Assembly Bill A4854

2017-2018 Legislative Session

Increases the amount in the tax stabilization reserve fund to 5% of state fiscal year disbursements

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • 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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2017-A4854 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
State Finance Law
Laws Affected:
Amd §92, St Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: A5166
2011-2012: A3777
2013-2014: A6021
2015-2016: A5294
2019-2020: A5696
2021-2022: A8314
2023-2024: A2432

2017-A4854 (ACTIVE) - Summary

Increases the amount in the tax stabilization reserve fund to 5% of state fiscal year disbursements.

2017-A4854 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4854
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 3, 2017
                                ___________
 
 Introduced by M. of A. GIGLIO -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT  to  amend  the state finance law, in relation to increasing the
   amount of money that  may  be  maintained  in  the  tax  stabilization
   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  of  one per centum of such norm, unless such
 transfer would increase such reserve fund to  an  amount  in  excess  of
 [two] FIVE 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] FIVE 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.
              

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