Bill Text: NY A07083 | 2011-2012 | General Assembly | Introduced


Bill Title: Increases the maximum percentage allowed to be deposited from surplus revenues into the state tax stabilization reserve fund to 4 percent.

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced - Dead) 2012-01-04 - referred to ways and means [A07083 Detail]

Download: New_York-2011-A07083-Introduced.html
                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7083
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                    April 12, 2011
                                      ___________
       Introduced  by  M.  of  A.  J. MILLER  -- Multi-Sponsored by -- M. of A.
         CALHOUN, HAWLEY, OAKS -- read once and referred to  the  Committee  on
         Ways and Means
       AN ACT to amend the state finance law, in relation to the tax stabiliza-
         tion reserve fund
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivisions 3 and 4 of section 92  of  the  state  finance
    2  law,  as separately amended by chapters 405 and 957 of the laws of 1981,
    3  are amended to read as follows:
    4    3. At the close of each fiscal year any cash surplus remaining in  the
    5  general  fund  over  and  above  the  norm for such fiscal year shall be
    6  transferred from or retained in such fund as hereinafter in this  subdi-
    7  vision  provided.    There shall be transferred to the tax stabilization
    8  reserve fund all of such surplus moneys, up to and including  an  amount
    9  equivalent  to  [two-tenths] FOUR-TENTHS of one per centum of such norm,
   10  unless such transfer would increase such reserve fund to  an  amount  in
   11  excess  of  [two]  FOUR  per  centum  of the amount of the norm for such
   12  fiscal year, in which event such  transfer  shall  be  limited  to  such
   13  amount  as will increase such reserve fund to such [two] FOUR per centum
   14  limitation.  Any balance of such surplus moneys, thereafter remaining in
   15  the general fund, shall be retained in such fund and  be  available  for
   16  the reduction of state taxes.
   17    4.  In  the  event  that  at the close of any fiscal year the receipts
   18  derived from the taxes, fees and other  sources,  required  to  be  paid
   19  during  such  fiscal  year into the general fund of the state shall fall
   20  below the norm for such fiscal year, there shall be transferred from the
   21  tax stabilization reserve fund to the general fund to  the  extent  that
   22  there  are  sufficient  moneys in the tax stabilization reserve fund, an
   23  amount equal to the difference between the norm and the amount  of  such
   24  receipts. If such transfer reduces the tax stabilization reserve fund to
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08221-01-1
       A. 7083                             2
    1  an  amount  less  than [two] FOUR per centum of the norm for such fiscal
    2  year, the amount so transferred shall be repaid in  cash  prior  to  the
    3  computation and payment of any transfer to the fund pursuant to subdivi-
    4  sion  three of this section in not less than three equal annual install-
    5  ments within the period of six years or less next succeeding the date of
    6  such transfer; provided, however, that if any  such  annual  installment
    7  shall  increase  such  reserve fund to an amount in excess of [two] FOUR
    8  per centum of the amount of the norm for the then current  fiscal  year,
    9  such  installment  shall be limited to such amount as will increase such
   10  reserve fund to such [two] FOUR per centum  limitation  and  no  further
   11  repayment of the whole or any part of such transfer shall be required in
   12  any  subsequent fiscal year. Repayments to the tax stabilization reserve
   13  fund shall be stipulated in annual budget bills.
   14    S 2. This act shall take effect 3 years after it shall have  become  a
   15  law.
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