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NY S03549

Bill

Official Source

Status

Introduced

2/25/2011

Primary Sponsor

Andrew Lanza

Click for details

Origin

Senate

2011-2012 General Assembly

AI Summary

  • Amends subdivision 3 of section 92 of the state finance law regarding cash surplus handling at the close of each fiscal year
  • Requires that surplus moneys exceeding the norm be transferred to the tax stabilization reserve fund up to two-tenths of one percent, with a cap of two percent of the fiscal year norm
  • Mandates that any remaining balance of surplus moneys be retained in the general fund and made available for reduction of state taxes
  • Prohibits any increase, extension, imposition, or revival of state taxes, fees, assessments, surcharges, or levies in the following fiscal year if a balance of surplus moneys exists in the general fund
  • Takes effect immediately upon enactment

Legislative Description

Provides that state taxes, fees, assessments and surcharges shall not be raised, extended, imposed or revived if there is surplus money in the general fund.

Last Action

COMMITTED TO RULES

6/21/2012

Committee Referrals

Rules6/21/2012
Finance1/4/2012
Rules6/24/2011
Finance2/25/2011

Full Bill Text

No bill text available