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A03079 Summary:

BILL NOA03079
 
SAME ASSAME AS S01910
 
SPONSOREpstein
 
COSPNSRGottfried, Cruz, Simon, Glick, Reyes, Barron, Buttenschon
 
MLTSPNSR
 
Add 1105-C, amd 1148, Tax L
 
Imposes an additional two percent sales tax on retail sales of motor vehicles over $70,000, excluding commercial vehicles and electric vehicles, jewelry over $5,000 and articles of clothing, footwear, handbags, luggage, umbrellas, wallets or watches sold for over $1,000; provides that such tax shall be distributed equally to the credit of the state university of New York and the city university of New York.
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A03079 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A3079
 
SPONSOR: Epstein
  TITLE OF BILL: An act to amend the tax law, in relation to imposing an additional two percent sales tax on certain retail sales   SUMMARY OF PROVISIONS: Section 1 amends the tax law by adding a new section 1105-c that creates an additional sales tax on 2 percent on every retail sale of tangible personal property of: -Motor vehicles sold for over $50,000 (excluding commercial vehicles) -Jewelry sold for over $5,000 -Clothing over $1,000 Section 2 amends section 1148 of the tax law to direct the revenue to CUNY and SUNY Section 3 provides the effective date   JUSTIFICATION: New York's public higher education system is one of the state's crown jewels: CUNY and SUNY are responsible for lifting low-income New Yorkers into the middle class by empowering them with a world class education. To ensure our students continue to receive a high quality education at our public universities, the state needs to close the gap between what the state's Tuition Assistance Program (TAP) pays and actual tuition costs with a dedicated funding stream. The disparity between tuition costs and TAP funding has edged up to $139 million. We cannot close the "TAP Gap" on the backs on CUNY and SUNY students, many of whom come from low-income families and are first generation college students. Instead, this bill proposes to invest in students' success by placing an additional 2% tax on luxury items purchased by the wealthiest in our state and directing that revenue toward SUNY and CUNY.   PRIOR LEGISLATIVE HISTORY: 2020: A9650A/S07634A - referred to ways and means/REFERRED TO BUDGET AND REVENUE   FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: Increased tax revenue for the State.   EFFECTIVE DATE: Immediately.
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A03079 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3079
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 22, 2021
                                       ___________
 
        Introduced  by  M.  of A. EPSTEIN, GOTTFRIED, CRUZ, SIMON, GLICK, REYES,
          BARRON -- read once and referred to the Committee on Ways and Means
 
        AN ACT to amend the tax law, in relation to imposing an  additional  two
          percent sales tax on certain retail sales
 
          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  1105-C  to
     2  read as follows:
     3    §  1105-C.  Additional sales tax on certain retail sales. (a) Notwith-
     4  standing any other provisions of this article, on and after June  first,
     5  two thousand twenty-one, there is hereby imposed and shall be paid a tax
     6  of  two  percent  upon  the  receipts from every retail sale of tangible
     7  personal property of:
     8    (1) motor vehicles sold for over seventy  thousand  dollars  excluding
     9  commercial vehicles and electric vehicles;
    10    (2) jewelry sold for over five thousand dollars; and
    11    (3)  any  article  of  clothing  or footwear intended to be worn on or
    12  about the human body, any handbag, luggage, umbrella,  wallet  or  watch
    13  sold for over one thousand dollars.
    14    (b)  The  tax  imposed  by subdivision (a) of this section shall be in
    15  addition to the tax imposed on such receipts pursuant to section  eleven
    16  hundred five of this article.
    17    §  2.  Section 1148 of the tax law is amended by adding a new subdivi-
    18  sion (d) to read as follows:
    19    (d) Provided, however, before funds are distributed pursuant to subdi-
    20  vision (a), (b) or (c) of this section, (1) fifty percent of all  taxes,
    21  interest  and penalties collected or received by the commissioner pursu-
    22  ant to section eleven hundred five-C of this article shall be  deposited
    23  to  the credit of the state university of New York and (2) fifty percent
    24  of all taxes, interest  and  penalties  collected  or  received  by  the
    25  commissioner  pursuant  to section eleven hundred five-C of this article
    26  shall be deposited to the credit of the city university of New York.
    27    § 3. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02348-01-1
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