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A04666 Summary:

COSPNSRBrabenec, DeStefano, Hawley, Durso, Salka, Byrne, Palmesano, McDonough, Lawler, Mikulin, Angelino, Byrnes, Tague
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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A04666 Text:

                STATE OF NEW YORK
                               2021-2022 Regular Sessions
                   IN ASSEMBLY
                                    February 4, 2021
        Introduced by M. of A. JENSEN -- read once and referred to the Committee
          on Ways and Means
        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-two,  and annually thereafter, each
    21  city, village and town outside a village shall receive an  appropriation
    22  of state funds from amounts resulting from the increase or imposition of
    23  additional  taxes  as  determined  by  subdivision  three of section one
    24  hundred seventy-one-a of the tax law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 4666                             2
     1    2. The amount appropriated to each municipality shall  be  the  entire
     2  amount  under  subdivision three of section one hundred seventy-one-a of
     3  the tax law multiplied by the proportion which the  full  value  of  the
     4  city,  village  or town outside a village bears to the full value of the
     5  state  taken  as  a whole. "Full value" means for each city, village and
     6  town outside a village an amount equal to  the  total  taxable  assessed
     7  value  of  property  on  the  most recently completed assessment roll as
     8  filed with the state comptroller divided by the final state equalization
     9  rate established for such roll  by  the  commissioner  of  taxation  and
    10  finance.
    11    3.  Payments  made  to  cities,  villages  and  towns pursuant to this
    12  section shall be used to reduce each municipality's  real  property  tax
    13  levy.    After  the  initial  determination  of the annual tax levy, the
    14  assessor shall deduct the amount paid  to  the  municipality  and  shall
    15  adjust  the  tax levy before filing the warrant pursuant to section nine
    16  hundred four of the real property tax law.
    17    4. Payments made pursuant to this section shall be made on  or  before
    18  June  thirtieth of each state fiscal year to the chief fiscal officer of
    19  each city, village and town on audit and  warrant  of  the  state  comp-
    20  troller  out  of moneys appropriated by the legislature for such purpose
    21  to the credit of the local assistance fund in the general  fund  of  the
    22  state treasury.
    23    §  3. This act shall take effect on the first of January next succeed-
    24  ing the date on which it shall have become a law.
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