NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A5323
SPONSOR: Pretlow TITLE OF BILL:
An act to amend the tax law, in relation to authorizing the city of
Yonkers to impose additional sales tax; and to amend chapter 67 of the
laws of 2015, amending the tax law relating to authorizing the city of
Yonkers to impose additional sales tax, in relation to extending
provisions relating thereto
PURPOSE:
The purpose of this bill is to authorize the city of Yonkers to continue
to impose an additional one-half of one-percent for an additional two-
year period ending November 30, 2025..
SUMMARY OF PROVISIONS:
Section 1 amends the tax law to extend the authority of the city of
Yonkers to impose additional sales taxes until November 30, 2025. '
Section 2 amends the tax law to state the law takes effect immediately
and will expire, and therefore be deemed repealed, on November 30, 2025.
Section 3 is the effective date.
JUSTIFICATION:
In 2015 the State authorized the city of Yonkers to impose an additional
one-half of one percent of sales tax for a two year period. The legis-
lation was enacted to help ensure fiscal stability and to ensure the
continuation of delivery of critical services to Yonkers residents.
Sales and use taxes are a significant source of revenue for the city. In
the fiscal year ending in 2016 sales and use taxes amounted to
$84,164,326 million. The additional one-half of one percent of sales tax
generates approximately $11,129,446 of revenue. The additional sales
tax revenue generated by the additional one-half of one percent of sales
tax revenue each year significantly alleviates the present fiscal stress
on the City, and its public school system, enabling efforts toward main-
taining financial stability..
LEGISLATIVE HISTORY:
2023-2024 - A07237 Signed CHAP.178
Chapter 58 of the Laws of 2020„ Part XXX, Subpart C, Item CCC
2017-2018: Chapter 61 of the Laws of 2017, SUbpart A, Subpart CCC
2015-2016: Chapter 67 of the.Laws of 2015
FISCAL IMPLICATIONS:
None to the State.
EFFECTIVE DATE:
This act shall take effect immediately; provided however, that the
amendments to clause 1 of subparagraph (ii) of the opening paragraph of
section 1210 of the tax law made by section one of this act shall not
affect the expiration and reversion of such clause and shall be deemed
expired therewith.
