New York S 1093: Imposes term limits for members of the assembly and senate of New York

Bill Text

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S01093 Summary:

BILL NOS01093 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORRAMOS

&nbsp

COSPNSRHOYLMAN-SIGAL

&nbsp

MLTSPNSR

&nbsp

Add §212, Tax L

&nbsp

Prohibits federal corporate bailout recipients who engage in stock buybacks from receiving New York state tax credits within three years of engaging in such buybacks.

Go to top S01093 Actions:

BILL NOS01093 

&nbsp

01/08/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS01093 Committee&nbspVotes:

Go to topS01093 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS01093 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1093

 2025-2026 Regular Sessions

 IN SENATE

 January 8, 2025
 ___________

 Introduced by Sens. RAMOS, HOYLMAN-SIGAL -- read twice and ordered
 printed, and when printed to be committed to the Committee on Budget
 and Revenue

 AN ACT to amend the tax law, in relation to prohibiting federal corpo-
 rate bailout recipients who engage in stock buybacks from receiving
 New York state tax credits

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The tax law is amended by adding a new section 212 to read
 2 as follows:
 3 § 212. Certain corporate bailout recipients prohibited from receiving
 4 tax credits. 1. A federal emergency economic assistance recipient shall
 5 be prohibited from applying for or receiving any New York state tax
 6 credit under this chapter within three years of any purchase, redemp-
 7 tion, or other reacquisition of its own shares.
 8 2. A federal emergency economic assistance recipient applying for or
 9 receiving a tax credit in violation of subdivision one of this section
 10 may be subject to a civil penalty of three times the amount of such tax
 11 credit. The attorney general may impose such civil penalty on any recip-
 12 ient he or she determines has violated subdivision one of this section.
 13 3. For the purposes of this section, "federal emergency economic
 14 assistance recipient" or "recipient" shall mean any corporation that has
 15 received federal emergency economic assistance under a program author-
 16 ized by a federal bailout or stimulus act.
 17 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03143-01-5

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