S04156 Summary:

Amd 171-a, Tax L; add 54-n, St Fin L
Directs any moneys derived from new or increased taxes be used to reduce local real property taxes.
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S04156 Actions:

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S04156 Committee Votes:

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S04156 Floor Votes:

There are no votes for this bill in this legislative session.
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S04156 Text:

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                    IN SENATE
                                      March 1, 2019
        Introduced  by  Sen.  FUNKE  -- 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
          disposition  of  revenue  from  new  taxes and tax increases to reduce
          local real property tax levies

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  171-a  of  the tax law, as separately amended by
     2  chapters 481 and 484 of the laws of 1981, is amended  by  adding  a  new
     3  subdivision 3 to read as follows:
     4    3.  Any  amounts received from taxes, interest and penalties collected
     5  or received by the commissioner or the  commissioner's  duly  authorized
     6  agent  as  set  forth and prescribed by subdivision one of this section,
     7  which are attributable to an increase in the rate of such taxes over any
     8  rates which were in effect on the effective date of this subdivision, or
     9  the imposition of new taxes which were not imposed prior to such  effec-
    10  tive  date, shall be deposited to the tax reduction utilization security
    11  target fund established by section fifty-four-n  of  the  state  finance
    12  law. The tax commissioner and the comptroller shall maintain a system of
    13  accounts  showing  the amount of revenue collected or received from each
    14  of the taxes imposed by the sections enumerated in  subdivision  one  of
    15  this  section which represent such increased amounts or which were first
    16  imposed after the effective date of this subdivision.
    17    § 2. The state finance law is amended by adding a new section 54-n  to
    18  read as follows:
    19    §  54-n. Tax reduction utilization security target fund.  1. Beginning
    20  April first, two thousand twenty, and annually  thereafter,  each  city,
    21  village  and  town  outside  a village shall receive an appropriation of
    22  state funds from amounts resulting from the increase  or  imposition  of
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        S. 4156                             2
     1  additional  taxes  as  determined  by  subdivision  three of section one
     2  hundred seventy-one-a of the tax law.
     3    2.  The  amount  appropriated to each municipality shall be the entire
     4  amount under subdivision three of section one hundred  seventy-one-a  of
     5  the  tax  law  multiplied  by the proportion which the full value of the
     6  city, village or town outside a village bears to the full value  of  the
     7  state  taken  as  a whole. "Full value" means for each city, village and
     8  town outside a village an amount equal to  the  total  taxable  assessed
     9  value  of  property  on  the  most recently completed assessment roll as
    10  filed with the state comptroller divided by the final state equalization
    11  rate established for such roll  by  the  commissioner  of  taxation  and
    12  finance.
    13    3.  Payments  made  to  cities,  villages  and  towns pursuant to this
    14  section shall be used to reduce each municipality's  real  property  tax
    15  levy.    After  the  initial  determination  of the annual tax levy, the
    16  assessor shall deduct the amount paid  to  the  municipality  and  shall
    17  adjust  the  tax levy before filing the warrant pursuant to section nine
    18  hundred four of the real property tax law.
    19    4. Payments made pursuant to this section shall be made on  or  before
    20  June  thirtieth of each state fiscal year to the chief fiscal officer of
    21  each city, village and town on audit and  warrant  of  the  state  comp-
    22  troller  out  of moneys appropriated by the legislature for such purpose
    23  to the credit of the local assistance fund in the general  fund  of  the
    24  state treasury.
    25    §  3. This act shall take effect on the first of January next succeed-
    26  ing the date on which it shall have become a law.
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