Bill > A04801

This bill amends the tax law to exempt gift certificates, electronic gift cards, and magnetic gift cards from sales and use taxes in New York. It defines "gift certificate" as a writing or card that can be used instead of cash to purchase goods or services, and "electronic gift card" or "magnetic gift card" as a card with a stored monetary value that can be redeemed for goods or services. The bill specifies that pre-paid calling arrangements like phone cards are not considered gift certificates. The bill will take effect on the first day of the next quarterly sales tax period after it becomes law, and the Commissioner of Taxation and Finance will take the necessary actions to implement the law.