Bill > S03047

This bill proposes to repeal section 3 of article 16 of the New York State Constitution, which relates to the taxation of certain types of intangible personal property not used in business. Specifically, the bill seeks to remove constitutional language concerning the taxation of moneys, credits, securities, and other intangible assets that are not actively employed in carrying out business operations. The bill follows a standard constitutional amendment procedure, which requires that the proposed repeal be referred to the first regular legislative session after the next general election of assembly members, and that it be published for three months prior to that election. This allows voters and legislators to review and consider the proposed constitutional change, ensuring a democratic process for amending the state's fundamental legal document.

Justice

https://www.nysenate.gov/legislation/bills/2025/S3047