NY A08658

Adds a new exemption to New York Tax Law Section 1115(a) for gift certificates, electronic gift cards, and magnetic gift cards from sales and use taxes.

Defines "gift certificate" as any writing, electronic card, or magnetic card issued by a seller that is redeemable for goods or services at face value, including certificates where the issuer has received full payment for future purchases.

Defines "electronic gift card" or "magnetic gift card" as a card with a stored dollar value that may be redeemed for goods or services with the balance reduced accordingly.

Excludes pre-paid calling arrangements, such as pre-paid phone cards, from the gift certificate definition.

Takes effect on the first day of a quarterly sales tax period following the thirtieth day after the bill becomes law, with the Commissioner of Taxation and Finance authorized to implement necessary actions beforehand.