New York S 6518: Establishes the public housing fund

Bill Text

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S06518 Summary:

BILL NOS06518 

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SAME ASNo Same As

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SPONSORCLEARE

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COSPNSR

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MLTSPNSR

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Amd §1421, Tax L; add §92-kk, St Fin L

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Establishes the public housing fund to be used by the division of housing and community renewal to support existing public housing utilizing money from the real property transfer tax.

Go to top S06518 Actions:

BILL NOS06518 

&nbsp

03/17/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS06518 Committee&nbspVotes:

Go to topS06518 Floor&nbspVotes:

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

Go to topS06518 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6518

 2025-2026 Regular Sessions

 IN SENATE

 March 17, 2025
 ___________

 Introduced by Sen. CLEARE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 AN ACT to amend the tax law and the state finance law, in relation to
 establishing the public housing fund

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

 1 Section 1. Subdivision (a) of section 1421 of the tax law, as amended
 2 by section 1 of part PP of chapter 58 of the laws of 2022, is amended to
 3 read as follows:
 4 (a) From the taxes, interest and penalties attributable to the tax
 5 imposed pursuant to section fourteen hundred two of this article, ten
 6 percent shall be deposited into the public housing fund established
 7 pursuant to section ninety-two-kk of the state finance law, the amount
 8 of one hundred ninety-nine million three hundred thousand dollars shall
 9 be deposited by the comptroller in the environmental protection fund
 10 established pursuant to section ninety-two-s of the state finance law
 11 for the fiscal year beginning April first, two thousand nine; the amount
 12 of one hundred nineteen million one hundred thousand dollars shall be
 13 deposited in such fund for the fiscal year beginning April first, two
 14 thousand ten; the amount of two hundred fifty-seven million three
 15 hundred fifty thousand dollars shall be deposited into such fund for the
 16 fiscal year beginning April first, two thousand twenty-two; and for each
 17 fiscal year thereafter. On or before June twelfth, nineteen hundred
 18 ninety-five and on or before the twelfth day of each month thereafter
 19 (excepting the first and second months of each fiscal year), the comp-
 20 troller shall deposit into such fund from the taxes, interest and penal-
 21 ties collected pursuant to such section fourteen hundred two of this
 22 article which have been deposited and remain to the comptroller's credit
 23 in the banks, banking houses or trust companies referred to in section
 24 one hundred seventy-one-a of this chapter at the close of business on
 25 the last day of the preceding month, an amount equal to one-tenth of the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10979-01-5

 S. 6518 2

 1 annual amount required to be deposited in such fund pursuant to this
 2 section for the fiscal year in which such deposit is required to be
 3 made. In the event such amount of taxes, interest and penalties so
 4 remaining to the comptroller's credit is less than the amount required
 5 to be deposited in such fund by the comptroller, an amount equal to the
 6 shortfall shall be deposited in such fund by the comptroller with subse-
 7 quent deposits, as soon as the revenue is available. Beginning April
 8 first, nineteen hundred ninety-seven, the comptroller shall transfer
 9 monthly to the clean water/clean air fund established pursuant to
 10 section ninety-seven-bbb of the state finance law, all moneys remaining
 11 from such taxes, interest and penalties collected that are not required
 12 for deposit in the environmental protection fund.
 13 § 2. The state finance law is amended by adding a new section 92-kk to
 14 read as follows:
 15 § 92-kk. Public housing fund. 1. There is hereby established in the
 16 joint custody of the state comptroller and the commissioner of taxation
 17 and finance a fund to be known as the "public housing fund".
 18 2. The public housing fund shall consist of all moneys deposited