STATE OF NEW YORK
________________________________________________________________________
7103
2015-2016 Regular Sessions
IN ASSEMBLY
April 23, 2015
___________
Introduced by M. of A. BRENNAN, COOK, ABINANTI, SIMOTAS, SIMON, JAFFEE,
MAGNARELLI, MOSLEY, ORTIZ, PERRY, SILVER, STECK -- Multi-Sponsored by
-- M. of A. ABBATE, GLICK, LENTOL, MAGEE -- read once and referred to
the Committee on Corporations, Authorities and Commissions
AN ACT to amend the public authorities law and the tax law, in relation
to creating the New York state transportation infrastructure financing
authority act
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Article 10-D of the public authorities law is amended by
2 adding a new title 4 to read as follows:
3 TITLE 4
4 NEW YORK STATE TRANSPORTATION
5 INFRASTRUCTURE FINANCING AUTHORITY
6 Section 3975. Short title.
7 3976. Definitions.
8 3977. New York state transportation infrastructure financing
9 authority.
10 3978. Administration of the authority.
11 3979. General powers of the authority.
12 3980. Bonds of the authority.
13 3981. Moneys of the authority.
14 3982. Use of bond proceeds.
15 3983. Agreement with state.
16 3984. Bonds as legal investments.
17 3985. Exemption from taxation.
18 3986. Audits.
19 3987. Remedies of bondholders.
20 3988. Assistance by state officers, departments, boards and
21 commissions.
22 3989. Applicability.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09698-04-5
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1 § 3975. Short title. This title shall be known and may be cited as the
2 "New York state transportation infrastructure financing authority act of
3 2015".
4 § 3976. Definitions. For the purposes of this title, unless the
5 context otherwise requires:
6 1. "Authority" or "New York state transportation infrastructure
7 financing authority" means the public benefit corporation created by
8 this title.
9 2. "Bonds" means bonds, notes and other evidences of indebtedness,
10 issued by the authority.
11 3. "Comptroller" means the comptroller of the state of New York.
12 4. "DOT" means the New York state department of transportation.
13 5. "MTA" means the metropolitan transportation authority established
14 pursuant to title eleven of article five of this chapter.
15 6. "Project capital costs" or "costs" means costs providing for the
16 construction, reconstruction, acquisition or installation of physical
17 public betterments or improvements; or the costs of any preliminary
18 studies, appraisals, surveys, maps, plans, estimates and hearings; or
19 costs for the preparation of designs, specifications, testing and envi-
20 ronmental impact statements; or costs of engineering; or incidental
21 costs, including, but not limited to, legal fees, printing or engraving,
22 publication of notices, taking of title, apportionment of costs, and
23 interest during construction; or any underwriting or other costs
24 incurred in connection with the financing thereof.
25 7. "Revenues" means the tax revenues and all aid, rents, fees, charg-
26 es, payments and the income and receipts paid or payable to the authori-
27 ty.
28 8. "State" means the state of New York.
29 9. "Tax revenues" means the taxes paid or payable to the authority
30 pursuant to section thirty-nine hundred eighty-one of this title and
31 such other revenues as the authority may derive directly from taxes
32 imposed and collected by the state.
33 § 3977. New York state transportation infrastructure financing author-
34 ity. 1. There is hereby created the New York state transportation
35 infrastructure financing authority. The authority shall be a corporate
36 governmental agency constituting a public benefit corporation and an
37 instrumentality of the state.
38 2. In accordance with the provisions of this title, the authority may
39 only finance costs, including the refunding of bonds issued by the
40 authority to finance costs, and fund reserves to secure such bonds.
41 3. The authority shall continue until all its liabilities have been
42 met or otherwise discharged. Upon the termination of the existence of
43 the authority, all of its rights and property shall pass to and be vest-
44 ed in the state.
45 § 3978. Administration of the authority. 1. The authority shall be
46 administered by seven directors: five voting members consisting of the
47 director of the budget, the commissioner of transportation, and one
48 member each appointed by the governor, the speaker of the assembly, the
49 temporary president of the senate; and two non-voting members, one each
50 appointed by the minority leaders of the assembly and the senate.
51 2. The members of the board shall appoint one of the directors to
52 serve as chairperson of the authority. The chairperson shall preside
53 over all meetings of the directors and shall have such other duties as
54 may be fixed by the directors.
55 3. Notwithstanding any inconsistent provision of any general, special
56 or local law, ordinance, resolution or charter, no officer, member or
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1 employee of the state of New York, any city, county, town or village,
2 any governmental entity operating any public school or college, any
3 school district or any other public agency or instrumentality which
4 exercises governmental powers under the laws of the state, shall forfeit
5 his or her office or employment by reason of his or her acceptance of
6 appointment as a director of the authority, nor shall service as such
7 director be deemed incompatible or in conflict with such office or
8 employment.
9 4. Notwithstanding any inconsistent provision of this chapter, five
10 directors shall constitute a quorum for the transaction of any business
11 or the exercise of any power of the authority. No action shall be taken
12 by the authority except pursuant to a favorable vote of at least five
13 directors present at a meeting at which such action is taken. Any direc-
14 tor may, by written instrument, filed with and approved as to form by
15 the authority, designate an alternate to perform, in the absence of such
16 director, his or her duties under this title. The term "director" as
17 used in this title shall include such alternates, except that no alter-
18 nate may designate an alternate pursuant to this subdivision. The desig-
19 nation of such alternates shall be deemed temporary only and shall not
20 affect the civil service or retirement rights of any persons so desig-
21 nated.
22 5. The authority shall appoint a treasurer and may appoint or employ
23 officers, employees or agents as it may require and prescribe their
24 duties.
25 6. The directors shall not be paid a salary, but shall be reimbursed
26 or paid for all actual and necessary expenses incurred in the discharge
27 of their duties.
28 § 3979. General powers of the authority. Except as otherwise limited
29 by this title, the authority shall have the following powers in addition
30 to those specially conferred elsewhere in this title, subject only to
31 agreements with bondholders:
32 1. to sue and be sued;
33 2. to have a seal and alter the same at pleasure;
34 3. to make and alter by-laws for its organization and management and,
35 subject to agreements with its bondholders, to make and alter rules and
36 regulations governing the exercise of its powers and fulfillment of its
37 purposes under this title;
38 4. to make and execute contracts and all other instruments or agree-
39 ments necessary or convenient to carry out any powers and functions
40 expressly given in this title;
41 5. to commence any action to protect or enforce any right conferred
42 upon it by any law, contract or other agreement;
43 6. to borrow money and issue bonds, or to refund the same, and to
44 provide for the rights of the holders of its obligations;
45 7. to accept gifts, grants, loans or contributions of funds or finan-
46 cial or other aid in any form from the city, state or federal government
47 or any agency or instrumentality thereof, or from any other source and
48 for any of its corporate purposes in accordance with the provisions of
49 this title;
50 8. to invest any funds held in reserves or sinking funds, or any funds
51 not required for immediate use or disbursement, at the discretion of the
52 authority;
53 9. to pledge all or any part of its revenues as security for the
54 payment of the principal of and interest on any bonds so issued and any
55 agreements made in connection therewith;
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1 10. to appoint such officers and employees as it may require for the
2 performance of its duties and to fix and determine their qualifications,
3 duties, and compensation; and to retain or employ counsel, auditors and
4 private financial consultants on a contract basis or otherwise for
5 rendering professional or technical services and advice; and
6 11. to do any and all things necessary or convenient to carry out its
7 purposes and exercise the powers expressly given and granted in this
8 title provided, however, such authority shall under no circumstances
9 acquire, hold or transfer title to, lease, own beneficially or other-
10 wise, manage, operate or otherwise exercise control over any real prop-
11 erty, any improvement to real property or any interest therein other
12 than a lease of office space deemed necessary or desirable by the
13 authority.
14 § 3980. Bonds of the authority. 1. The authority shall have the power
15 and is hereby authorized from time to time to issue bonds, in conformity
16 with applicable provisions of the uniform commercial code, in such prin-
17 cipal amounts as it may determine to be necessary, not to exceed the
18 principal aggregate amount of twenty billion dollars. The authority
19 shall have the power from time to time to refund any bonds of the
20 authority by the issuance of new bonds whether the bonds to be refunded
21 have or have not matured, and may issue bonds partly to refund bonds of
22 the authority then outstanding. Bonds issued by the authority shall be
23 payable solely out of the specific revenues or other moneys of the
24 authority as may be designated in the proceedings of the authority under
25 which the bonds shall be authorized to be issued, and subject to any
26 agreements with the holders of outstanding bonds pledging any particular
27 revenues or moneys.
28 2. Such bonds shall be authorized by resolution of the authority,
29 shall bear such date and shall mature at such time or times as such
30 resolution may provide. The bonds may be issued as serial bonds or as
31 term bonds or as a combination thereof. The bonds shall bear interest
32 at such rate or rates, be in such denominations and in such form, either
33 coupon or registered, carry such registration privileges, be executed in
34 such manner, be payable in such medium of payment, at such place or
35 places and be subject to such terms of redemption as such resolution may
36 provide.
37 3. Any resolution or resolutions authorizing bonds or any issue of
38 bonds may contain provisions which may be a part of the contract with
39 the holders of the bonds thereby authorized as to:
40 (a) pledging all or part of its revenues, together with any other
41 moneys, securities or contracts, to secure the payment of the bonds,
42 subject to such agreements with bondholders as may then exist;
43 (b) the setting aside of reserves and the creation of sinking funds
44 and the regulation and disposition thereof;
45 (c) limitations on the purpose to which the proceeds from the sale of
46 bonds may be applied;
47 (d) limitations on the issuance of additional bonds, the terms upon
48 which additional bonds may be issued and secured and the refunding of
49 bonds;
50 (e) the procedure, if any, by which the terms of any contract with
51 bondholders may be amended or abrogated, including the proportion of
52 bondholders which must consent thereto and the manner in which such
53 consent may be given; and
54 (f) defining the acts or omissions to act which may constitute a
55 default in the obligations and duties of the authority to the bondhold-
56 ers and providing for the rights and remedies of the bondholders in the
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1 event of such default, including as a matter of right the appointment of
2 a receiver; provided, however, that such rights and remedies shall not
3 be inconsistent with the general laws of the state and other provisions
4 of this title.
5 4. In addition to the powers herein conferred upon the authority to
6 secure its bonds, the authority shall have power in connection with the
7 issuance of bonds to enter into such agreements for the benefit of the
8 bondholders as the authority may deem necessary, convenient or desirable
9 concerning the use or disposition of its revenues or other moneys,
10 including the entrusting, pledging or creation of any other security
11 interest in any such revenues, moneys and the doing of any act, includ-
12 ing refraining from doing any act, which the authority would have the
13 right to do in the absence of such agreements. The authority shall have
14 power to enter into amendments of any such agreements within the powers
15 granted to the authority by this title and to perform such agreements.
16 The provisions of any such agreements may be made a part of the contract
17 with the holders of bonds of the authority.
18 5. The authority shall have power to contract with holders of any of
19 its bonds as to the custody, collection, securing, investment, and
20 payment of any moneys of the authority, of any moneys held in trust or
21 otherwise for the payment of bonds, and to carry out such contract.
22 Moneys held in trust or otherwise for the payment of bonds or in any way
23 to secure bonds or notes and deposits of such moneys may be secured in
24 the same manner as moneys of the authority, and all banks and trust
25 companies are authorized to give such security for such deposits.
26 6. Whether or not the bonds of the authority are of such form and
27 character as to be negotiable instruments under the terms of the uniform
28 commercial code, the bonds are hereby made negotiable instruments within
29 the meaning of and for all the purposes of the uniform commercial code,
30 subject only to the provisions of the bonds for registration.
31 7. Neither the directors of the authority nor any person executing
32 bonds shall be liable personally thereon or be subject to any personal
33 liability or accountability solely by reason of the issuance thereof.
34 The bonds or other obligations of the authority shall not be a debt of
35 the state, and the state shall not be liable thereon, nor shall they be
36 payable out of any funds other than those of the authority; and such
37 bonds shall contain on the face thereof a statement to such effect.
38 8. The authority, subject to such agreements with bondholders as then
39 may exist, shall have power to purchase bonds of the authority out of
40 any moneys available therefor, which shall thereupon be cancelled.
41 § 3981. Moneys of the authority. 1. Subject to the provisions of this
42 title, the directors of the authority shall receive, accept, invest,
43 administer, expend and disburse for its corporate purposes all money of
44 the authority from whatever sources derived including (a) payments by
45 the commissioner of taxation and finance or the comptroller pursuant to
46 this title; (b) the proceeds of bonds; (c) the revenues described in
47 subdivision six of this section; and (d) any other payments, gifts, or
48 appropriations to the authority from any other source.
49 2. Subject to the provisions of any contract with bondholders,
50 (a) the money of the authority shall be paid to the authority and
51 shall not be commingled with any other money, and
52 (b) all money received by the authority which, together with other
53 money of the authority available for the operating expenses of the
54 authority, the payment of debt service and payments to reserve funds,
55 exceeds the amount required for such purposes shall be transferred to
56 the state.
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1 3. The money in any of the authority's accounts shall be paid out on
2 checks signed by the treasurer, or by other lawful and appropriate means
3 such as wire or electronic transfer, on requisitions of the chairperson
4 of the authority or of such other officer as the directors shall author-
5 ize to make such requisition, or pursuant to a bond resolution or trust
6 indenture.
7 4. All moneys of the authority from whatever source derived may be
8 paid to the treasurer of the authority and be deposited forthwith in a
9 bank or banks in the state designated by such authority. The moneys in
10 such account may be paid by the treasurer or other agent duly designated
11 by the authority on requisition of the chairman of the board of direc-
12 tors of the authority or of such person or persons as the board may
13 authorize to make such requisitions. All deposits of authority money
14 shall be secured by obligations of the United States or of the state at
15 a market value equal at all times to the amount of the deposit, and all
16 banks and trust companies are authorized to give such security for such
17 deposits.
18 5. The authority shall have the power, notwithstanding the provisions
19 of this section, to contract with the holders of any of its bonds as to
20 the custody, collection, securing, investment and payment of any money
21 of the authority or any money held in trust or otherwise for the payment
22 of bonds or in any way to secure bonds, and to carry out any such
23 contract notwithstanding that such contract may be inconsistent with the
24 other provisions of this title. Money held in trust or otherwise for the
25 payment of bonds or in any way to secure bonds and deposits of such
26 money may be secured in the same manner as money of the authority, and
27 all banks and trust companies are authorized to give such security for
28 such deposits.
29 6. (a) Revenues of the authority shall include, but not be limited to:
30 (i) revenues from the ten cent per gallon increase on the tax on motor
31 fuel as provided by section two hundred eighty-four-f of the tax law;
32 (ii) revenues from the additional .5 percent rate of the personal
33 income tax for taxpayers with a taxable income greater than five hundred
34 thousand dollars but less than two million dollars as provided by
35 subparagraph (C) of paragraph one of subsection (a), subparagraph (C) of
36 paragraph one of subsection (b) and subparagraph (C) of paragraph one of
37 subsection (c) of section six hundred one of the tax law; and
38 (iii) annual funding from the city of New York as follows:
39 (A) for the first fiscal year of the city of New York commencing after
40 the effective date of this title, the amount that such city appropriated
41 for the support of the MTA in the base year plus sixty million dollars;
42 (B) for the second fiscal year of the city of New York commencing
43 after the effective date of this title, the amount that such city appro-
44 priated for the support of the MTA in the base year plus one hundred and
45 twenty million dollars;
46 (C) for the third fiscal year of the city of New York commencing after
47 the effective date of this title, the amount that such city appropriated
48 for the support of the MTA in the base year plus one hundred and eighty
49 million dollars;
50 (D) for the fourth fiscal year of the city of New York commencing
51 after the effective date of this title, the amount that such city appro-
52 priated for the support of the MTA in the base year plus two hundred and
53 forty million dollars; and
54 (E) for the fifth fiscal year of the city of New York commencing after
55 the effective date of this title, and for each fiscal year of such city
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1 thereafter, the amount that such city appropriated for the support of
2 the MTA in the base year plus three hundred million dollars.
3 (b) For the purposes of subparagraph (iii) of paragraph (a) of this
4 subdivision, the term "base year" shall mean the fiscal year of the city
5 of New York ending June 30, 2014.
6 7. Revenues received by the authority pursuant to this section shall
7 be applied in the following order of priority: first pursuant to the
8 authority's contracts with bondholders, then to pay the authority's
9 operating expenses not otherwise provided for.
10 § 3982. Use of bond proceeds. The moneys or proceeds received by the
11 authority from the sale of bonds shall be expended as follows:
12 1. Sixty percent (60%) of the proceeds shall be paid to the MTA to be
13 expended for any project capital costs or elements described in the two
14 thousand fifteen through two thousand nineteen capital program plans as
15 submitted to and approved by the MTA capital program review board pursu-
16 ant to title eleven of article five of this chapter; and
17 2. Forty percent (40%) of the proceeds shall be paid to DOT to be
18 expended for all capital projects and elements described in DOT's
19 currently approved transportation capital program pursuant to an annual
20 appropriation enacted in law.
21 § 3983. Agreement with state. The state does hereby pledge to and
22 agree with the holders of any bonds issued by the authority under this
23 act that the state will not limit or alter the rights hereby vested in
24 such authority to fulfill the terms of any agreements made with the said
25 holders thereof, or in any way impair the rights and remedies of such
26 holders until such bonds together with the interest thereon, with inter-
27 est on any unpaid installments of interest, and all costs and expenses
28 in connection with any action or proceeding by or on behalf of such
29 holders, are fully paid and discharged. The authority is authorized to
30 include this pledge and agreement of the state in any agreement with the
31 holders of such bonds.
32 § 3984. Bonds as legal investments. The bonds of the authority are
33 hereby made securities in which all public officers and bodies of this
34 state and all political subdivisions of the state and other persons
35 carrying on an insurance business, all banks, bankers, trust companies,
36 savings banks and savings associations, including savings and loan asso-
37 ciations, building and loan associations, investment companies and other
38 persons carrying on a banking business, all administrators, guardians,
39 executors, trustees and other fiduciaries, and all other persons whatso-
40 ever who are now or may hereafter be authorized to invest in bonds or in
41 other obligations of the state, may properly and legally invest funds,
42 including capital, in their control or belonging to them. Such bonds are
43 also hereby made securities which may be deposited with and may be
44 received by all public officers and bodies of the state and all poli-
45 tical subdivisions of the state and public corporations for any purpose
46 for which the deposit of bonds or other obligations of the state is now
47 or may hereafter be authorized.
48 § 3985. Exemption from taxation. 1. It is hereby determined that the
49 creation of the authority and the carrying out of its corporate purpose
50 is in all respects a public and governmental purpose for the benefit of
51 the people of the state and for the improvement of their health, safety,
52 welfare, comfort and security, and that said purposes are public
53 purposes and that a corporation will be performing an essential govern-
54 mental function in the exercise of the powers conferred upon it by this
55 act.
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1 2. The property of the authority and its income and operations shall
2 be exempt from taxation.
3 3. The bonds of the authority issued pursuant to this act and the
4 income therefrom and all its fees, charges, gifts, grants, revenues,
5 receipts and other moneys received or to be received, pledged to pay, or
6 secure the payment of, such notes or bonds shall at all times be free
7 from taxation, except for estate and gift taxes and taxes on transfers.
8 § 3986. Audits. 1. The accounts of the authority shall be subject to
9 the supervision and audit of the comptroller. The comptroller and his or
10 her legally authorized representative are authorized and empowered from
11 time to time to examine the accounts and books of the authority, includ-
12 ing its receipts, disbursements, contracts, leases, sinking funds,
13 investments and any other records and papers relating to its financial
14 standing.
15 2. The comptroller may require the authority to be the subject of an
16 annual management and financial audit performed by an independent certi-
17 fied accountant selected by the comptroller. Such audited report,
18 together with the audited financial statements of the authority, shall
19 be submitted to the governor, the speaker of the assembly, the temporary
20 president of the senate, and the chair and ranking minority member of
21 the senate finance committee and the chair and ranking minority member
22 of the assembly ways and means committee.
23 § 3987. Remedies of bondholders. Subject to any resolution or resol-
24 utions adopted by the authority:
25 1. In the event that the authority shall default in the payment of
26 principal of or interest on any issue of bonds after the same shall
27 become due, whether at maturity or upon call for redemption, and such
28 default shall continue for a period of thirty days, or in the event that
29 the authority shall fail or refuse to comply with the provisions of this
30 title or shall default in any agreement made with the holders of any
31 issue of bonds, the holders of twenty-five percent in aggregate princi-
32 pal amount of the bonds of such issue then outstanding, by instrument or
33 instruments filed in the office of the clerk of the county in which the
34 principal office of the authority is located and proved and acknowledged
35 in the same manner as a deed to be recorded, may appoint a trustee to
36 represent the holders of such bonds for the purpose provided in this
37 section.
38 2. Such trustee may, and upon written request of the holders of twen-
39 ty-five per centum in principal amount of such bonds outstanding shall,
40 in his or her or its own name:
41 (a) by action or proceeding in accordance with the civil practice law
42 and rules, enforce all rights of the bondholders and require the author-
43 ity to carry out any other agreements with the holders of such bonds and
44 to perform its duties under this title;
45 (b) bring an action or proceeding upon such bonds;
46 (c) by action or proceeding, require the authority to account as if it
47 were the trustee of an express trust for the holders of such bonds;
48 (d) by action or proceeding, enjoin any acts or things which may be
49 unlawful or in violation of the rights of the holders of such bonds; and
50 (e) declare all such bonds due and payable, and if all defaults shall
51 be made good, then with the consent of the holders of twenty-five per
52 centum of the principal amount of such bonds then outstanding, annul
53 such declaration and its consequences.
54 3. Such trustee shall, in addition to the provisions of subdivisions
55 one and two of this section, have and possess all of the powers neces-
56 sary or appropriate for the exercise of any functions specifically set
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1 forth in this section or incident to the general representation of bond-
2 holders in the enforcement and protection of their rights.
3 4. The supreme court shall have jurisdiction of any action or proceed-
4 ing by the trustee on behalf of such bondholders. The venue of any such
5 action or proceeding shall be laid in the county of Albany.
6 § 3988. Assistance by state officers, departments, boards and commis-
7 sions. 1. All other state departments, agencies and public authorities
8 may render such services to the authority within their respective func-
9 tions as may be requested by such authority.
10 2. Upon request of the authority, any state department or agency is
11 hereby authorized and empowered to transfer to the authority such offi-
12 cers and employees as it may deem necessary from time to time to assist
13 such corporation in carrying out its functions and duties under this
14 act. Officers and employees so transferred shall not lose or forfeit
15 their civil service status or rights.
16 § 3989. Applicability. Notwithstanding any provision of law contained
17 in this chapter to the contrary, the authority shall be subject to, and
18 be required to comply with, the following provisions set forth in arti-
19 cle nine of this chapter only: subparagraphs one, two, three, four and
20 five-a of paragraph a of subdivision one of section twenty-eight hundred
21 of this chapter; paragraphs (b) and (c) of subdivision one of section
22 twenty-eight hundred of this chapter; subdivision three of section twen-
23 ty-eight hundred of this chapter; subdivisions one and three of section
24 twenty-eight hundred one of this chapter; subdivision one of section
25 twenty-eight hundred two of this chapter; section twenty-eight hundred
26 three of this chapter; section twenty-eight hundred five of this chap-
27 ter; paragraphs (a), (b), (d), (g) and (h) of subdivision one and subdi-
28 vision two of section twenty-eight hundred twenty-four of this chapter;
29 and sections twenty-eight hundred fifty-six, twenty-eight hundred seven-
30 ty-nine-a, twenty-eight hundred ninety and twenty-nine hundred twenty-
31 five of this chapter.
32 § 2. The tax law is amended by adding a new section 284-f to read as
33 follows:
34 § 284-f. Infrastructure motor fuel tax. In addition to the tax imposed
35 by section two hundred eighty-four of this article, a like tax shall be
36 imposed at the rate of ten cents per gallon upon motor fuel imported,
37 manufactured or sold within this state by a distributor. The fee imposed
38 by this section shall be administered and collected by the commissioner
39 in the same manner as the tax imposed by section two hundred eighty-four
40 of this article. All the provisions of this article applicable to the
41 tax imposed by section two hundred eighty-four of this article shall
42 apply with respect to the fee imposed by this section to the same extent
43 as if it were imposed by such section two hundred eighty-four. The
44 commissioner may make such provisions as the commissioner deems neces-
45 sary for the joint administration of the fee imposed by this section.
46 § 3. Paragraph 1 of subsection (a) of section 601 of the tax law is
47 amended by adding a new subparagraph (C) to read as follows:
48 (C) For taxable years beginning after two thousand fifteen, an addi-
49 tional tax at a rate of .5% over the 6.85% rate established by subpara-
50 graph (B) of this paragraph for taxpayers whose New York taxable income
51 is greater than $500,000 that shall apply to New York taxable income of
52 $500,000 or more but less than $2,000,000.
53 § 4. Paragraph 1 of subsection (b) of section 601 of the tax law is
54 amended by adding a new subparagraph (C) to read as follows:
55 (C) For taxable years beginning after two thousand fifteen, an addi-
56 tional tax at a rate of .5% over the 6.85% rate established by subpara-
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1 graph (B) of this paragraph for taxpayers whose New York taxable income
2 is greater than $500,000 that shall apply to New York taxable income of
3 $500,000 or more but less than $2,000,000.
4 § 5. Paragraph 1 of subsection (c) of section 601 of the tax law is
5 amended by adding a new subparagraph (C) to read as follows:
6 (C) For taxable years beginning after two thousand fifteen, an addi-
7 tional tax at a rate of .5% over the 6.85% rate established by subpara-
8 graph (B) of this paragraph for taxpayers whose New York taxable income
9 is greater than $500,000 that shall apply to New York taxable income of
10 $500,000 or more but less than $2,000,000.
11 § 6. Notwithstanding any provisions of this act to the contrary, until
12 such time as the New York state transportation infrastructure financing
13 authority has issued bonds pursuant to section 3980 of the public
14 authorities law and received the proceeds from the sale or issuance of
15 such bonds, such authority shall distribute the revenue received pursu-
16 ant to subdivision 6 of section 3981 of such law in accordance with the
17 provisions of section 3982 of such law.
18 § 7. This act shall take effect immediately.
