New York S 4156: Relates to directing any moneys derived from new or increased taxes to reduce local real property taxes

Bill Text

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S04156 Summary:

BILL NOS04156 

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SAME ASNo Same As

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SPONSORSANDERS

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COSPNSRHOYLMAN-SIGAL, JACKSON, RAMOS, SKOUFIS

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MLTSPNSR

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Add Art 17 §§254 - 277, St Fin L

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Relates to establishing the state of New York public bank to use the state's depository assets to generate additional benefit for the people and the economy of the state.

Go to top S04156 Actions:

BILL NOS04156 

&nbsp

02/03/2025REFERRED TO FINANCE

01/07/2026REFERRED TO FINANCE

Go to topS04156 Committee&nbspVotes:

Go to topS04156 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS04156 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4156

 2025-2026 Regular Sessions

 IN SENATE

 February 3, 2025
 ___________

 Introduced by Sens. SANDERS, HOYLMAN-SIGAL, JACKSON, RAMOS, SKOUFIS --
 read twice and ordered printed, and when printed to be committed to
 the Committee on Finance

 AN ACT to amend the state finance law, in relation to establishing the
 state of New York public bank; and providing for the repeal of certain
 provisions upon expiration thereof

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The state finance law is amended by adding a new article 17
 2 to read as follows:
 3 ARTICLE 17
 4 STATE OF NEW YORK PUBLIC BANK ACT
 5 Section 254. Legislative intent.
 6 255. Definitions.
 7 256. Creation.
 8 257. Commission.
 9 258. Governance.
 10 259. Deposit of public funds.
 11 260. Investment of state moneys.
 12 261. Infrastructure loans.
 13 262. Student loans.
 14 263. Business, non-profit and individual loans.
 15 264. Treasury and banking services.
 16 265. Management.
 17 266. Advisory board.
 18 267. Financial regulation.
 19 268. Reporting requirements.
 20 269. Ethical requirements.
 21 270. Fees and taxes.
 22 271. Bank records.
 23 272. Capitalization.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02036-01-5

 S. 4156 2

 1 273. Public depositary.
 2 274. Application of this chapter to the president.
 3 275. Cash and demand deposits available.
 4 276. Permitted investments.
 5 277. Severability.
 6 § 254. Legislative intent. 1. The legislature finds that there are
 7 significant public infrastructure, higher education, home loans, and
 8 small business development needs, including those involving minor-
 9 ity- and women-owned business enterprises, of the state that are unmet.
 10 The legislature further finds that there are opportunities to use the
 11 state's depository assets to generate additional benefit for the people
 12 and the economy of the state. Therefore, the legislature intends to
 13 create the state of New York public bank as a legacy institution that
 14 amasses sufficient capital reserves to address opportunities now and in
 15 the future.
 16 2. The legislature intends that the public bank may:
 17 (a) Facilitate investment in, and financing of, public infrastructure
 18 systems and projects that will increase public health, safety, and qual-
 19 ity of life, improve environmental conditions, including the retrofit-
 20 ting of homes as green homes, and promote community vitality and econom-
 21 ic growth;
 22 (b) Assist students who are in need of additional low-cost student
 23 loans in order to finance the cost of higher education;
 24 (c) Acquire and contract to acquire existing mortgages owned by banks
 25 and enter into advance commitments to banks for the purchase of such
 26 mortgages, and to provide low-cost home loans to first time home buyers;
 27 (d) Provide access to credit for small businesses, including minority-
 28 and women-owned business enterprises and farmers; and
 29 (e) Provide banking to underserved communities and economically disad-
 30 vantaged communities of our state to provide access to low-interest
 31 capital; and
 32 (f) Leverage New York's financial capital and resources, and work in
 33 partnership with financial institutions, including credit unions, commu-
 34 nity development financial institutions, independent banks, community-
 35 based organizations, economic development organizations, guaranty agen-
 36 cies, and other similar organizations.
 37 3. The mis