Bill > S07629

This bill imposes a tax of one-half of one percent on all corporate stock buybacks of issued shares. The bill amends the existing tax law to specifically subject corporate stock buybacks to a tax, regardless of whether the shares are cancelled on reacquisition. This change effectively creates a new tax provision for corporate stock buybacks at a rate of one-half of one percent of the value paid by the corporation for such shares, in contrast with the existing share transfer tax rates.

Budget and Finance

https://assembly.state.ny.us/leg/?default_fld=&bn=S07629&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y