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A06533 Text:

                STATE OF NEW YORK
                               2023-2024 Regular Sessions
                   IN ASSEMBLY
                                     April 13, 2023
        Introduced  by M. of A. SMITH -- read once and referred to the Committee
          on Ways and Means
        AN ACT to amend the state finance law, in relation to  establishing  the
          city of New York education fund
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The state finance law is amended by adding  a  new  section
     2  99-qq to read as follows:
     3    §  99-qq.  City  of New York education fund. 1. There is hereby estab-
     4  lished in the joint custody of the mayor of the city of New York and the
     5  commissioner of taxation and finance a special fund to be known  as  the
     6  "city of New York education fund".
     7    2.  The  city  of  New  York  education  fund  shall consist of moneys
     8  collected from the additional imposition of one percent of real property
     9  taxes on all classes within a city with a population of one  million  or
    10  more.
    11    3. Funding within the city of New York education fund shall be used in
    12  conjunction  with  moneys  provided through the city's budget to support
    13  education programs.
    14    4. Moneys in the fund shall be kept separately from and shall  not  be
    15  commingled with any other moneys in the custody of the city.
    16    § 2. This act shall take effect the first of April next succeeding the
    17  date upon which it shall have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
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