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Bill > A05470
NY A05470
NY A05470Relates to the taxation of moneys, credits, securities and other intangible personal property in the state that is not employed in carrying on any business therein.
summary
Introduced
03/10/2023
03/10/2023
In Committee
01/26/2024
01/26/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
CONCURRENT RESOLUTION OF THE SENATE AND ASSEMBLY repealing section 3 of article 16 of the constitution, relating to the taxation of moneys, credits, securities and other intangible personal property in the state that is not employed in carrying on any business therein
AI Summary
This bill proposes to repeal Section 3 of Article 16 of the New York State Constitution, which relates to the taxation of moneys, credits, securities, and other intangible personal property in the state that is not employed in carrying on any business. If the bill is passed, it would remove the constitutional requirement for the taxation of these types of intangible assets, allowing the state legislature to potentially change the tax treatment of such property in the future.
Committee Categories
Budget and Finance, Justice
Sponsors (7)
Marcela Mitaynes (D)*,
Emily Gallagher (D),
Ron Kim (D),
Zohran Mamdani (D),
Karines Reyes (D),
Rebecca Seawright (D),
Phara Souffrant Forrest (D),
Last Action
opinion referred to judiciary (on 01/26/2024)
Bill Topics
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/A5470 | 03/10/2023 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A05470&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A05470 | 03/10/2023 |
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