NY S06901

Establishes the Private Activity Bond Allocation Act of 2012 to create an alternative formula for allocating New York's federal bond volume ceiling among state agencies, local agencies, and other issuers for tax-exempt private activity bonds.

Divides the statewide bond volume ceiling into three equal portions: one-third for local agencies (apportioned by population), one-third for state agencies, and one-third as a statewide bond reserve administered by the director of the budget.

Requires applications for bond allocations to demonstrate federal tax code compliance, insufficient remaining allocations, and reasonable expectations of timely use; grants the commissioner discretion to ensure equitable distribution with input from relevant state officials.

Authorizes future allocations for multi-year housing development projects with at least 20 percent low-income units; implements recapture of unused allocations after October 15 each year and carryforward elections subject to prior approval.

Creates a five-member bond allocation policy advisory panel (with appointees from governor, senate president, assembly speaker, and minority leaders) to provide policy guidance on allocation priorities and receive notification of major allocation decisions; most provisions expire January 1, 2014.