Bill Text: NY S03929 | 2009-2010 | General Assembly | Introduced
Bill Title: Relates to the disposition of revenue into the environmental protection fund.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-01-06 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S03929 Detail]
Download: New_York-2009-S03929-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 3929 2009-2010 Regular Sessions I N S E N A T E April 6, 2009 ___________ Introduced by Sen. THOMPSON -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law and the state finance law, in relation to the disposition of revenue THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Section 1421 of the tax law, as amended by section 1 of 2 part T of a chapter of the laws of 2009 amending the tax law and the 3 state finance law relating to real estate transfer tax revenue deposits 4 into the environmental protection fund, as proposed in legislative bill 5 numbers S.59-B and A.159-B, is amended to read as follows: 6 S 1421. Deposit and dispositions of revenues. From the taxes, interest 7 and penalties attributable to the tax imposed pursuant to section four- 8 teen hundred two of this article, the amount of thirty-three and one- 9 half million dollars shall be deposited by the comptroller in the envi- 10 ronmental protection fund established pursuant to section ninety-two-s 11 of the state finance law for the fiscal year beginning April first, 12 nineteen hundred ninety-five; the amount of eighty-seven million dollars 13 shall be deposited in such fund for the fiscal years beginning April 14 first, nineteen hundred ninety-six and nineteen hundred ninety-seven; 15 the amount of one hundred twelve million dollars shall be deposited in 16 such fund for the fiscal years beginning April first, nineteen hundred 17 ninety-eight, nineteen hundred ninety-nine, two thousand, two thousand 18 one, two thousand two, two thousand three, two thousand four and two 19 thousand five; the amount of one hundred thirty-seven million dollars 20 shall be deposited in such fund for the fiscal year beginning April 21 first, two thousand six; the amount of two hundred twelve million 22 dollars shall be deposited in such fund for the fiscal year beginning 23 April first, two thousand seven; the amount of two hundred thirty-seven 24 million dollars shall be deposited in such fund for the fiscal year EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10908-01-9 S. 3929 2 1 beginning April first, two thousand eight; the amount of one hundred 2 ninety-nine million three hundred thousand dollars shall be deposited in 3 such fund for four fiscal years beginning April first, two thousand 4 nine; AND THE AMOUNT OF TWO HUNDRED EIGHTY-SEVEN MILLION DOLLARS SHALL 5 BE DEPOSITED IN SUCH FUND FOR THE FISCAL YEAR BEGINNING APRIL FIRST, TWO 6 THOUSAND THIRTEEN; and for each fiscal year thereafter; provided however 7 that at the direction of the director of the budget, an additional 8 amount of up to twenty-five million dollars may be deposited in such 9 fund for the fiscal year beginning April first, two thousand seven and 10 ending March thirty-first, two thousand eight, for disposition as 11 provided under such section. On or before June twelfth, nineteen hundred 12 ninety-five and on or before the twelfth day of each month thereafter 13 (excepting the first and second months of each fiscal year), the comp- 14 troller shall deposit into such fund from the taxes, interest and penal- 15 ties collected pursuant to such section fourteen hundred two of this 16 article which have been deposited and remain to the comptroller's credit 17 in the banks, banking houses or trust companies referred to in section 18 one hundred seventy-one-a of this chapter at the close of business on 19 the last day of the preceding month, an amount equal to one-tenth of the 20 annual amount required to be deposited in such fund pursuant to this 21 section for the fiscal year in which such deposit is required to be 22 made. In the event such amount of taxes, interest and penalties so 23 remaining to the comptroller's credit is less than the amount required 24 to be deposited in such fund by the comptroller, an amount equal to the 25 shortfall shall be deposited in such fund by the comptroller with subse- 26 quent deposits, as soon as the revenue is available. Beginning April 27 first, nineteen hundred ninety-seven, the comptroller shall transfer 28 monthly to the clean water/clean air fund established pursuant to 29 section ninety-seven-bbb of the state finance law, all moneys remaining 30 from such taxes, interest and penalties collected that are not required 31 for deposit in the environmental protection fund. 32 S 2. Section 92-s of the state finance law is amended by adding a new 33 subdivision 10 to read as follows: 34 10. NO LATER THAN APRIL FIRST, TWO THOUSAND THIRTEEN, DEPOSITS SHALL 35 BE MADE IN AN AMOUNT NECESSARY TO REPAY THE ENVIRONMENTAL PROTECTION 36 FUND, BY THE YEAR TWO THOUSAND TWENTY, FOR PAST TRANSFERS MADE FROM THE 37 ENVIRONMENTAL PROTECTION FUND INTO THE GENERAL FUND. 38 S 3. This act shall take effect immediately, provided, however, that 39 section one of this act shall take effect on the same date and in the 40 same manner as section 1 of part T of a chapter of the laws of 2009 41 amending the tax law and the state finance law relating to real estate 42 transfer tax revenue deposits into the environment protection fund, as 43 proposed in legislative bill numbers S.59-B and A.159-B, takes effect.