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NY A08763
Bill
Status
6/5/2009
Primary Sponsor
Joel Miller
Click for details
AI Summary
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Establishes state reimbursement to counties, cities, and school districts for tax revenue lost due to exemptions on clothing and footwear under $110 per item from sales and compensating use taxes.
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Commissioner of Taxation and Finance must estimate annual reimbursement amounts by December 1st preceding each fiscal year and provide estimates to the Director of Budget and legislative finance committees.
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Payment schedule begins with 100% of required amounts by March 15 in the first fiscal year, shifting to 50% on March 15 and 50% on December 15 in year two, then 33.33% quarterly thereafter.
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Reimbursement calculated by comparing sales tax receipts from December 1, 2007 through November 30, 2008 against the same period in 2008-2009, with the state holding jurisdictions harmless for any negative differential.
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Reimbursements offset by 50% of additional property tax revenues from new assessed valuations of businesses selling exempted clothing and footwear added to assessment rolls after the law's effective date.
Legislative Description
Provides for the state to hold counties, cities, and school districts harmless for the loss of sales and compensating use tax revenues attributable to the exemption of certain articles of clothing and footwear from such taxes; provides for budgetary planning for this expenditure; provides for an offset of this payment by certain increases in real property tax revenues.
Last Action
held for consideration in ways and means
7/1/2010