A7083-2011 Actions

• Jan 4, 2012: referred to ways and means
• Apr 12, 2011: referred to ways and means

A7083-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         7083
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 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:

 

Section 1. Subdivisions 3 and 4 of section 92  of  the  state  finance
 law,  as separately amended by chapters 405 and 957 of the laws of 1981,
 are amended to read as follows:

 3. At the close of each fiscal year any cash surplus remaining in  the
 general  fund  over  and  above  the  norm for such fiscal year shall be
 transferred from or retained in such fund as hereinafter in this  subdi
 vision  provided.    There shall be transferred to the tax stabilization
 reserve fund all of such surplus moneys, up to and including  an  amount
 equivalent  to  [two-tenths] FOUR-TENTHS of one per centum of such norm,
 unless such transfer would increase such reserve fund to  an  amount  in
 excess  of  [two]  FOUR  per  centum  of the amount of the norm for such
 fiscal year, in which event such  transfer  shall  be  limited  to  such
 amount  as will increase such reserve fund to such [two] FOUR per centum
 limitation.  Any balance of such surplus moneys, thereafter remaining in
 the general fund, shall be retained in such fund and  be  available  for
 the reduction of state taxes.
 4.  In  the  event  that  at the close of any fiscal year the receipts
 derived from the taxes, fees and other  sources,  required  to  be  paid
 during  such  fiscal  year into the general fund of the state shall fall
 below the norm for such fiscal year, there shall be transferred from the
 tax stabilization reserve fund to the general fund to  the  extent  that
 there  are  sufficient  moneys in the tax stabilization reserve fund, an
 amount equal to the difference between the norm and the amount  of  such
 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
 an  amount  less  than [two] FOUR per centum of the norm for such fiscal
 year, the amount so transferred shall be repaid in  cash  prior  to  the
 computation and payment of any transfer to the fund pursuant to subdivi
 sion  three of this section in not less than three equal annual install
 ments within the period of six years or less next succeeding the date of
 such transfer; provided, however, that if any  such  annual  installment
 shall  increase  such  reserve fund to an amount in excess of [two] FOUR
 per centum of the amount of the norm for the then current  fiscal  year,
 such  installment  shall be limited to such amount as will increase such
 reserve fund to such [two] FOUR per centum  limitation  and  no  further
 repayment of the whole or any part of such transfer shall be required in
 any  subsequent fiscal year. Repayments to the tax stabilization reserve
 fund shall be stipulated in annual budget bills.
 

S 2. This act shall take effect 3 years after it shall have  become  a
 law.

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