New York A 4564: Relates to directing any moneys derived from new or increased taxes to reduce local real property taxes

Bill Text

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A04564 Summary:

BILL NOA04564 

&nbsp

SAME ASSAME AS S04614

&nbsp

SPONSORJensen

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COSPNSRGandolfo

&nbsp

MLTSPNSR

&nbsp

Amd §171-a, Tax L; add §54-n, St Fin L

&nbsp

Directs any moneys derived from new or increased taxes be used to reduce local real property taxes.

Go to top A04564 Actions:

BILL NOA04564 

&nbsp

02/04/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA04564 Committee&nbspVotes:

Go to topA04564 Floor&nbspVotes:

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

Go to topA04564 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4564

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 4, 2025
 ___________

 Introduced by M. of A. JENSEN -- read once and referred to the Committee
 on Ways and Means

 AN ACT to amend the tax law and the state finance law, in relation to
 disposition of revenue from new taxes and tax increases to reduce
 local real property tax levies

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

 1 Section 1. Section 171-a of the tax law, as separately amended by
 2 chapters 481 and 484 of the laws of 1981, is amended by adding a new
 3 subdivision 3 to read as follows:
 4 3. Any amounts received from taxes, interest and penalties collected
 5 or received by the commissioner or the commissioner's duly authorized
 6 agent as set forth and prescribed by subdivision one of this section,
 7 which are attributable to an increase in the rate of such taxes over any
 8 rates which were in effect on the effective date of this subdivision, or
 9 the imposition of new taxes which were not imposed prior to such effec-
 10 tive date, shall be deposited to the tax reduction utilization security
 11 target fund established by section fifty-four-n of the state finance
 12 law. The tax commissioner and the comptroller shall maintain a system of
 13 accounts showing the amount of revenue collected or received from each
 14 of the taxes imposed by the sections enumerated in subdivision one of
 15 this section which represent such increased amounts or which were first
 16 imposed after the effective date of this subdivision.
 17 § 2. The state finance law is amended by adding a new section 54-n to
 18 read as follows:
 19 § 54-n. Tax reduction utilization security target fund. 1. Beginning
 20 April first, two thousand twenty-six, and annually thereafter, each
 21 city, village and town outside a village shall receive an appropriation
 22 of state funds from amounts resulting from the increase or imposition of
 23 additional taxes as determined by subdivision three of section one
 24 hundred seventy-one-a of the tax law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04643-01-5

 A. 4564 2

 1 2. The amount appropriated to each municipality shall be the entire
 2 amount under subdivision three of section one hundred seventy-one-a of
 3 the tax law multiplied by the proportion which the full value of the
 4 city, village or town outside a village bears to the full value of the
 5 state taken as a whole. "Full value" means for each city, village and
 6 town outside a village an amount equal to the total taxable assessed
 7 value of property on the most recently completed assessment roll as
 8 filed with the state comptroller divided by the final state equalization
 9 rate established for such roll by the commissioner of taxation and
 10 finance.
 11 3. Payments made to cities, villages and towns pursuant to this
 12 section shall be used to reduce each municipality's real property tax
 13 levy. After the initial determination of the annual tax levy, the
 14 assessor shall deduct the amount paid to the municipality and shall
 15 adjust the tax levy before filing the warrant pursuant to section nine
 16 hundred four of the real property tax law.
 17 4. Payments made pursuant to this section shall be made on or before
 18 June thirtieth of each state fiscal year to the chief fiscal officer of
 19 each city, village and town on audit and warrant of the state comp-
 20 troller out of moneys appropriated by the legislature for such purpose
 21 to the credit of the local assistance fund in the general fund of the
 22 state tre