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NY A09026
NY A09026Relates to terminal rental adjustment clauses in motor vehicle leases; provides multiple tax payment options for the lessor.
summary
Introduced
01/21/2022
01/21/2022
In Committee
02/08/2022
02/08/2022
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 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 New York tax law to provide multiple tax payment options for lessors of motor vehicles. Specifically, it allows lessors to either pay tax on the initial sale or lease of the vehicle, or to pay tax on the lease payments for the first 32 months or the initial term of the lease, whichever is longer. The bill also allows lessees or lessors to claim a refund or credit for sales tax paid on any portion of the lease payments that are refunded to the lessee due to a terminal rental adjustment clause in the lease agreement. The bill's provisions are to take effect on the first day of the next sales tax quarterly period that is at least 30 days after the bill's enactment.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
substituted by s7721 (on 02/14/2022)
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/A9026 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A09026&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A09026 |
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