New York S 299: Requires degree-granting institutions of higher education to make certain biennial disclosures

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S00299 Summary:

BILL NOS00299 

&nbsp

SAME ASNo Same As

&nbsp

SPONSOROBERACKER

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COSPNSRGALLIVAN

&nbsp

MLTSPNSR

&nbsp

Amd §3651, Ed L

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Authorizes school districts with low combined wealth ratios to establish a reserve fund to ensure compliance with the tax cap in future school years.

Go to top S00299 Actions:

BILL NOS00299 

&nbsp

01/08/2025REFERRED TO EDUCATION

01/07/2026REFERRED TO EDUCATION

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Go to topS00299 Floor&nbspVotes:

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

Go to topS00299 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 299

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sens. OBERACKER, GALLIVAN -- read twice and ordered print-
 ed, and when printed to be committed to the Committee on Education

 AN ACT to amend the education law, in relation to authorizing school
 districts with low combined wealth ratios to establish tax cap reserve
 funds

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

 1 Section 1. Section 3651 of the education law is amended by adding two
 2 new subdivisions 1-c and 3-b to read as follows:
 3 1-c. Notwithstanding the provisions of subdivision one of this
 4 section, any school district having a combined wealth ratio, as defined
 5 in paragraph c of subdivision three of section thirty-six hundred two of
 6 this title, which is thirty-five one-hundredths or less, may establish a
 7 reserve fund for the payment of school district expenditures for any
 8 school year to the extent the expenditure of monies therefor would cause
 9 such school district to exceed its tax levy limit pursuant to section
 10 two thousand twenty-three-a of this chapter, without approval by the
 11 qualified voters of the district; provided, however, that the total of
 12 the monies held in such reserve fund shall not exceed that amount which
 13 might reasonably be deemed necessary to meet anticipated increased
 14 expenditures by the school district in future school years. Any monies
 15 deposited to such reserve fund which will not reasonably be required to
 16 be expended for the purpose of complying with the district's tax levy
 17 limit shall be returned to the general fund on or before the first day
 18 of the fourth fiscal year following the deposit of such monies to said
 19 reserve fund.
 20 3-b. Notwithstanding the provisions of subdivision three of this
 21 section, any school district which establishes a reserve fund in accord-
 22 ance with subdivision one-c of this section may make expenditures from
 23 such fund for the purposes specified in such subdivision without author-
 24 ization of the voters.
 25 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01132-01-5

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