NY A02319

Changes how interest rates on judgments against municipal corporations, public housing authorities, the state, and other public corporations are calculated from a fixed cap to a variable rate based on the weekly average one-year constant maturity treasury yield published by the Federal Reserve

Sets the interest rate at the treasury yield for the calendar week preceding the date of judgment entry, with a maximum cap of 9% per annum for most judgments

Reduces the maximum interest rate cap to 6% per annum specifically for judgments arising from condemnation proceedings or wrongful death actions against municipal corporations

Applies to multiple entities including municipal corporations, public housing authorities, the state government, and public corporations that construct public improvements

Takes effect on the first of April following enactment