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NY S06482
Bill
Status
11/21/2014
Primary Sponsor
John DeFrancisco
Click for details
AI Summary
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Amends State Finance Law Section 179-v to require interest payments to not-for-profit organizations and public benefit corporations within thirty days of when contract payments are made
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Sets interest rate equal to the rate established by the Commissioner of Taxation and Finance for corporate taxes under Tax Law Section 1096(e)(1)
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Allows state agencies to approve reimbursement at a different interest rate only if the organization submits documentation of the actual borrowing rate, lender information, and other requested details
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Grants the Comptroller authority to disallow any portions of interest deemed unreasonable
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Takes effect immediately upon enactment
Legislative Description
Establishes that not-for-profit organizations and public benefit corporations shall be entitled to all prompt contracting interest due from a state agency at the time of the first payment.
Last Action
VETOED MEMO.518
11/21/2014