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S06469 Summary:

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S06469 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6469
 
                    IN SENATE
 
                                    February 13, 2012
                                       ___________
 
        Introduced  by Sen. DeFRANCISCO -- (at request of the State Comptroller)
          -- 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
 
          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 at a rate other than  the
    14  interest  rate  stated  in  this section the not-for-profit organization
    15  shall submit documentation indicating the rate at which such funds  were
    16  borrowed,  the  lender of such funds and any other information requested
    17  by the state agency, attorney general  or  the  comptroller.  The  comp-
    18  troller  may disallow such portions of the interest that the comptroller
    19  deems unreasonable.
    20    § 2. This act shall take effect immediately.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11124-03-1