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NY S07701

Bill

Official Source

Status

Introduced

10/13/2023

Primary Sponsor

Lea Webb

Click for details

Origin

Senate

2023-2024 General Assembly

AI Summary

  • Amends Real Property Tax Law Section 1318 to modify the definition of school district unexpended surplus funds used in calculating school tax levies
  • Maintains the four percent threshold for surplus funds through the 2025-2026 school year
  • Increases the surplus funds threshold to six percent of the current school year budget for the 2025-2026 school year and all subsequent years
  • Clarifies that surplus funds do not include funds properly retained under other sections of law
  • Takes effect 120 days after enactment into law

Legislative Description

Relates to school district unexpended surplus funds; provides that for the 2025--2026 school year and thereafter, surplus funds shall mean any operating funds in excess of six percent of the current school year budget, and shall not include funds properly retained under other sections of law.

Last Action

REFERRED TO LOCAL GOVERNMENT

1/3/2024

Committee Referrals

Local Government1/3/2024
Rules10/13/2023

Full Bill Text

No bill text available