Bill > A00946

This bill requires a five percent tax on the gross income of every corporation that derives income from data shared by individuals in the state of New York. The bill establishes the "New York Data Fund" to distribute the earnings from this tax to each taxpayer in the state. The fund will be managed by a board of trustees appointed by the governor and legislative leaders, and will invest the funds according to the "prudent-investor rule" to preserve the purchasing power of the fund over time while maximizing expected returns. The bill sets out the rules for the management and distribution of the fund, including requirements for annual reporting and restrictions on the use of the funds for political activities.