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NY S07422
Bill
Status
Passed
7/15/2010
Primary Sponsor
Pedro Espada
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AI Summary
- Establishes the Private Activity Bond Allocation Act of 2010 to create an alternative formula for allocating New York's statewide bond volume ceiling under federal tax law for tax-exempt bonds issued by state and local agencies
- Divides the statewide ceiling into three equal parts: one-third for local agencies (apportioned by population), one-third for state agencies, and one-third for a statewide bond reserve administered by the Director of Budget
- Requires local agencies and other issuers to apply to the Commissioner of Economic Development for allocations from the bond reserve, demonstrating need and expected use within the calendar year
- Creates a New York State Bond Allocation Policy Advisory Panel consisting of five members appointed by the Governor, Senate President, Assembly Speaker, and both legislative minority leaders to provide policy advice on distribution priorities
- Most provisions expire January 1, 2011, except Section 11 regarding multi-year housing development project allocations which remains in effect, and provisions related to annual reporting and carryforward elections which expire on later dates in 2011
Legislative Description
Relates to redistributing 2009 bond volume allocations, allocating the unified state bond volume ceiling, and enacting the private activity bond act of 2010.
Last Action
SIGNED CHAP.214
7/15/2010
Committee Referrals
Ways and Means6/7/2010
Finance5/10/2010
Housing, Construction, and Community Development4/8/2010
Full Bill Text
No bill text available