New York A 7530: Authorizes the establishment of trusts for lawsuit recoveries paid to children and the incapacitated

Bill Text

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A07530 Summary:

BILL NOA07530 

&nbsp

SAME ASNo Same As

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SPONSORBarclay (MS)

&nbsp

COSPNSRFitzpatrick, Blankenbush, Ra, Palmesano, Brabenec, Smith, Mikulin, Smullen, Miller, Manktelow,
 Walsh, Simpson, Lemondes, Jensen, Tague, Slater, Chang, Blumencranz, Molitor, Chludzinski, Brown K,
 Giglio, Norber

&nbsp

MLTSPNSRDiPietro, Friend, Gallahan, Hawley

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Add Art 17 §§250 - 252, St Fin L

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Establishes a spending cap; increases the maximum capacity of the rainy day fund.

Go to top A07530 Actions:

BILL NOA07530 

&nbsp

04/01/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA07530 Committee&nbspVotes:

Go to topA07530 Floor&nbspVotes:

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

Go to topA07530 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7530

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 1, 2025
 ___________

 Introduced by M. of A. BARCLAY, FITZPATRICK, BLANKENBUSH, RA, PALMESANO,
 BRABENEC, SMITH, MIKULIN, SMULLEN, MILLER, MANKTELOW, WALSH, SIMPSON,
 LEMONDES, JENSEN, TAGUE, SLATER, CHANG, BLUMENCRANZ -- Multi-Sponsored
 by -- M. of A. K. BROWN, DiPIETRO, FRIEND, GALLAHAN, HAWLEY -- read
 once and referred to the Committee on Ways and Means

 AN ACT to amend the state finance law, in relation to establishing a
 spending cap and increasing the maximum capacity of the rainy day fund

 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 XVII
 4 SPENDING GROWTH CAP ACT
 5 Section 250. Definitions.
 6 251. Establishment of annual spending growth cap.
 7 252. Provisions regarding declaration of emergency.
 8 § 250. Definitions. As used in this article, the following terms shall
 9 have the following meanings, unless otherwise specified:
 10 1. "Annual spending growth cap" shall mean a percentage determined by
 11 adding the inflation rates from each of the three calendar years imme-
 12 diately prior to the commencement of a given fiscal year and then divid-
 13 ing that sum by three.
 14 2. "State operating funds spending" shall mean annual disbursements of
 15 all governmental fund types included in the cash-basis financial plan of
 16 the state, excluding disbursements from federal funds and capital
 17 project funds.
 18 3. "Inflation rate" shall mean the percentage change in the twelve-
 19 month average of the consumer price index for all urban consumers as
 20 published by the United States department of labor, bureau of labor
 21 statistics or any successor agency for a given calendar year compared to
 22 the prior calendar year.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11379-01-5

 A. 7530 2

 1 4. "Executive budget" shall mean the budget submitted annually by the
 2 governor pursuant to section one of article VII of the state constitu-
 3 tion.
 4 5. "State budget as enacted" shall mean the budget acted upon by the
 5 legislature in a given fiscal year, as subject to section four of arti-
 6 cle VII of the state constitution and section seven of article IV of the
 7 state constitution.
 8 6. "Emergency" shall mean an extraordinary, unforeseen, or unexpected
 9 occurrence, or combination of circumstances, including but not limited
 10 to a natural disaster, invasion, terrorist attack, or economic calamity.
 11 § 251. Establishment of annual spending growth cap. 1. There is here-
 12 by established an annual spending growth cap.
 13 2. The governor shall not submit, and the legislature shall not act
 14 upon, a budget that contains a percentage increase over the prior fiscal
 15 year in state operating funds spending which exceeds the annual spending
 16 growth cap.
 17 3. The governor shall certify in writing that state operating funds
 18 spending in the executive budget does not exceed the annual spending
 19 growth cap. If final inflation rate data for the prior calendar year is
 20 not yet available at the time the governor submits their executive budg-
 21 et, they shall furnish a reasonable estimate of such prior calendar year
 22 inflation rate.
 23 4. The comptroller shall provide, within fi