Exempts used books from sales use taxes including second-hand purchases.
If enacted, A07958 will amend the existing tax law by adding a new paragraph to Section 1115, particularly addressing the taxation status of used books. This change will have direct consequences on state revenue from sales tax, as the exemption will decrease the overall taxable sales in the book market. However, proponents argue the long-term gains in literacy rates and educational support will outweigh the initial loss in tax revenue. The measure reflects a growing understanding of the importance of accessible education materials and the role of bookstores and libraries in fostering a literate society.
Bill A07958, introduced by Assembly Member Rosenthal, proposes to exempt used books from the collection of sales and use taxes in New York. The bill aims to promote literacy and accessibility to literature by making it more affordable for individuals to purchase used books. It identifies used books as second-hand purchases and specifies that they will no longer incur the sales tax burden typically applied to new goods. The intention is to encourage reading and support local literacy initiatives by easing financial barriers associated with acquiring books.
While there has been support for the bill as a step towards enhancing literacy access, concerns may arise regarding the implications for bookstore owners and the potential erosion of state tax revenue. Opponents may argue that such tax exemptions could lead to revenue shortfalls that affect funding for educational programs and libraries. The discussions around the bill hint at a broader philosophical debate regarding the balance between tax incentives aimed at promoting public welfare and the necessity for a stable funding stream for state services.