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A10291 Summary:

BILL NOA10291
 
SAME ASSAME AS S08230
 
SPONSORSimotas
 
COSPNSRLupardo, Dickens, Lentol, Reyes, Taylor, Galef, O'Donnell, Woerner, Lifton, Giglio, Montesano, Griffin, Simon
 
MLTSPNSRMcDonough, Stern
 
Add §212, Tax L
 
Prohibits federal corporate bailout recipients who engage in stock buybacks from receiving New York state tax credits within three years of engaging in such buybacks.
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A10291 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          10291
 
                   IN ASSEMBLY
 
                                     April 15, 2020
                                       ___________
 
        Introduced  by M. of A. SIMOTAS, LUPARDO, DICKENS, LENTOL, REYES, TAYLOR
          -- Multi-Sponsored by -- M. of A. STERN -- read once and  referred  to
          the Committee on Ways and Means
 
        AN  ACT  to amend the tax law, in relation to prohibiting federal corpo-
          rate bailout recipients who engage in stock  buybacks  from  receiving
          New York state tax credits

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. The tax law is amended by adding a new section 212 to  read
     2  as follows:
     3    §  212. Certain corporate bailout recipients prohibited from receiving
     4  tax credits. 1. A federal emergency economic assistance recipient  shall
     5  be  prohibited  from  applying  for  or receiving any New York state tax
     6  credit under this chapter within three years of  any  purchase,  redemp-
     7  tion, or other reacquisition of its own shares.
     8    2.  A  federal emergency economic assistance recipient applying for or
     9  receiving a tax credit in violation of subdivision one of  this  section
    10  may  be subject to a civil penalty of three times the amount of such tax
    11  credit. The attorney general may impose such civil penalty on any recip-
    12  ient he or she determines has violated subdivision one of this section.
    13    3. For the purposes  of  this  section,  "federal  emergency  economic
    14  assistance recipient" or "recipient" shall mean any corporation that has
    15  received  federal  emergency economic assistance under a program author-
    16  ized by a federal bailout or stimulus act.
    17    § 2. This act shall take effect immediately.
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16075-01-0
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