Bill > S02893

This bill proposes to repeal Section 3 of Article 16 of the New York State Constitution, which currently allows for the taxation of moneys, credits, securities, and other intangible personal property that is not employed in carrying on any business in the state. The bill is a concurrent resolution of the New York State Senate and Assembly, and if passed, the proposed amendment would need to be referred to the next regular legislative session after the next general election of assembly members, and then published for 3 months before the election, as required by the state constitution.