New York A 2258: Relates to the tax stabilization reserve fund

Bill Text

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A02258 Summary:

BILL NOA02258 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORRa

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COSPNSRBarclay, Blankenbush, Hawley, Manktelow, Morinello, Tague

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MLTSPNSR

&nbsp

Amd §92, St Fin L

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Increases the maximum percentage allowed to be deposited from surplus revenues into the state tax stabilization reserve fund to 4 percent.

Go to top A02258 Actions:

BILL NOA02258 

&nbsp

01/16/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA02258 Committee&nbspVotes:

Go to topA02258 Floor&nbspVotes:

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

Go to topA02258 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2258

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 16, 2025
 ___________

 Introduced by M. of A. RA, BARCLAY, BLANKENBUSH, HAWLEY, MANKTELOW,
 MORINELLO, TAGUE -- read once and referred to the Committee on Ways
 and Means

 AN ACT to amend the state finance law, in relation to the tax stabiliza-
 tion reserve fund

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

 1 Section 1. Subdivisions 3 and 4 of section 92 of the state finance
 2 law, as separately amended by chapters 405 and 957 of the laws of 1981,
 3 are amended to read as follows:
 4 3. At the close of each fiscal year any cash surplus remaining in the
 5 general fund over and above the norm for such fiscal year shall be
 6 transferred from or retained in such fund as hereinafter in this subdi-
 7 vision provided. There shall be transferred to the tax stabilization
 8 reserve fund all of such surplus moneys, up to and including an amount
 9 equivalent to [two-tenths] four-tenths of one per centum of such norm,
 10 unless such transfer would increase such reserve fund to an amount in
 11 excess of [two] four per centum of the amount of the norm for such
 12 fiscal year, in which event such transfer shall be limited to such
 13 amount as will increase such reserve fund to such [two] four per centum
 14 limitation. Any balance of such surplus moneys, thereafter remaining in
 15 the general fund, shall be retained in such fund and be available for
 16 the reduction of state taxes.
 17 4. In the event that at the close of any fiscal year the receipts
 18 derived from the taxes, fees and other sources, required to be paid
 19 during such fiscal year into the general fund of the state shall fall
 20 below the norm for such fiscal year, there shall be transferred from the
 21 tax stabilization reserve fund to the general fund to the extent that
 22 there are sufficient moneys in the tax stabilization reserve fund, an
 23 amount equal to the difference between the norm and the amount of such
 24 receipts. If such transfer reduces the tax stabilization reserve fund to

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05690-01-5

 A. 2258 2

 1 an amount less than [two] four per centum of the norm for such fiscal
 2 year, the amount so transferred shall be repaid in cash prior to the
 3 computation and payment of any transfer to the fund pursuant to subdivi-
 4 sion three of this section in not less than three equal annual install-
 5 ments within the period of six years or less next succeeding the date of
 6 such transfer; provided, however, that if any such annual installment
 7 shall increase such reserve fund to an amount in excess of [two] four
 8 per centum of the amount of the norm for the then current fiscal year,
 9 such installment shall be limited to such amount as will increase such
 10 reserve fund to such [two] four per centum limitation and no further
 11 repayment of the whole or any part of such transfer shall be required in
 12 any subsequent fiscal year. Repayments to the tax stabilization reserve
 13 fund shall be stipulated in annual budget bills.
 14 § 2. This act shall take effect 3 years after it shall have become a
 15 law.

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