Subdivisions 3 and 4 of section 92-b of the state finance law, 23 subdivision 3 as amended by chapter 878 of the laws of 1977, subdivision 24 4 as amended by chapter 724 of the laws of 1979, are amended to read as 25 follows: 26 3. The moneys received from such tax and other sources in such fund, 27 after deducting the amount the commissioner of taxation and finance EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01685-03-6
