NY S06823

Imposes an annual income sanction equal to pension benefits received by members of New York public retirement systems convicted of grand larceny in the first or second degree or scheme to defraud in the first degree, where the conviction relates to their public service duties.

Creates the Education Taxpayer Abuse Penalty Fund to receive sanctions from convicted teachers' retirement system members, with revenues distributed to school districts where the convicted person was employed at the time of the offense.

Creates the Taxpayer Abuse Penalty Fund to receive sanctions from convicted members of other public retirement systems, with revenues distributed to municipalities where the convicted person was employed or to the state if employed by the state.

Requires both funds to distribute moneys at least once annually, with amounts equal to the dollar value of each sanction imposed on the convicted person.

Applies to taxable years beginning on or after January 1, 2010.