New York prohibits federal corporate bailout recipients from receiving state tax credits if they engage in stock buybacks within three years.

New York amends its tax law to prohibit federal corporate bailout recipients from applying for or receiving state tax credits if they engage in stock buybacks within three years of such activity. Violators may face a civil penalty of three times the amount of the tax credit, imposed by the attorney general. The act takes effect immediately.

New York prohibits federal corporate bailout recipients from receiving state tax credits if they engage in stock buybacks within three years.

New York amends its tax law to prohibit federal corporate bailout recipients from applying for or receiving state tax credits if they engage in stock buybacks within three years of such activity. Violators may face a civil penalty of three times the amount of the tax credit, imposed by the attorney general. The act takes effect immediately.