NY A01775

Amends Tax Law Section 1115 to add a new paragraph establishing exemptions from sales and use taxes for gift certificates, electronic gift cards, and magnetic gift cards

Defines "gift certificate" as a writing identified by an issuer for customer use that is redeemable for goods or services at face value, including electronic or magnetic cards with banked dollar values and prepaid merchandise credits

Defines "electronic gift card" or "magnetic gift card" as a card with a banked dollar value redeemable for goods or services with the dollar amount reduced upon redemption

Excludes pre-paid calling arrangements such as pre-paid phone cards from the definition of gift certificates

Takes effect on the first day of a quarterly sales tax period following thirty days after enactment, with the Commissioner of Taxation and Finance authorized to take necessary implementation actions