A05907 Summary:

COSPNSRFinch, Lawrence, Blankenbush, Giglio, Hawley, Manktelow, Morinello, Brabenec, Tague
Amd 92, St Fin L
Increases the maximum percentage allowed to be deposited from surplus revenues into the state tax stabilization reserve fund to 4 percent.
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A05907 Actions:

02/20/2019referred to ways and means
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A05907 Committee Votes:

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A05907 Floor Votes:

There are no votes for this bill in this legislative session.
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A05907 Text:

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 20, 2019
        Introduced  by  M.  of A. BARCLAY, FINCH, LAWRENCE, BLANKENBUSH, GIGLIO,
          HAWLEY, MANKTELOW, MORINELLO, BRABENEC, TAGUE -- Multi-Sponsored by --
          M. of A.  SALKA -- read once and referred to the Committee on Ways and
        AN ACT to amend the state finance law, in relation to the tax stabiliza-
          tion 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] four-tenths of one per centum of  such  norm,
    10  unless  such  transfer  would increase such reserve fund to an amount in
    11  excess of [two] four per centum of the  amount  of  the  norm  for  such
    12  fiscal  year,  in  which  event  such  transfer shall be limited to such
    13  amount as will increase such reserve fund to such [two] four per  centum
    14  limitation.  Any balance of such surplus moneys, thereafter remaining in
    15  the  general  fund,  shall be retained in such fund and be available for
    16  the reduction 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.

        A. 5907                             2
     1  receipts. If such transfer reduces the tax stabilization reserve fund to
     2  an amount less than [two] four 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] four
     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] four 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 3 years after it shall have  become  a
    16  law.
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