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S03570 Summary:

S03570 Actions:

S03570 Committee Votes:

S03570 Floor Votes:

S03570 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3570
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                    February 8, 2019
                                       ___________
 
        Introduced  by  Sens. SERRANO, BAILEY, KRUEGER, SAVINO -- 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 and the state finance law, in relation to
          gifts for the support of the New York state council on the arts

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  The  legislature hereby finds and determines that, due to
     2  severe budgetary constraints, the amount of state  funds  available  for
     3  the  support  of the New York state council on the arts has been sharply
     4  diminished over the past few years.  This decrease in support has had  a
     5  devastating  effect  upon  many  of New York's cultural institutions, as
     6  well as many related or dependent businesses and employees. Accordingly,
     7  the legislature hereby finds and determines that taxpayers of the  state
     8  of  New  York  should  have  the  opportunity  to use the New York state
     9  personal income tax form as a mechanism for  making  voluntary  contrib-
    10  utions  for the support of the New York state council on the arts. It is
    11  the intent of the  legislature  that  any  funds  so  contributed  shall
    12  supplement  and  not  offset  or diminish in any way the amount of funds
    13  made available to the New York state council on  the  arts  pursuant  to
    14  annual budget appropriations.
    15    §  2.  The tax law is amended by adding a new section 630-g to read as
    16  follows:
    17    § 630-g. Gift to the arts fund. Effective for any tax year  commencing
    18  on  or  after  January  first,  two thousand nineteen, an individual may
    19  elect to contribute to the arts fund created pursuant to  section  nine-
    20  ty-seven-yyyy  of  the state finance law for the support of the New York
    21  state council on the arts. Such  contribution  shall  be  in  any  whole
    22  dollar  amount and shall not reduce the amount of tax owed by such indi-
    23  vidual. The commissioner shall include space on the personal income  tax
    24  return  to  enable a taxpayer to make such contribution. Notwithstanding
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03562-01-9
        S. 3570                             2
 
     1  any other provision of law,  all  revenue  collected  pursuant  to  this
     2  section  shall be credited to the arts fund established by section nine-
     3  ty-seven-yyyy of the state finance law and used only for the purposes of
     4  the New York state council on the arts.
     5    §  3. The state finance law is amended by adding a new section 97-yyyy
     6  to read as follows:
     7    § 97-yyyy. Arts fund. 1. There is hereby created in the joint  custody
     8  of  the state comptroller and the commissioner of taxation and finance a
     9  fund to be known as the "arts fund".
    10    2. Such fund shall consist of all revenues received by the  department
    11  of  taxation  and  finance,  pursuant  to  the provisions of section six
    12  hundred thirty-g of the tax law and all other moneys appropriated, cred-
    13  ited, or transferred thereto from any other fund or source  pursuant  to
    14  law.    For  each  state fiscal year, there shall be appropriated to the
    15  fund by the state, in addition to all other moneys required to be depos-
    16  ited into such fund, an amount equal to the amounts of moneys  collected
    17  and  deposited into the fund pursuant to section six hundred thirty-g of
    18  the tax law during the preceding calendar  year,  as  certified  by  the
    19  comptroller.  Nothing  contained  herein  shall  prevent  the state from
    20  receiving grants, gifts or bequests for the  purposes  of  the  fund  as
    21  defined  in  this section and depositing them into the fund according to
    22  law.
    23    3. Moneys of the fund may be invested by the  state  comptroller,  and
    24  income from the investments of moneys deposited to this fund pursuant to
    25  section  six hundred thirty-g of the tax law shall be credited solely to
    26  this fund.
    27    § 4. This act shall take effect immediately.