Bill
Bill > A01453
NY A01453
NY A01453Requires vendors to establish mandatory escrow accounts for sales taxes collected, establish the mechanism for those accounts and provide the state with the authority to have immediate access to their collected taxes.
summary
Introduced
01/11/2021
01/11/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to requiring vendors to establish mandatory escrow accounts for sales taxes collected, establish the mechanism for those accounts and provide the state with the authority to have immediate access to their collected taxes; and to repeal certain provisions of such law relating thereto
AI Summary
This bill requires vendors to establish mandatory escrow accounts to hold the sales taxes they collect. The bill establishes the mechanism for these escrow accounts, including requiring vendors to make daily deposits into the accounts based on an algorithmic estimate of their daily sales tax collections. The bill also gives the state the authority to immediately access the funds in these escrow accounts. Additionally, the bill imposes penalties on vendors who fail to properly establish or fund the required escrow accounts.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
enacting clause stricken (on 04/05/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/A1453 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A01453&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A01453 |
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