Bill Text: NY A05532 | 2015-2016 | General Assembly | Introduced

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Bill Title: Increases the maximum percentage allowed to be deposited from surplus revenues into the state tax stabilization reserve fund to 4 percent.

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced - Dead) 2016-06-14 - held for consideration in ways and means [A05532 Detail]

Download: New_York-2015-A05532-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5532
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 27, 2015
                                      ___________
       Introduced  by  M.  of A. OAKS, FINCH, LAWRENCE, MURRAY -- read once and
         referred to the Committee on Ways and Means
       AN ACT to amend the state finance law, in relation to the tax stabiliza-
         tion 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] FOUR-TENTHS of one per centum of  such  norm,
   10  unless  such  transfer  would increase such reserve fund to an amount in
   11  excess of [two] FOUR per centum of the  amount  of  the  norm  for  such
   12  fiscal  year,  in  which  event  such  transfer shall be limited to such
   13  amount as will increase such reserve fund to such [two] FOUR per  centum
   14  limitation.  Any balance of such surplus moneys, thereafter remaining in
   15  the  general  fund,  shall be retained in such fund and be available for
   16  the reduction 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
   25  an amount less than [two] FOUR per centum of the norm  for  such  fiscal
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05860-01-5
       A. 5532                             2
    1  year,  the  amount  so  transferred shall be repaid in cash prior to the
    2  computation and payment of any transfer to the fund pursuant to subdivi-
    3  sion three of this section in not less than three equal annual  install-
    4  ments within the period of six years or less next succeeding the date of
    5  such  transfer;  provided,  however, that if any such annual installment
    6  shall increase such reserve fund to an amount in excess  of  [two]  FOUR
    7  per  centum  of the amount of the norm for the then current fiscal year,
    8  such installment shall be limited to such amount as will  increase  such
    9  reserve  fund  to  such  [two] FOUR per centum limitation and no further
   10  repayment of the whole or any part of such transfer shall be required in
   11  any subsequent fiscal year. Repayments to the tax stabilization  reserve
   12  fund shall be stipulated in annual budget bills.
   13    S  2.  This act shall take effect 3 years after it shall have become a
   14  law.