New York S 7526: Relates to fees charged by municipal industrial development agencies

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 - This bill is not active in this session.

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S07526 Summary:

BILL NOS07526 

&nbsp

SAME ASSAME AS A06763

&nbsp

SPONSORMARTINEZ

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

&nbsp

Enacts the private activity bond allocation act to establish an alternative formula for making volume ceiling allocations.

Go to top S07526 Actions:

BILL NOS07526 

&nbsp

04/21/2025REFERRED TO LOCAL GOVERNMENT

04/24/2025COMMITTEE DISCHARGED AND COMMITTED TO RULES

04/24/2025ORDERED TO THIRD READING CAL.692

04/30/2025SUBSTITUTED BY A6763

&nbspA06763 AMEND= Jones

&nbsp03/12/2025referred to local governments

&nbsp03/18/2025reported referred to ways and means

&nbsp03/18/2025reported referred to rules

&nbsp03/18/2025reported 

&nbsp03/18/2025rules report cal.110

&nbsp03/18/2025ordered to third reading rules cal.110

&nbsp03/18/2025passed assembly

&nbsp03/18/2025delivered to senate

&nbsp03/18/2025REFERRED TO LOCAL GOVERNMENT

&nbsp04/30/2025SUBSTITUTED FOR S7526

&nbsp04/30/20253RD READING CAL.692

&nbsp04/30/2025PASSED SENATE

&nbsp04/30/2025RETURNED TO ASSEMBLY

&nbsp06/26/2025delivered to governor

&nbsp06/26/2025signed chap.164

Go to topS07526 Committee&nbspVotes:

Go to topS07526 Floor&nbspVotes:

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

Go to topS07526 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7526

 2025-2026 Regular Sessions

 IN SENATE

 April 21, 2025
 ___________

 Introduced by Sen. MARTINEZ -- read twice and ordered printed, and when
 printed to be committed to the Committee on Local Government

 AN ACT in relation to enacting the private activity bond allocation act
 of 2025; and providing for the repeal of certain provisions upon expi-
 ration thereof

 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 "private activity bond allocation act of 2025".
 3 § 2. Legislative findings and declaration. The legislature hereby
 4 finds and declares that the federal tax reform act of 1986 established a
 5 statewide bond volume ceiling on the issuance of certain tax exempt
 6 private activity bonds and notes and, under certain circumstances,
 7 governmental use bonds and notes issued by the state and its public
 8 authorities, local governments, agencies which issue on behalf of local
 9 governments, and certain other issuers. The federal tax reform act
 10 establishes a formula for the allocation of the bond volume ceiling
 11 which was subject to temporary modification by gubernatorial executive
 12 order until December 31, 1987. That act also permits state legislatures
 13 to establish, by statute, an alternative formula for allocating the
 14 volume ceiling. Bonds and notes subject to the volume ceiling require an
 15 allocation from the state's annual volume ceiling in order to qualify
 16 for federal tax exemption.
 17 It is hereby declared to be the policy of the state to maximize the
 18 public benefit through the issuance of private activity bonds for the
 19 purposes of, among other things, allocating a fair share of the bond
 20 volume ceiling upon initial allocation and from a bond reserve to local
 21 agencies and for needs identified by local governments; providing hous-
 22 ing and promoting economic development; job creation; an economical
 23 energy supply; and resource recovery and to provide for an orderly and

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10473-01-5

 S. 7526 2

 1 efficient volume ceiling allocation process for state and local agencies
 2 by establishing an alternative formula for making such allocations.
 3 § 3. Definitions. As used in this act, unless the context requires
 4 otherwise:
 5 1. "Bonds" means bonds, notes or other obligations.
 6 2. "Carryforward" means an amount of unused private activity bond
 7 ceiling available to an issuer pursuant to an election filed with the
 8 internal revenue service pursuant to section 146(f) of the code.
 9 3. "Code" means the internal revenue code of 1986, as amended.
 10 4. "Commissioner" means the commissioner of the New York state depart-
 11 ment of economic development.
 12 5. "Covered bonds" means those tax exempt private