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NY A03994

Bill

Official Source

Status

Introduced

1/30/2013

Primary Sponsor

Robert Oaks

Click for details

Origin

Assembly

2013-2014 General Assembly

AI Summary

  • Increases the maximum annual transfer to the tax stabilization reserve fund from 0.2% to 0.4% of the general fund norm
  • Raises the overall cap on the tax stabilization reserve fund from 2% to 4% of the general fund norm
  • Requires repayment of any reserves drawn below the 4% threshold in no less than three equal annual installments within six years
  • Applies the same 4% limitation to repayment installments, preventing the fund from exceeding that cap
  • Takes effect 3 years after enactment

Legislative Description

Increases the maximum percentage allowed to be deposited from surplus revenues into the state tax stabilization reserve fund to 4 percent.

Last Action

held for consideration in ways and means

6/17/2014

Committee Referrals

Ways and Means1/30/2013

Full Bill Text

No bill text available