New York A 1887: Exempts ski resorts from sales tax on equipment that is used in the operation of the business and from sales tax on electricity used in the operation of the business

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A01887 Summary:

BILL NOA01887 

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SAME ASNo Same As

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SPONSORSteck

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COSPNSRReyes, Epstein, Hyndman, Kim, Simon, Burdick, DeStefano

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MLTSPNSR

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Add Art 17 §§254 - 277, St Fin L

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Relates to establishing the empire state public bank to use the state's depository assets to generate additional benefit for the people and the economy of the state.

Go to top A01887 Actions:

BILL NOA01887 

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01/14/2025referred to banks

01/07/2026referred to banks

Go to topA01887 Committee&nbspVotes:

Go to topA01887 Floor&nbspVotes:

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

Go to topA01887 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1887

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 14, 2025
 ___________

 Introduced by M. of A. STECK, REYES, EPSTEIN, HYNDMAN, KIM, SIMON,
 BURDICK, DeSTEFANO -- read once and referred to the Committee on Banks

 AN ACT to amend the state finance law, in relation to establishing the
 empire state public bank; and providing for the repeal of certain
 provisions upon expiration thereof

 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 17
 4 EMPIRE STATE PUBLIC BANK
 5 Section 254. Legislative intent.
 6 255. Definitions.
 7 256. Creation.
 8 257. Commission.
 9 258. Transition board.
 10 259. Deposit of public funds.
 11 260. Investment of state moneys.
 12 261. Infrastructure loans.
 13 262. Student loans.
 14 263. Business, non-profit and individual loans.
 15 264. Treasury and banking services.
 16 265. Management.
 17 266. Advisory board.
 18 267. Financial regulation.
 19 268. Reporting requirements.
 20 269. Ethical requirements.
 21 270. Fees and taxes.
 22 271. Bank records.
 23 272. Capitalization.
 24 273. Public depositary.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04520-01-5

 A. 1887 2

 1 274. Application of this chapter to the president.
 2 275. Cash and demand deposits available.
 3 276. Permitted investments.
 4 277. Severability.
 5 § 254. Legislative intent. 1. The legislature finds that there are
 6 significant public infrastructure, higher education and business devel-
 7 opment needs of the state that are unmet. The legislature further finds
 8 that there are opportunities to use the state's depository assets to
 9 generate additional benefit for the people and the economy of the state.
 10 Therefore, the legislature intends to create the empire state public
 11 bank as a legacy institution that amasses sufficient capital reserves to
 12 address opportunities now and in the future.
 13 2. The legislature intends that the public bank may:
 14 (a) Facilitate investment in, and financing of, public infrastructure
 15 systems that will increase public health, safety, and quality of life,
 16 improve environmental conditions, and promote community vitality and
 17 economic growth;
 18 (b) Assist students who are in need of additional low-cost student
 19 loans in order to finance the cost of higher education;
 20 (c) Provide businesses, communities and low income areas of our state
 21 access to low-interest capital; and
 22 (d) Leverage New York's financial capital and resources, and work in
 23 partnership with financial institutions, community-based organizations,
 24 economic development organizations, guaranty agencies, and other similar
 25 organizations.
 26 3. The mission of the bank is to use New York's depository assets in
 27 ways that afford most efficient use of taxpayer revenues and public
 28 resources for the benefit of the people and economy of the state. The
 29 legislature intends for the bank to apply business strategies to manage
 30 taxpayer revenues while concurrently meeting identified needs and stra-
 31 tegic opportunities across the state. In achieving its purpose of
 32 improving public infrastructure and increasing access to higher educa-
 33 tion, the legislature intends for the bank to adhere to the following
 34 priorities:
 35 (a) Institutional safety and soundness;
 36 (b) Long-term viability;
 37 (c) Social return and monetary return on inves