NY A09033

Establishes the Private Activity Bond Allocation Act of 2014 to create an alternative formula for distributing New York's statewide bond volume ceiling under federal tax law, allocating one-third each to local agencies, state agencies, and a statewide bond reserve.

Local agencies receive allocations based on population ratio to the entire state, administered by the Commissioner of Economic Development, while state agencies receive allocations administered by the Director of the Budget.

The statewide bond reserve can be allocated by the Director to state agencies or transferred to the Commissioner for allocation to local agencies and other issuers for projects that exceed initial allocations or for multi-year housing development projects.

Requires issuers of qualified small issue bonds to list employment opportunities with the New York State Department of Labor and one-stop career centers, and to consider workforce investment program participants for hiring.

Creates a five-member Bond Allocation Policy Advisory Panel appointed by the Governor, Senate Temporary President, Assembly Speaker, and minority leaders of both chambers to provide policy advice on statewide ceiling distribution priorities.

Most provisions expire July 1, 2016, with carryforward election approval requirements expiring February 15, 2016.