Bill Text: NY A05696 | 2019-2020 | General Assembly | Introduced


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

Spectrum: Moderate Partisan Bill (Republican 6-1)

Status: (Introduced) 2019-02-14 - referred to ways and means [A05696 Detail]

Download: New_York-2019-A05696-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          5696
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 14, 2019
                                       ___________
        Introduced  by M. of A. GIGLIO, DeSTEFANO, LAWRENCE, McDONOUGH, MORINEL-
          LO, RAIA -- Multi-Sponsored by -- M. of A. SAYEGH  --  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
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06875-01-9

        A. 5696                             2
     1  receipts. If such transfer reduces the tax stabilization reserve fund to
     2  an amount less than [two] five per centum of the norm  for  such  fiscal
     3  year,  the  amount  so  transferred shall be repaid in cash prior to the
     4  computation and payment of any transfer to the fund pursuant to subdivi-
     5  sion  three of this section in not less than three equal annual install-
     6  ments within the period of six years or less next succeeding the date of
     7  such transfer; provided, however, that if any  such  annual  installment
     8  shall  increase  such  reserve fund to an amount in excess of [two] five
     9  per centum of the amount of the norm for the then current  fiscal  year,
    10  such  installment  shall be limited to such amount as will increase such
    11  reserve fund to such [two] five per centum  limitation  and  no  further
    12  repayment of the whole or any part of such transfer shall be required in
    13  any subsequent fiscal year.  Repayments to the tax stabilization reserve
    14  fund shall be stipulated in annual budget bills.
    15    § 2. This act shall take effect immediately.
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