NY A05687

Allocates 25 percent of any state fiscal year budget surplus to the School Tax Relief Fund, with surplus defined as total state revenues exceeding state spending and excluding bond proceeds, federal grants, and tax refunds.

Establishes the Elderly Pharmaceutical Deductible Relief Fund under joint custody of the State Comptroller and Commissioner of Taxation and Finance to reduce or eliminate deductible expenses for elderly participants in pharmaceutical insurance coverage programs under Elder Law Section 248.

Allocates 25 percent of any state fiscal year budget surplus to the Elderly Pharmaceutical Deductible Relief Fund under the same surplus definition and conditions as the School Tax Relief Fund allocation.

Requires all fund payments to be made on audit and warrant of the Comptroller.

Takes effect immediately upon enactment.