NY A10808

Repeals previous provisions requiring school districts to implement new teacher and principal performance review standards by January 17, 2013 to be eligible for increased school aid apportionments for the 2012-13 school year.

Increases the corporate alternative minimum tax rate from 1.5% to 3.5% of the taxpayer's minimum taxable income base for taxable years beginning on or after January 1, 2012, with an exception maintaining a 0.75% rate for eligible qualified New York manufacturers through December 31, 2014.

Establishes the Annual Professional Performance Review Fund in the State Comptroller's custody to hold revenues generated by the 2% tax rate increase on corporations.

Directs fund monies to be paid to the state treasury to reimburse the federal government if the U.S. Department of Education determines the law violates the state's Race to the Top grant application, or paid to the general treasury if no violation is found.