Bill > S01742

This bill prohibits federal corporate bailout recipients who engage in stock buybacks from receiving New York state tax credits within three years of engaging in such buybacks. The bill defines a "federal emergency economic assistance recipient" as any corporation that has received federal emergency economic assistance under a federal bailout or stimulus act. The bill imposes a civil penalty of three times the amount of the tax credit on any recipient found to have violated this prohibition, to be enforced by the state Attorney General.