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NY A04624
Bill
Status
2/4/2011
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 purchases under $110 per item from sales and compensating use taxes.
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Requires the Commissioner of Taxation and Finance to estimate foregone tax receipts annually by December 1st and provide estimates to the Budget Director and legislative finance committees.
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Calculates reimbursements based on the differential between sales tax receipts from December 1, 2009 through November 30, 2010 compared to December 1, 2010 through November 30, 2011.
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Establishes a payment schedule: 100% by March 15 in the first year, 50% each on March 15 and December 15 in the second year, and 33⅓% quarterly (September, December, March) thereafter.
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Reduces reimbursement payments by 50% of any additional property tax revenue generated from new business assessments for clothing and footwear retailers added 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
6/19/2012