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A07431 Summary:

BILL NOA07431
 
SAME ASSAME AS S06466
 
SPONSORPaulin
 
COSPNSRThiele, Woerner
 
MLTSPNSR
 
Amd §1115, Tax L
 
Exempts timber, logs, lumber, pulpwood and posts from sales and use taxes.
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A07431 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A7431
 
SPONSOR: Paulin
  TITLE OF BILL: An act to amend the tax law, in relation to exempting timber, logs, lumber, pulpwood and posts from sales and use taxes; and providing for the repeal of such provisions upon expiration thereof   PURPOSE: This bill exempts timber, logs, lumber, pulpwood and posts from sales and use taxes for one year after the effective date.   SUMMARY OF PROVISIONS: Section one amends subdivision (a) of section 1115 of the tax law by adding a new paragraph 15-a to exempt timber, logs, lumber, pulpwood and posts from sales and use taxes. Section two is the effective date.   JUSTIFICATION: The costs of lumber have spiraled upwards by more than 150 percent in the last year due to tariffs on Canada, reduced output from mills during the COVID-19 pandemic and rising demands as our economy emerges from the pandemic. This is contributing to an increased cost for homeowners look- ing to remodel, build, or make home renovations. It is also increasing costs on local builders who stick to quotes priced out prior to price surges and absorb the cost. In order to alleviate costs and,jump start the local economy post-pandemic, this legislation will exempt sales and use taxes for timber, logs, lumber, pulpwood and posts for one year after the effective date.   LEGISLATIVE HISTORY: New Bill.   FISCAL IMPLICATIONS: To be determined.   EFFECTIVE DATE: This bill shall take effect immediately and shall expire and be deemed repealed one year after the effective date of this act.
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A07431 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7431
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                       May 7, 2021
                                       ___________
 
        Introduced by M. of A. PAULIN -- read once and referred to the Committee
          on Ways and Means
 
        AN  ACT  to  amend  the  tax law, in relation to exempting timber, logs,
          lumber, pulpwood and posts from sales and use taxes; and providing for
          the repeal of such provisions upon expiration thereof

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Subdivision (a) of section 1115 of the tax law is amended
     2  by adding a new paragraph 15-a to read as follows:
     3    (15-a) Timber, logs, lumber, pulpwood and posts.
     4    § 2. This act shall take effect immediately and shall  expire  and  be
     5  deemed repealed one year after the effective date of this act.
 
 
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11159-01-1
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