Bill > A03715

This bill proposes to repeal section 3 of article 16 of the New York State Constitution, which currently relates to the taxation of intangible personal property (such as money, credits, securities) that is not being used in business operations. The bill follows a constitutional amendment process, which requires the proposed repeal to be referred to the first regular legislative session after the next general election of assembly members and to be published for three months prior to that election. This means voters will have an opportunity to review and potentially approve the constitutional change, which appears to be aimed at modifying how certain types of personal property are taxed in the state. The bill is structured as a concurrent resolution, meaning it must be approved by both the Senate and Assembly to move forward in the constitutional amendment process.

Budget and Finance, Justice

https://www.nysenate.gov/legislation/bills/2025/A3715