New York State Assembly

 
•  Summary 
 
•  Actions 
 
•  Committee Votes 
 
•  Floor Votes 
 
•  Memo 
 
•  Text 
 
•  LFIN 
 
•  Chamber Video/Transcript 

A10487 Summary:

A10487 Actions:

A10487 Committee Votes:

Committee:WAYS AND MEANS   Chair:Weinstein      
DATE:05/31/2022AYE/NAY:34/0  Action: Favorable refer to committee Rules        
Weinstein
Aye
Ra
Aye
Glick
Aye
Fitzpatrick
Aye
Nolan
Aye
Hawley
Aye
Pretlow
Aye
Montesano
Aye
Colton
Aye
Blankenbush
Aye
Cook
Aye
Norris
Aye
Cahill
Aye
Brabenec
Aye
Aubry
Aye
Palmesano
Aye
Cusick
Excused
Byrne
Aye
Benedetto
Aye
Ashby
Aye
Weprin
Aye
Ramos
Aye
Braunstein
Aye
McDonald
Aye
Rozic
Aye
Dinowitz
Aye
Joyner
Aye
Magnarelli
Aye
Zebrowski
Aye
Bronson
Aye
Dilan
Aye
Seawright
Aye
Hyndman
Aye
Walker
Aye
Bichotte Hermel
Aye

Committee:RULES   Chair:Gottfried      
DATE:06/03/2022AYE/NAY:28/0  Action: Favorable         
Heastie
Excused
Barclay
Aye
Gottfried
Aye
Hawley
Aye
Nolan
Excused
Giglio
Aye
Weinstein
Aye
Blankenbush
Aye
Pretlow
Aye
Norris
Aye
Cook
Aye
Montesano
Aye
Glick
Aye
Ra
Aye
Aubry
Aye
Brabenec
Aye
Englebright
Aye
Dinowitz
Aye
Colton
Excused
Magnarelli
Aye
Paulin
Aye
Peoples-Stokes
Aye
Benedetto
Aye
Lavine
Aye
Lupardo
Aye
Zebrowski
Aye
Thiele
Aye
Braunstein
Aye
Dickens
Aye
Davila
Aye
Hyndman
Aye

A10487 Floor Votes:

A10487 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          10487
 
                   IN ASSEMBLY
 
                                      May 27, 2022
                                       ___________
 
        Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Weinstein)
          -- read once and referred to the Committee on Ways and Means
 
        AN ACT to amend the tax law, in relation to application  of  a  lien  or
          pledge for the benefit of certain bondholders to amounts withheld from
          certain taxes, penalties and interest imposed by the city of New York

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1.  Subparagraph (ii) of paragraph 5  of  subdivision  (c)  of
     2  section 1261 of the tax law, as amended by section 2 of part RR of chap-
     3  ter 57 of the laws of 2022, is amended to read as follows:
     4    (ii)  After  withholding  the taxes, penalties and interest imposed by
     5  the city of New York on and after August first, two  thousand  eight  as
     6  provided  in subparagraph (i) of this paragraph, and subject to any lien
     7  or pledge for the benefit of bondholders of the New  York  city  transi-
     8  tional  finance  authority,  the comptroller shall withhold a portion of
     9  such taxes, penalties and interest sufficient to deposit  annually  into
    10  the central business district tolling capital lockbox established pursu-
    11  ant to section five hundred fifty-three-j of the public authorities law:
    12  (A)  in  state  fiscal year two thousand nineteen - two thousand twenty,
    13  one hundred twenty-seven million five hundred thousand dollars;  (B)  in
    14  state  fiscal  year  two  thousand twenty - two thousand twenty-one, one
    15  hundred seventy million dollars; (C) in state fiscal year  two  thousand
    16  twenty-one  -  two thousand twenty-two and every succeeding state fiscal
    17  year, an amount equal to one hundred one percent of the amount deposited
    18  in the immediately preceding state  fiscal  year.  The  funds  shall  be
    19  deposited  monthly  in  equal installments.   During the period that the
    20  comptroller is required to withhold amounts and make payments  described
    21  in  this paragraph, the city of New York has no right, title or interest
    22  in or to those taxes, penalties and interest required to  be  paid  into
    23  the  above referenced central business district tolling capital lockbox.
    24  In addition, subject to any lien or pledge for the benefit of  bondhold-
    25  ers of the New York city transitional finance authority, the comptroller
    26  shall  withhold  a  portion of such taxes, penalties and interest in the
    27  amount of one hundred fifty million dollars,  to  be  withheld  in  four
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15514-01-2
        A. 10487                            2
 
     1  quarterly  installments  on  January  fifteenth,  April  fifteenth, July
     2  fifteenth and October fifteenth of each year,  and  shall  deposit  such
     3  amounts  into  the New York State Agency Trust Fund, Distressed Provider
     4  Assistance Account.
     5    §  2. This act shall take effect immediately; provided that the amend-
     6  ments to subparagraph (ii) of paragraph 5 of subdivision (c) of  section
     7  1261 of the tax law made by section one of this act shall not affect the
     8  expiration of such subparagraph and shall be deemed to expire therewith.