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A05475 Summary:

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A05475 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         5475--A
                                                                Cal. No. 214
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 24, 2015
                                       ___________
 
        Introduced  by  M.  of  A. GALEF, PAULIN, PERRY, CLARK, MAGEE, ROBINSON,
          GUNTHER, SCHIMMINGER, SOLAGES, JAFFEE, OTIS -- Multi-Sponsored  by  --
          M.  of  A.   CERETTO, COLTON, CORWIN, DINOWITZ, DUPREY, FINCH, GIGLIO,
          HAWLEY, HOOPER, LAVINE, LOPEZ, LUPINACCI, McDONALD, McDONOUGH,  McKEV-
          ITT,  ORTIZ,  PEOPLES-STOKES,  RAIA,  RIVERA, SALADINO, THIELE -- read
          once and referred to the Committee on Ways and Means -- advanced to  a
          third  reading,  amended and ordered reprinted, retaining its place on
          the order of third reading
 
        AN ACT to amend the tax law and the state finance law,  in  relation  to
          the love your library fund
 
          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  209-J  to
     2  read as follows:
     3    §  209-J.  Gift  to  the love your library fund. Effective for any tax
     4  year commencing on or after January first,  two  thousand  seventeen,  a
     5  taxpayer  in  any  taxable year may elect to contribute to the love your
     6  library fund. Such contribution shall be in any whole dollar amount  and
     7  shall  not reduce the amount of the state tax owed by such taxpayer. The
     8  commissioner shall include space on the corporate income tax  return  to
     9  enable  a  taxpayer to make such contribution. Notwithstanding any other
    10  provision of law, all revenues collected pursuant to this section  shall
    11  be  credited  to  the  love your library fund and shall be used only for
    12  those purposes enumerated in section ninety-nine-l of the state  finance
    13  law, as added by chapter three hundred three of the laws of two thousand
    14  four.
    15    §  2.  The tax law is amended by adding a new section 630-e to read as
    16  follows:
    17    § 630-e. Gift to the love your library fund.  Effective  for  any  tax
    18  year  commencing  on  or after January first, two thousand seventeen, an
    19  individual in any taxable year may elect to contribute to the love  your
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00028-03-6
        A. 5475--A                          2
 
     1  library  fund. Such contribution shall be in any whole dollar amount and
     2  shall not reduce the amount of state tax owed by  such  individual.  The
     3  commissioner  shall  include  space on the personal income tax return to
     4  enable  a  taxpayer to make such contribution. Notwithstanding any other
     5  provision of law all revenues collected pursuant to this  section  shall
     6  be  credited  to  the  love  your  library  fund and used only for those
     7  purposes enumerated in section ninety-nine-l of the state  finance  law,
     8  as  added  by  chapter  three  hundred three of the laws of two thousand
     9  four.
    10    § 3. Subdivision 2 of section 99-l of the state finance law, as  added
    11  by chapter 303 of the laws of 2004, is amended to read as follows:
    12    2.  Such fund shall consist of all revenues received by the department
    13  of motor vehicles pursuant to section four hundred four-v of the vehicle
    14  and traffic law, as added by chapter three hundred three of the laws  of
    15  two  thousand four, all the revenues received by the department of taxa-
    16  tion and finance pursuant to sections two hundred nine-J and six hundred
    17  thirty-e of the tax law and all other moneys appropriated, credited,  or
    18  transferred thereto from any other fund or source pursuant to law.
    19    § 4. This act shall take effect immediately.