Bill Text: NY S01871 | 2023-2024 | General Assembly | Introduced
Bill Title: Establishes the public housing fund to be used by the division of housing and community renewal to support existing public housing utilizing money from the real property transfer tax.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-01-03 - REFERRED TO BUDGET AND REVENUE [S01871 Detail]
Download: New_York-2023-S01871-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1871 2023-2024 Regular Sessions IN SENATE January 17, 2023 ___________ Introduced by Sen. CLEARE -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law and the state finance law, in relation to establishing the public housing fund The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision (a) of section 1421 of the tax law, as amended 2 by section 1 of part PP of chapter 58 of the laws of 2022, is amended to 3 read as follows: 4 (a) From the taxes, interest and penalties attributable to the tax 5 imposed pursuant to section fourteen hundred two of this article, ten 6 percent shall be deposited into the public housing fund established 7 pursuant to section ninety-two-kk of the state finance law, the amount 8 of one hundred ninety-nine million three hundred thousand dollars shall 9 be deposited by the comptroller in the environmental protection fund 10 established pursuant to section ninety-two-s of the state finance law 11 for the fiscal year beginning April first, two thousand nine; the amount 12 of one hundred nineteen million one hundred thousand dollars shall be 13 deposited in such fund for the fiscal year beginning April first, two 14 thousand ten; the amount of two hundred fifty-seven million three 15 hundred fifty thousand dollars shall be deposited into such fund for the 16 fiscal year beginning April first, two thousand twenty-two; and for each 17 fiscal year thereafter. On or before June twelfth, nineteen hundred 18 ninety-five and on or before the twelfth day of each month thereafter 19 (excepting the first and second months of each fiscal year), the comp- 20 troller shall deposit into such fund from the taxes, interest and penal- 21 ties collected pursuant to such section fourteen hundred two of this 22 article which have been deposited and remain to the comptroller's credit 23 in the banks, banking houses or trust companies referred to in section 24 one hundred seventy-one-a of this chapter at the close of business on 25 the last day of the preceding month, an amount equal to one-tenth of the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06116-01-3S. 1871 2 1 annual amount required to be deposited in such fund pursuant to this 2 section for the fiscal year in which such deposit is required to be 3 made. In the event such amount of taxes, interest and penalties so 4 remaining to the comptroller's credit is less than the amount required 5 to be deposited in such fund by the comptroller, an amount equal to the 6 shortfall shall be deposited in such fund by the comptroller with subse- 7 quent deposits, as soon as the revenue is available. Beginning April 8 first, nineteen hundred ninety-seven, the comptroller shall transfer 9 monthly to the clean water/clean air fund established pursuant to 10 section ninety-seven-bbb of the state finance law, all moneys remaining 11 from such taxes, interest and penalties collected that are not required 12 for deposit in the environmental protection fund. 13 § 2. The state finance law is amended by adding a new section 92-kk to 14 read as follows: 15 § 92-kk. Public housing fund. 1. There is hereby established in the 16 joint custody of the state comptroller and the commissioner of taxation 17 and finance a fund to be known as the "public housing fund". 18 2. The public housing fund shall consist of all moneys deposited 19 pursuant to subdivision (a) of section fourteen hundred twenty-one of 20 the tax law, or otherwise collected therefor or credited, appropriated 21 or transferred thereto from any other fund or source pursuant to law or 22 any other moneys made available for the purposes of the fund. 23 3. The moneys in the public housing fund shall be kept separate from 24 and shall not be commingled with any other moneys in the custody of the 25 state comptroller. Such moneys shall be made available to the division 26 of housing and community renewal to support existing public housing. 27 4. The monies shall be payable from the fund on the audit and warrant 28 of the comptroller on vouchers approved and certified by the commission- 29 er of housing and community renewal. 30 § 3. This act shall take effect on the first of April next succeeding 31 the date on which it shall have become a law.