Bill Text: NY S03440 | 2021-2022 | General Assembly | Introduced

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Bill Title: Relates to the bond issuance charge as applied to the New York city housing development corporation.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO CONSUMER PROTECTION [S03440 Detail]

Download: New_York-2021-S03440-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          3440

                               2021-2022 Regular Sessions

                    IN SENATE

                                    January 29, 2021
                                       ___________

        Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Consumer Protection

        AN ACT to amend the public authorities law,  in  relation  to  the  bond
          issuance charge

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 1 of section 2976  of  the  public  authorities
     2  law,  as  amended  by  section  1 of part C of chapter 19 of the laws of
     3  2010, is amended to read as follows:
     4    1. Notwithstanding any other  law  to  the  contrary,  public  benefit
     5  corporations  (which  for  purposes of this section shall include indus-
     6  trial development agencies created pursuant  to  title  one  of  article
     7  eighteen-A  of  the  general municipal law or any other provision of law
     8  and the New York city housing development corporation  created  pursuant
     9  to article twelve of the private housing finance law) which issue bonds,
    10  notes or other obligations shall pay to the state a bond issuance charge
    11  upon  the  issuance  of  such  bonds in an amount determined pursuant to
    12  subdivision two of this section. Such charge shall be paid to the  state
    13  department  of  taxation and finance, upon forms prescribed therefor, no
    14  later than fifteen days from the end of  the  month  within  which  such
    15  bonds are issued.  With respect to the New York city housing development
    16  corporation  such  bond  issuance charge shall be calculated solely with
    17  respect to bonds, notes or other obligations issued that require  a  new
    18  allocation  from  the  current year unified state bond volume ceiling of
    19  new private activity bond authority or a carry-forward of private activ-
    20  ity bond authority.
    21    § 2. This act shall take effect on the one hundred twentieth day after
    22  it shall have become a law. Effective immediately, the addition,  amend-
    23  ment and/or repeal of any rule or regulation necessary for the implemen-
    24  tation of this act on its effective date are authorized to be made on or
    25  before such effective date.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07992-01-1