New York A 3537: Relates to enacting the rainy day act; repealer

Bill Text

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A03537 Summary:

BILL NOA03537 

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SAME ASNo Same As

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SPONSORRajkumar

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COSPNSR

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MLTSPNSR

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Rpld §92, amd §92-cc, St Fin L

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Enacts the rainy day act; moves funds from the tax stabilization fund to the rainy day reserve fund; increases the maximum balance; requires certain deposits; prohibits establishment of funds except by statute.

Go to top A03537 Actions:

BILL NOA03537 

&nbsp

01/28/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA03537 Committee&nbspVotes:

Go to topA03537 Floor&nbspVotes:

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

Go to topA03537 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3537

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 28, 2025
 ___________

 Introduced by M. of A. RAJKUMAR -- read once and referred to the Commit-
 tee on Ways and Means

 AN ACT to amend the state finance law, in relation to enacting the rainy
 day act; to increase the maximum balance of the rainy day reserve
 fund; and to repeal certain provisions of such law relating to the tax
 stabilization reserve fund

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "rainy day act".
 3 § 2. All funds currently held in or due to be deposited into the tax
 4 stabilization reserve fund pursuant to section 92 of the state finance
 5 law as of the effective date of this section shall be transferred to and
 6 deposited into the rainy day reserve fund established in section 92-cc
 7 of the state finance law.
 8 § 3. Section 92 of the state finance law is REPEALED.
 9 § 4. Section 92-cc of the state finance law is amended by adding a new
 10 subdivision 6 to read as follows:
 11 6. a. The aggregate amount disbursed from the general fund during the
 12 fiscal year shall constitute the norm for such fiscal year of the amount
 13 of revenues from such taxes, fees and other sources, and the term
 14 "norm," as used in this section, shall mean such aggregate amount.
 15 b. At the close of each fiscal year any cash surplus remaining in the
 16 general fund over and above the norm for such fiscal year shall be
 17 transferred from or retained in such fund as hereinafter in this subdi-
 18 vision provided. There shall be transferred to the rainy day reserve
 19 fund all of such surplus moneys, up to and including an amount equiv-
 20 alent to two-tenths of one per centum of such norm, unless such transfer
 21 would increase such reserve fund to an amount in excess of two per
 22 centum of the amount of the norm for such fiscal year, in which event

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07474-01-5

 A. 3537 2

 1 such transfer shall be limited to such amount as will increase such
 2 reserve fund to such two per centum limitation.
 3 § 5. Subdivision 2 of section 92-cc of the state finance law, as
 4 amended by section 25 of part PP of chapter 56 of the laws of 2023, is
 5 amended and three new subdivisions 2-a, 2-b and 2-c are added to read as
 6 follows:
 7 2. Such fund shall have a maximum balance not to exceed [twenty-five]
 8 thirty per centum of the aggregate amount projected to be disbursed from
 9 the general fund during the then-current fiscal year. At the request of
 10 the director of the budget, the state comptroller shall transfer monies
 11 to the rainy day reserve fund up to and including an amount equivalent
 12 to [fifteen] twenty per centum of the aggregate amount projected to be
 13 disbursed from the general fund during the then-current fiscal year,
 14 unless such transfer would increase the rainy day reserve fund to an
 15 amount in excess of [twenty-five] thirty per centum of the aggregate
 16 amount projected to be disbursed from the general fund during the then-
 17 current fiscal year, in which event such transfer shall be limited to
 18 such amount as will increase the rainy day reserve fund to such [twen-
 19 ty-five] thirty per centum limitation.
 20 2-a. The state comptroller shall annually deposit into the rainy day
 21 reserve fund an amount equal to two-thirds of common rate and base tax
 22 receipts grow