Bill
Bill > S07721
NY S07721
NY S07721Relates to terminal rental adjustment clauses in motor vehicle leases; provides multiple tax payment options for the lessor.
summary
Introduced
01/07/2022
01/07/2022
In Committee
01/19/2022
01/19/2022
Crossed Over
02/14/2022
02/14/2022
Passed
02/24/2022
02/24/2022
Dead
Signed/Enacted/Adopted
02/24/2022
02/24/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to terminal rental adjustment clauses in motor vehicle leases; and to amend a chapter of the laws of amending the tax law relating to terminal rental adjustment clauses in motor vehicle leases, as proposed in legislative bills numbers S. 3926 and A. 5401, in relation to the effectiveness thereof
AI Summary
This bill amends the tax law to provide multiple payment options for lessors of motor vehicles regarding terminal rental adjustment clauses. Specifically, it allows the lessor to either pay tax on the initial lease payments or collect and pay tax on the full lease amount, including any refunds made due to the terminal rental adjustment clause. It also allows lessees or lessors to claim a refund or credit for the sales tax paid on any refunded amounts under certain conditions and timelines.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
SIGNED CHAP.87 (on 02/24/2022)
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/S7721 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S07721&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S07721 |
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