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NY A03777

Bill

Official Source

Status

Introduced

1/27/2011

Primary Sponsor

Joseph Giglio

Click for details

Origin

Assembly

2011-2012 General Assembly

AI Summary

  • Increases the maximum amount that may be maintained in the tax stabilization reserve fund from 2 percent to 5 percent of the state fiscal year norm
  • Allows surplus cash in the general fund to be transferred to the tax stabilization reserve fund up to the new 5 percent cap instead of the previous 2 percent limitation
  • Modifies repayment requirements when the reserve fund falls below 2 percent due to transfers to the general fund, capping repayments at the new 5 percent limitation
  • Takes effect immediately upon enactment

Legislative Description

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

Last Action

held for consideration in ways and means

6/19/2012

Committee Referrals

Ways and Means1/27/2011

Full Bill Text

No bill text available