Requires that sales tax exempt precious metal bullion shall be purchased by a bank, a foreign government, the U.N. or the state, federal or local government.
Impact
The enactment of S07875 would notably alter the existing framework under which sales tax exemptions are applied to precious metal bullion. By limiting the exemption to purchases made specifically by certain governmental and institutional entities, the bill could lead to increased tax revenue from transactions that do not meet these criteria. This could make it more expensive for individual investors or private corporations to purchase precious metals, potentially impacting their market dynamics and accessibility.
Summary
Bill S07875 proposes an amendment to the New York tax law to revise the sales and use tax exemption applicable to precious metal bullion when held for investment purposes. The bill specifies that such bullion will only be exempt from sales tax if purchased by specified entities such as banks, foreign governments, and various governmental bodies including the United Nations. This legislative change is geared towards streamlining tax implications for investment transactions involving precious metals, thus affecting how these transactions are conducted within the state of New York.
Contention
Notable points of contention surrounding Bill S07875 could stem from the implications of restricting sales tax exemptions to narrowly defined entities. Critics argue that this amendment may disadvantage individual investors who seek to hold precious metals as a form of investment. Furthermore, there are concerns regarding the bill's influence on broader economic activity within the precious metals market in New York, with fears that it could stifle investment and reduce competition by limiting buyer options.
Same As
Requires that sales tax exempt precious metal bullion shall be purchased by a bank, a foreign government, the U.N. or the state, federal or local government.
Prohibits ticket sales that exceed the capacity of a place of entertainment; requires original sellers of tickets to be licensed by the secretary of state; exempts ticket sales by governmental or not-for-profit organizations.
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Requires that local governments comply with a detainer request issued by a federal law enforcement agency; requires that such local government not interfere with the ability of federal law enforcement officials to conduct enforcement activities at municipal or county jails in furtherance of their duty to enforce federal laws.
Requires that local governments comply with a detainer request issued by a federal law enforcement agency; requires that such local government not interfere with the ability of federal law enforcement officials to conduct enforcement activities at municipal or county jails in furtherance of their duty to enforce federal laws.
Provides that any requirement that undocumented immigrants who are seeking asylum in the United States be sheltered in a certain locality or localities shall only apply to those towns, cities, and counties that opt-in to such requirement through the adoption of a local law or ordinance; defines the term "sheltered" as including, but not limited to, being temporarily or permanently placed into housing, dwelling, or living quarters by a state or local governmental entity.
Limits exemptions from immunization requirements by local governments and private entities to medical exemptions; repeals religious exemptions for certain post-secondary students.
Limits exemptions from immunization requirements by local governments and private entities to medical exemptions; repeals religious exemptions for certain post-secondary students.