Bill Text: NY S06482 | 2013-2014 | General Assembly | Introduced

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Bill Title: Establishes that not-for-profit organizations and public benefit corporations shall be entitled to all prompt contracting interest due from a state agency at the time of the first payment.

Spectrum: Bipartisan Bill

Status: (Vetoed) 2014-11-21 - VETOED MEMO.518 [S06482 Detail]

Download: New_York-2013-S06482-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6482
                                   I N  S E N A T E
                                   January 29, 2014
                                      ___________
       Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
         when printed to be committed to the Committee on Finance
       AN ACT to amend the state finance law, in relation  to  the  payment  of
         interest due to not-for-profit organizations and public benefit corpo-
         rations
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 2 of section 179-v of the state finance law, as
    2  added by chapter 166 of the laws of 1991, is amended to read as follows:
    3    2. Such organizations shall  receive  such  interest  payments  WITHIN
    4  THIRTY  DAYS  OF  THE  DATE  THE  PAYMENT OR PAYMENTS REQUIRED UNDER THE
    5  CONTRACT ARE MADE TO ANY SUCH ORGANIZATION; PROVIDED, HOWEVER, IF MONIES
    6  FROM ANY APPROPRIATION OR APPROPRIATIONS  AS  DESCRIBED  IN  SUBDIVISION
    7  THREE  OF  THIS SECTION ARE NOT AVAILABLE FOR THE PAYMENT OF SUCH INTER-
    8  EST, SUCH PAYMENT SHALL BE MADE IMMEDIATELY  AFTER  SUCH  MONIES  BECOME
    9  AVAILABLE.  SUCH  INTEREST PAYMENTS SHALL BE MADE at a rate equal to the
   10  rate set by the commissioner of taxation and finance for corporate taxes
   11  pursuant to paragraph one of subsection  (e)  of  section  one  thousand
   12  ninety-six  of  the  tax  law.  In  order  for a state agency to approve
   13  reimbursement of a not-for-profit organization OR PUBLIC BENEFIT  CORPO-
   14  RATION at a rate other than the interest rate stated in this section the
   15  not-for-profit  organization  shall  submit documentation indicating the
   16  rate at which such funds were borrowed, the lender of such funds and any
   17  other information requested by the state agency, attorney general or the
   18  comptroller. The comptroller may disallow such portions of the  interest
   19  that the comptroller deems unreasonable.
   20    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13727-01-4