Provides that the department of taxation and finance shall be permitted to share with the office of the state comptroller a person's address, based on such person's most recently filed tax return, for the purpose of returning unclaimed funds to such person.
Impact
If enacted, this bill would modify existing tax law to permit the newly outlined data sharing. The intended effect is to streamline the process of returning unclaimed funds to individuals, improving overall efficiency in state operations. This legislative change could potentially lead to an increased return rate of unclaimed funds, promoting fiscal responsibility and transparency within state financial practices. However, it raises considerations regarding privacy and the handling of sensitive taxpayer information.
Summary
Bill A09053 aims to amend the New York tax law to allow the Department of Taxation and Finance to share an individual's address, which is obtained from their most recently filed tax return, with the Office of the State Comptroller. This measure is intended to facilitate the efficient return of unclaimed funds to residents. By providing the comptroller's office with access to taxpayer addresses, the bill seeks to improve the process of notifying individuals about available unclaimed funds and enhancing the recovery of such funds.
Contention
While the bill presents potential benefits, issues may arise concerning individual privacy. The sharing of addresses with the comptroller's office could elicit concerns from those who worry about how their personal information may be utilized. Opponents might argue that such amendments can open the door to unintended information use or leaks, especially among vulnerable populations who may be unaware of their rights related to personal data. Thus, although the goal of the bill is to enhance efficiency in returning unclaimed funds, it is essential to safeguard taxpayer privacy.
Exempts persons holding the office of clerk-treasurer or deputy clerk in the village of Baxter Estates from the requirement that such person be a resident of the political subdivision or municipal corporation of the state for which such person shall be chosen or within which such person's official functions are required to be exercised.
Exempts persons holding the office of clerk-treasurer or deputy clerk in the village of Baxter Estates from the requirement that such person be a resident of the political subdivision or municipal corporation of the state for which such person shall be chosen or within which such person's official functions are required to be exercised.
Relates to minority depository institutions which apply to establish a home or branch office in an unbanked or underbanked community; provides that such institutions shall be entitled to receive deposits from the state comptroller and the commissioner of taxation and finance.
Provides that no affected state entity or public retirement system shall take any boycott-based adverse action or compile, maintain or publish any list of persons or entities for purposes of such action unless expressly authorized by the legislature.
Freezes the assessed value of real property owned by persons aged 65 or over, for the purposes of determining taxes owed on such property, beginning on the date all of such persons reach the age of 65, regardless of the actual assessed value of the property at the time of taxation.
Exempts persons holding the offices of public health director and director of community services of St. Lawrence county from the requirement that such person be a resident of the political subdivision or municipal corporation of the state for which such person shall be chosen or within which such person's official functions are required to be exercised.