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NY S06469

Bill

Official Source

Status

Vetoed

12/17/2012

Primary Sponsor

John DeFrancisco

Click for details

Origin

Senate

2011-2012 General Assembly

AI Summary

  • Amends State Finance Law Section 179-v to require payment of interest to not-for-profit organizations within thirty days of when contract payments are made
  • Interest shall be paid at the rate set by the Commissioner of Taxation and Finance for corporate taxes under Tax Law Section 1096(e)(1)
  • Allows not-for-profit organizations to request reimbursement at a different interest rate if they provide documentation of actual borrowing costs, lender information, and other requested details
  • Grants the State Comptroller authority to disallow interest portions deemed unreasonable
  • Takes effect immediately upon enactment

Legislative Description

Establishes that not-for-profit organizations shall be entitled to all prompt contracting interest due from a state agency at the time of the first payment made to any such organization.

Last Action

VETOED MEMO.188

12/17/2012

Committee Referrals

Ways and Means5/2/2012
Finance2/13/2012

Full Bill Text

No bill text available