New York 2025-2026 Regular Session

New York Assembly Bill A03715

Introduced
1/30/25  
Refer
1/30/25  
Refer
2/7/25  
Refer
1/7/26  

Caption

Relates to the taxation of moneys, credits, securities and other intangible personal property in the state that is not employed in carrying on any business therein.

Summary

Bill A03715 proposes the repeal of section 3 of article 16 of the New York State Constitution, which pertains to the taxation of moneys, credits, securities, and other intangible personal property that is not used in conducting any business within the state. By removing this provision, the bill aims to eliminate the taxation of these assets, potentially providing financial relief to individuals and entities holding such properties.

Impact

If enacted, this bill would significantly alter the tax landscape in New York by removing the taxation of intangible personal property. This could lead to increased investment in the state as individuals and businesses may find it more attractive to hold assets without the burden of taxation. However, it may also result in reduced revenue for the state, necessitating adjustments in budget allocations and funding for public services.

Sentiment

The sentiment surrounding Bill A03715 appears to be mixed, with proponents arguing that it encourages economic growth and investment, while opponents express concerns about the potential loss of state revenue and the implications for public services that rely on tax income. Discussions in committee have highlighted these differing perspectives, indicating a need for further debate.

Contention

Notable points of contention include the balance between fostering a business-friendly environment and ensuring adequate state revenue. Proponents of the repeal, including certain legislators, argue that it will stimulate economic activity, while critics, including some fiscal watchdogs, warn that it could undermine essential public services funded by these taxes.

Companion Bills

NY S03047

Same As Relates to the taxation of moneys, credits, securities and other intangible personal property in the state that is not employed in carrying on any business therein.

Previously Filed As

NY S02893

Relates to the taxation of moneys, credits, securities and other intangible personal property in the state that is not employed in carrying on any business therein.

NY S01237

Raises the monetary value of damaged property that is considered criminal mischief or securities fraud.

NY A01466

Allows residents who are employed by employers based in another state to obtain property/casualty or liability coverage under a policy issued to their employer in that state.

NY S01477

Establishes the small business crime prevention services program to provide small businesses with information on strategies, best practices and programs offering training and assistance in prevention of crimes in and around the premises of small businesses or otherwise affecting small businesses, including but not limited to: assault, arson and other violent felony offenses; robbery, burglary, theft, identity theft counterfeiting, check and credit card fraud and other fraud; and vandalism, graffiti and other property damage; provides that information on eligibility and applications for financial assistance be made available to small businesses; authorizes the New York state urban development corporation to provide loans, loan guarantees, interest subsidies and grants to small businesses, municipalities, not-for-profit corporations or other organizations for the purpose of preventing crimes against small businesses or on the premises or in the vicinity of small businesses; makes related provisions.

NY A02390

Establishes business franchise and personal income tax credits for capital investments made in certain small businesses.

NY A00417

Restricts the disclosure of personal information by businesses; provides that a business that retains a customer's personal information shall make available to the customer free of charge access to, or copies of, all of the customer's personal information retained by the business.

NY S03163

Restricts the disclosure of personal information by businesses; provides that a business that retains a customer's personal information shall make available to the customer free of charge access to, or copies of, all of the customer's personal information retained by the business.

NY S03447

Establishes business franchise, personal income and insurance franchise tax credits for the expenses of employer provided or sponsored child care.

NY S01016

Establishes the strategic site readiness fund within the department of economic development to cultivate a resource of commercial, industrial sites that are readily available to new businesses, established businesses that are considering moving to the state, or existing businesses within the state that need additional sites to remain or expand within the state; appropriates five hundred million dollars therefor.

NY A02345

Relates to not-for-profit lease of real property; provides that when real property not used exclusively to carry out one or more exempt purposes is leased or otherwise used for commercial for-profit purposes, such property shall be subject to taxation and no portion shall be exempt.

Similar Bills

No similar bills found.