NY S01020

Excludes capital tax levies from the definition of "tax levy limit" under General Municipal Law Section 3-c, allowing local governments to levy taxes for capital expenditures outside existing tax levy caps.

Defines "capital local expenditures" as taxes for financing, acquisition, design, construction, reconstruction, rehabilitation, improvement, and equipping of capital facilities or equipment with a period of probable usefulness under Local Finance Law Section 11.00.

Includes debt service on obligations, lease expenditures, and installment purchase contract payments as part of capital local expenditures.

Defines "capital tax levy" as the tax levy necessary to support capital local expenditures.

Takes effect immediately and expires three years after enactment.