New York A02389 amends the tax law to exempt gift certificates, electronic gift cards, and magnetic gift cards from sales and use taxes.

New York A02389 amends the tax law to exempt gift certificates, electronic gift cards, and magnetic gift cards from sales and use taxes. The bill defines "gift certificate" as a writing identified as a gift certificate by an issuer for use by a customer, usable for its face amount in lieu of cash for the exchange of goods or services supplied by the seller. It includes electronic or magnetic cards with a banked dollar value that may be redeemed for goods or services.

New York A02389 amends the tax law to exempt gift certificates, electronic gift cards, and magnetic gift cards from sales and use taxes.

New York A02389 amends the tax law to exempt gift certificates, electronic gift cards, and magnetic gift cards from sales and use taxes. The bill defines "gift certificate" as a writing identified as a gift certificate by an issuer for use by a customer, usable for its face amount in lieu of cash for the exchange of goods or services supplied by the seller. It includes electronic or magnetic cards with a banked dollar value that may be redeemed for goods or services.