New York Senate Bill S03047

New York 2025-2026 Regular Session

• Introduced: 1/23/25
• Refer: 1/23/25
• Refer: 2/5/25
• Refer: 1/7/26
• Refer: 2/3/26

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

This bill is a proposed constitutional amendment that would repeal section 3 of article 16 of the New York State Constitution. That section governs the taxation of moneys, credits, securities, and other intangible personal property located in the state when those assets are not used in carrying on a business. By repealing the provision, the bill would remove the current constitutional language that addresses how such intangible property may be taxed. Because the measure is a concurrent resolution, it does not by itself change tax law immediately. Instead, if both houses agree, the amendment must be referred to the next regular legislative session after the next general election and then submitted to voters in accordance with the constitutional amendment process. The practical effect would be to open the door to changes in how New York can tax intangible assets, but any actual tax policy changes would depend on future legislation and voter approval of the amendment.

Impact

If adopted through the constitutional amendment process, the bill would eliminate a constitutional restriction or framework concerning taxation of intangible personal property not employed in business. This could affect taxpayers holding cash, credits, securities, and similar assets, as well as the state’s authority to structure or revise tax treatment of those assets. It would amend the state constitution rather than the tax code itself, so any direct fiscal or administrative effects would depend on later statutory changes and implementation.

Sentiment

There is no recorded committee transcript or vote history in the provided materials, so no formal debate or recorded sentiment is available. Based on the bill’s sponsorship and subject matter, it appears to be a policy proposal aimed at changing New York’s constitutional tax rules for intangible property, but the available record does not show support, opposition, or amendments. The absence of votes or discussion means sentiment cannot be reliably characterized beyond noting that the bill was introduced and referred for consideration.

Contention

The main point of contention is likely to be whether New York should retain constitutional limits on taxing intangible personal property or repeal them to give lawmakers more flexibility. Potential supporters may view repeal as a modernization or simplification of the tax system, while opponents may worry about expanded taxation authority, uncertainty for investors and asset holders, or unintended consequences for savings and securities. No specific objections or proponents are identified in the provided record.