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A 3715

Repeals section 3 of article 16 relating to the taxation of moneys, credits, securities and other intangible personal property in the state that is not employed in carrying on any business therein

2025 Regular Session Introduced by Phara Souffrant Forrest and 6 co-sponsors

Bill A 3715 repeals taxes on intangible personal property not used in business, easing the burden on individuals and investors while impacting state revenue.

OPINION REFERRED TO JUDICIARY
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WeVote Research Nonpartisan
Bill Summary · A 3715

Summary of Bill A 3715

Bill Information

  • Bill Number: A 3715
  • Title: Repeals section 3 of article 16 relating to the taxation of moneys, credits, securities, and other intangible personal property in the state that is not employed in carrying on any business therein
  • Status: Opinion referred to Judiciary
  • Introduced: January 30, 2025
  • Classification: Bill

Purpose and Intent

Bill A 3715 aims to repeal a specific provision of state law that currently imposes taxes on certain types of intangible personal property, including moneys, credits, and securities. The intent behind this repeal is to alleviate the tax burden on individuals and entities holding these types of assets that are not actively used in business operations within the state.

Key Provisions

  • Repeal of Taxation: The bill specifically targets section 3 of article 16, which governs the taxation of intangible personal property not employed in business activities. By repealing this section, the bill seeks to eliminate the tax obligations associated with these assets.

Impact

  • Affected Parties:

    • Individuals and Investors: The repeal would primarily benefit individuals and investors holding intangible assets, as they would no longer be subject to state taxes on these holdings.
    • Financial Institutions: Banks and other financial institutions may also see changes in how they manage and report these assets due to the removal of tax liabilities.

  • State Revenue: The repeal may have implications for state revenue, as it could reduce the overall tax income generated from intangible personal property. This aspect may be a point of discussion among lawmakers and stakeholders.

Legislative Timeline

  • January 30, 2025: Bill A 3715 was introduced and referred to the Ways and Means Committee for consideration.
  • January 31, 2025: The bill was sent to the Attorney General for an opinion regarding its legal implications.
  • February 7, 2025: The bill was referred to the Judiciary Committee for further review and discussion.

Related Bills

  • A 6257 (prior-session): A related bill from a previous legislative session that may address similar issues.
  • A 5470 (prior-session): Another prior-session bill that could have implications for the current legislation.
  • S 3047 (companion): A companion bill in the Senate that aligns with the objectives of A 3715.

Conclusion

Bill A 3715 represents a significant shift in the taxation of intangible personal property in the state. By repealing the existing tax provisions, the bill aims to reduce the financial burden on asset holders and potentially stimulate investment. As the bill progresses through the legislative process, its implications for state revenue and affected parties will be closely monitored.

Compiled from official sources — confirm details with the bill’s official record.

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