Requires a five percent tax on gross income upon every corporation which derives income from the data individuals of this state share with such corporations; establishes the New York data fund to distribute the earnings of the five percent to each taxpayer of the state.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A9112
SPONSOR: Pheffer Amato
TITLE OF BILL:
An act to amend the tax law, in relation to a tax on gross income upon
every corporation which derives income from the data individuals of this
state share with such corporations; and to amend the state finance law,
in relation to establishing the New York data fund
PURPOSE OR GENERAL IDEA OF BILL:
To create a New York data fund
SUMMARY OF PROVISIONS:
Section 1. Section 209 of the tax law is amended by adding a new subdi-
vision 13 to read as follows:13. A tax equal to five percent tax on the
gross income is hereby imposed upon every corporation which derives
income from the data individuals of this state share with such corpora-
tions.Section 2: The state finance law is amended by adding a new
section 99-ff to read as follows: 99-ff. Data fund. 1. A special fund to
be known as the "New York data fund" is hereby established in the custo-
dy of the state comptroller and the commissioner of taxation and
finance. Section 3: Effective Date.
New York's consumers should also be able to share in the wealth that is
created from their data. Every day that we live our lives data about us
is being generated. Turn on your phone, check your email, watch TV,
browse the web, drive through a toll or, talk to a friend on the phone.
In all of these activities, data about our actions, behaviors, likes and
dislikes, mood and feelings, purchases and choices are being recorded by
a huge variety of organizations that never will inform you of the data
they collect, sell and share.
PRIOR LEGISLATIVE HISTORY:
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
This act shall take effect on the one hundred eightieth day after it
shall have become a law. Effective immediately, the addition, amendment
and/or repeal of any rule or regulation necessary for the implementation
of this act on its effective date are authorized to be made and
completed on or before such effective date.