Bill > S05154

This bill imposes a special tax of three-tenths of one percent or one dollar, whichever is greater, on the receipts from the sale of art, antique furniture (defined as furniture over 125 years old), or antique jewelry (defined as jewelry over 125 years old) at auction, with the tax being collected by the auction entity or remitted by the purchaser. The revenue generated from this tax will be deposited into a newly established "art education fund" within the state finance law. This fund, managed by the New York state council on the arts, will provide assistance for art education and art supplies to public schools that receive federal funds under Title I of the Elementary and Secondary Education Act, with specific provisions for award amounts, including minimums for rural schools and maximums for all eligible schools, and will be distributed through regrant administrators.