N.Y. Tax Law 277 – Penalties; how recovered
§ 277. Penalties; how recovered. Any person, firm, company, association or corporation, or business conducted by a trustee or trustees that shall violate any of the provisions of section two hundred seventy, section two hundred seventy-a or section two hundred seventy-two of this chapter shall, in addition to the other penalties provided for in this article, be subject to a penalty of one dollar for each and every share of stock or of other interest taxable under this article so sold or transferred, or transferred or entered upon the books of the corporation or trustees, as the case may be, without the payment of the tax by this article imposed thereon. Such penalty may be compromised by the tax commission. Any person who shall violate any of the other provisions of this article shall, in addition to the other penalties provided for in this article, be subject to a penalty of five hundred dollars for each and every such violation.
Terms Used In N.Y. Tax Law 277
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- tax: as used in this article shall include the tax imposed by this section as well as the tax imposed by subdivision one of section two hundred seventy and a reference to such tax, subdivision one of section two hundred seventy or section two hundred seventy shall include the tax imposed by this section, subdivision one of this section and this section, respectively. See N.Y. Tax Law 270-D
- Trustee: A person or institution holding and administering property in trust.
The attorney-general at the instance of the tax commission shall bring an action in its name as such tax commission in any court of competent jurisdiction for the recovery of any penalty imposed by this section. All moneys collected as penalties shall be paid into the stock transfer tax fund. In an action against a corporation or trustees, or its or their transfer agent to recover a penalty because of the transfer of a certificate, upon the books or records of the corporation or trustees without requiring the payment of the tax by this article imposed, the failure of the corporation or trustees or its or their transfer agent, on the demand of the tax commission or its duly authorized representative, to produce the surrendered certificate or memoranda of sale with the required stamps and any declaration prescribed by paragraph (c) of subdivision one of section two hundred seventy-a of this chapter, if required, attached, shall constitute prima facie proof of the nonpayment of the taxes imposed by section two hundred seventy and section two hundred seventy-a of this chapter.