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New York Tax Law Section 13 - (enacted Without Section Heading)

Legal Research Home > New York Lawyer > Tax > New York Tax Law Section 13 - (enacted Without Section Heading)

    § 13.  (a)  Exemption  from  taxation  for victims or targets of Nazi
  persecution. Notwithstanding any  provision  of  law  to  the  contrary,
  amounts  received (including accumulated interest) by victims or targets
  of Nazi persecution  from  an  eligible  settlement  fund,  or  from  an
  eligible  grantor  trust  established for the benefit of such victims or
  targets as set forth in this  section,  whether  or  not  includable  in
  income  for  federal income tax purposes, shall be exempt from all state
  and local taxes imposed on or measured by income. Provided however, that
  this exemption shall not apply to amounts received from assets  acquired
  with  such assets or with the proceeds from the sale of such assets. For
  the purposes of this section, "victims or targets of  Nazi  persecution"
  means  any  individual,  corporation,  partnership, sole proprietorship,
  unincorporated    association,    community,    congregation,     group,
  organization,  or other entity persecuted or targeted for persecution by
  the  Nazi  Regime  because  of   race,   religion,   ethnicity,   sexual
  orientation,  national  origin,  or  physical  or  mental  disability or
  handicap,  or  the   heirs,   successors,   administrators,   executors,
  affiliates,  or  assignees  of  such  victims  or  targets, or any other
  claimant receiving funds from an eligible settlement fund,  or  from  an
  eligible  grantor  trust  established for the benefit of such victims or
  targets. An eligible settlement fund is an entity that  is  treated  for
  federal  income  tax  purposes  as  a designated or qualified settlement
  fund, as such term is defined in section 468B of  the  internal  revenue
  code  and  the  regulations  thereunder,  which  is  established for the
  principal purpose of resolving and satisfying claims arising from or  in
  connection  with  any  act  or  omission  in  any  way  relating  to the
  Holocaust, World War II  and  its  prelude  and  aftermath,  victims  or
  targets  of  Nazi  persecution, transactions with or actions of the Nazi
  Regime, or treatment of refugees fleeing Nazi persecution by or  in  the
  Swiss  Confederation. An eligible grantor trust is a grantor trust which
  is established for the principal purpose  of  resolving  and  satisfying
  such claims.
    (b) Exemption from taxation for qualified settlement funds established
  for  the  benefit of victims or targets of Nazi persecution by or in the
  Swiss Confederation. Notwithstanding any other provision of law  to  the
  contrary, an entity that is treated for federal income tax purposes as a
  designated  or  qualified  settlement  fund,  as such term is defined in
  section  468B  of  the  internal  revenue  code  and   the   regulations
  thereunder,  or  a grantor trust, either of which is established for the
  principal purpose of resolving and satisfying claims arising from or  in
  connection  with  any  act  or  omission  in  any  way  relating  to the
  Holocaust, World War II  and  its  prelude  and  aftermath,  victims  or
  targets  of  Nazi  persecution, transactions with or actions of the Nazi
  Regime, treatment of refugees fleeing Nazi persecution,  by  or  in  the
  Swiss  Confederation,  shall  be  exempt  from  all  taxes imposed on or
  measured by income, the commercial rent tax imposed by the city  of  New
  York  and  all  sales  and use taxes whether imposed by the State or any
  local jurisdiction or municipality.

Last modified: September 7, 2006