Bill > S04699

This bill proposes to repeal Section 3 of Article 16 of the New York State Constitution, which currently relates to the taxation of moneys, credits, securities, and other intangible personal property that is not employed in carrying on any business within the state. If passed, this would remove the constitutional requirement for the state to tax these types of intangible assets. The bill must be referred to the next regular legislative session after the next general election of assembly members and published for 3 months before that election, in accordance with the process for amending the state constitution.