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NY A06021

Bill

Official Source

Status

Introduced

3/13/2013

Primary Sponsor

Joseph Giglio

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Origin

Assembly

2013-2014 General Assembly

AI Summary

  • Increases the maximum amount allowed in the tax stabilization reserve fund from 2% to 5% of the state fiscal year norm
  • Allows surplus general fund revenues to be transferred to the reserve fund up to the new 5% cap instead of the previous 2% limitation
  • Requires repayment of reserve fund withdrawals in not less than three equal annual installments within six years, with the 5% cap applying to repayment calculations
  • Takes effect immediately upon enactment

Legislative Description

Increases the amount in the tax stabilization reserve fund to 5% of state fiscal year disbursements.

Last Action

held for consideration in ways and means

6/17/2014

Committee Referrals

Ways and Means3/13/2013

Full Bill Text

No bill text available