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NY S07766
Bill
Status
Introduced
5/7/2010
Primary Sponsor
Brian Foley
Click for details
AI Summary
- Imposes a 4 percent tax on paying agent and fiscal agent services provided by financial institutions to debt evading foreign states
- Defines debt evading foreign states as those with final judgments exceeding $100 million entered in New York courts that remain unsatisfied for more than two years
- Excludes foreign states eligible for financing through the International Development Association, HIPC debt relief, or multilateral debt relief initiatives
- Requires the Department to maintain a monthly list of debt evading foreign states on its website and report non-compliant financial institutions to the Attorney General
- Makes financial institutions liable for full tax collection and remittance, with criminal penalties of up to $10,000 per occurrence for willful tax evasion
- Takes effect 30 days after enactment and applies to all future disbursements of funds for covered services
Legislative Description
Provides for a tax on paying agent services, fiscal agent services, or any other similar services on debt evading foreign states.
Last Action
PRINT NUMBER 7766B
6/18/2010
Committee Referrals
Investigations and Government Operations5/7/2010
Full Bill Text
No bill text available