New York Senate proposes new tax on auction sale of art

News Team, 12/03/2021

A new bill has been proposed in the New York Senate to amend the tax law by “imposing a special tax on artwork, antique furniture, and antique jewellery sold at auction; and to amend the state finance law, in relation to establishing the art education fund.”

International law firm Withers warned that, if passed, the bill would add a new article to the tax chapter, imposing a special tax of the greater of 0.3 percent or $1 on the receipts from the sale of art, antique furniture, or antique jewellery sold at auction. The tax would be imposed on the purchaser and collected by the auctioneer in addition to state and local sales t...

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