Enacts the "fair share act"; authorizes cities imposing city personal income taxes to adopt and amend local laws imposing an additional tax of two percent on the annual city taxable income of city residents, estates and trusts reporting any return in excess of one million dollars.
Requires persons possessing any firearm to hold a firearms safety certificate; establishes application and training process therefor; makes technical corrections.
Establishes a public service commission nominating board to make recommendations of persons qualified for appointment as commissioners of the public service commission.
Relates to unlawful dealing in real property, when a person uses material governmental information, which such person knows or has reason to know is non-public, to purchase or sell real property; makes such offense a class A misdemeanor.
Relates to creating a separate tax on inheritance income, creating a separate tax on gift income, the computation of the estate tax, and creating a gift tax.
Maddy summaryThis bill, titled the "Sovereign Debt Stability Act," creates a voluntary legal process for countries or subnational regions (like provinces) with unsustainable debt to restructure payments under New York law. It allows debtor states to file a petition with New York, choose between two restructuring pathways (standard process or an alternative option), and engage creditors through a court-supervised plan. The key mechanism requires debtor states to notify creditors and follow specific steps for debt reconciliation, financing, and dispute resolution, aiming to reduce financial risks to New York as a global financial hub. It does not directly affect U.S. states or municipalities but targets international debtors whose obligations are governed by New York law.
Establishes the downstate New York power authority to own and operate electricity service and acquire the distribution facilities formerly owned by any downstate utility corporation.
Relates to securing payment of wages for work already performed; creates a lien remedy for all employees; provides grounds for attachment; relates to procedures where employees may hold shareholders of non-publicly traded corporations personally liable for wage theft; relates to rights for victims of wage theft to hold the ten members with the largest ownership interests in a company personally liable for wage theft.
Amends the composition of rent guidelines boards and the factors to be considered in establishing annual rent adjustments; eliminates the price index of operating costs as a factor in determining rent increases.
Maddy summaryThis bill (S 3353) exempts sales and installation of geothermal heat pump systems from state sales tax for both residential and commercial properties. It directly affects homeowners and businesses installing ground-source heat pumps that use the ground or groundwater for heating, cooling, or hot water. The key provision removes tax on equipment sales and installation services, excluding recreational facilities or equipment used as storage media. This policy change applies to systems meeting specific technical definitions in the tax law, without altering local tax options for municipalities.
