Bill Text: NY A05294 | 2015-2016 | General Assembly | Introduced


Bill Title: Increases the amount in the tax stabilization reserve fund to 5% of state fiscal year disbursements.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A05294 Detail]

Download: New_York-2015-A05294-Introduced.html
                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5294
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 17, 2015
                                      ___________
       Introduced  by  M.  of  A. GIGLIO, RAIA -- read once and referred to the
         Committee on Ways and Means
       AN ACT to amend the state finance law, in  relation  to  increasing  the
         amount  of  money  that  may  be  maintained  in the tax stabilization
         reserve fund
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Subdivisions  3  and 4 of section 92 of the state finance
    2  law, as separately amended by chapters 405 and 957 of the laws of  1981,
    3  are amended to read as follows:
    4    3.  At the close of each fiscal year any cash surplus remaining in the
    5  general fund over and above the norm  for  such  fiscal  year  shall  be
    6  transferred  from or retained in such fund as hereinafter in this subdi-
    7  vision provided. There shall be transferred  to  the  tax  stabilization
    8  reserve  fund  all of such surplus moneys, up to and including an amount
    9  equivalent to two-tenths of one per centum of  such  norm,  unless  such
   10  transfer  would  increase  such  reserve  fund to an amount in excess of
   11  [two] FIVE per centum of the amount of the norm for such fiscal year, in
   12  which event such transfer shall  be  limited  to  such  amount  as  will
   13  increase such reserve fund to such [two] FIVE per centum limitation. Any
   14  balance  of  such  surplus  moneys,  thereafter remaining in the general
   15  fund, shall be retained in such fund and be available for the  reduction
   16  of state taxes.
   17    4.  In  the  event  that  at the close of any fiscal year the receipts
   18  derived from the taxes, fees and other  sources,  required  to  be  paid
   19  during  such  fiscal  year into the general fund of the state shall fall
   20  below the norm for such fiscal year, there shall be transferred from the
   21  tax stabilization reserve fund to the general fund to  the  extent  that
   22  there  are  sufficient  moneys in the tax stabilization reserve fund, an
   23  amount equal to the difference between the norm and the amount  of  such
   24  receipts. If such transfer reduces the tax stabilization reserve fund to
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07080-01-5
       A. 5294                             2
    1  an  amount  less  than [two] FIVE per centum of the norm for such fiscal
    2  year, the amount so transferred shall be repaid in  cash  prior  to  the
    3  computation and payment of any transfer to the fund pursuant to subdivi-
    4  sion  three of this section in not less than three equal annual install-
    5  ments within the period of six years or less next succeeding the date of
    6  such transfer; provided, however, that if any  such  annual  installment
    7  shall  increase  such  reserve fund to an amount in excess of [two] FIVE
    8  per centum of the amount of the norm for the then current  fiscal  year,
    9  such  installment  shall be limited to such amount as will increase such
   10  reserve fund to such [two] FIVE per centum  limitation  and  no  further
   11  repayment of the whole or any part of such transfer shall be required in
   12  any subsequent fiscal year.  Repayments to the tax stabilization reserve
   13  fund shall be stipulated in annual budget bills.
   14    S 2. This act shall take effect immediately.
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