Assembly Bill A6306

Signed By Governor
2011-2012 Legislative Session

Relates to redistributing 2011 bond volume allocations

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Archive: Last Bill Status Via S4031 - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A6306 (ACTIVE) - Details

See Senate Version of this Bill:
S4031
Law Section:
Bonds and Notes

2011-A6306 (ACTIVE) - Summary

Relates to redistributing 2010 bond volume allocations, allocating the unified state bond volume ceiling, and enacting the private activity bond act of 2011.

2011-A6306 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6306

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                             March 14, 2011
                               ___________

Introduced  by  M.  of  A.  MAGNARELLI -- (at request of the Division of
  Housing & Community Renewal) -- read once and referred to the  Commit-
  tee on Local Governments

AN  ACT  relating  to  redistributing  2010 bond volume allocations made
  pursuant to section 146 of the federal tax  reform  act  of  1986,  in
  relation  to  allocation of the unified state bond volume ceiling, and
  in relation to enacting the private activity bond  allocation  act  of
  2011; and providing for the expiration of certain provisions thereof

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Short title. This act shall be known and may  be  cited  as
the "private activity bond allocation act of 2011".
  S  2.  Legislative  findings  and  declaration. The legislature hereby
finds and declares that the federal tax reform act of 1986 established a
statewide bond volume ceiling on the  issuance  of  certain  tax  exempt
private  activity  bonds  and  notes  and,  under certain circumstances,
governmental use bonds and notes issued by  the  state  and  its  public
authorities,  local governments, agencies which issue on behalf of local
governments, and certain other  issuers.  The  federal  tax  reform  act
establishes  a  formula  for  the  allocation of the bond volume ceiling
which was subject to temporary modification by  gubernatorial  executive
order  until December 31, 1987. That act also permits state legislatures
to establish, by statute, an  alternative  formula  for  allocating  the
volume ceiling. Bonds and notes subject to the volume ceiling require an
allocation  from  the  state's annual volume ceiling in order to qualify
for federal tax exemption.
  It is hereby declared to be the policy of the state  to  maximize  the
public  benefit  through  the issuance of private activity bonds for the
purposes of, among other things, allocating a fair  share  of  the  bond
volume  ceiling upon initial allocation and from a bond reserve to local
agencies and for needs identified by local governments; providing  hous-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09664-01-1
              

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