Assembly Bill A8964

Vetoed By Governor
2013-2014 Legislative Session

Establishes that not-for-profit organizations and public benefit corporations shall be entitled to all prompt contracting interest due from a state agency at the time of the first payment

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Archive: Last Bill Status Via S6482 - Vetoed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Vetoed By Governor
  • Signed By Governor

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2013-A8964 (ACTIVE) - Details

See Senate Version of this Bill:
S6482
Law Section:
State Finance Law
Laws Affected:
Amd ยง179-v, St Fin L

2013-A8964 (ACTIVE) - Summary

Establishes that not-for-profit organizations and public benefit corporations shall be entitled to all prompt contracting interest due from a state agency at the time of the first payment.

2013-A8964 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8964

                          I N  A S S E M B L Y

                              March 4, 2014
                               ___________

Introduced  by  M.  of  A.  ENGLEBRIGHT -- read once and referred to the
  Committee on Governmental Operations

AN ACT to amend the state finance law, in relation  to  the  payment  of
  interest due to not-for-profit organizations and public benefit corpo-
  rations

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 2 of section 179-v of the state finance law, as
added by chapter 166 of the laws of 1991, is amended to read as follows:
  2. Such organizations shall  receive  such  interest  payments  WITHIN
THIRTY  DAYS  OF  THE  DATE  THE  PAYMENT OR PAYMENTS REQUIRED UNDER THE
CONTRACT ARE MADE TO ANY SUCH ORGANIZATION; PROVIDED, HOWEVER, IF MONIES
FROM ANY APPROPRIATION OR APPROPRIATIONS  AS  DESCRIBED  IN  SUBDIVISION
THREE  OF  THIS SECTION ARE NOT AVAILABLE FOR THE PAYMENT OF SUCH INTER-
EST, SUCH PAYMENT SHALL BE MADE IMMEDIATELY  AFTER  SUCH  MONIES  BECOME
AVAILABLE.  SUCH  INTEREST PAYMENTS SHALL BE MADE at a rate equal to the
rate set by the commissioner of taxation and finance for corporate taxes
pursuant to paragraph one of subsection  (e)  of  section  one  thousand
ninety-six  of  the  tax  law.  In  order  for a state agency to approve
reimbursement of a not-for-profit organization OR PUBLIC BENEFIT  CORPO-
RATION at a rate other than the interest rate stated in this section the
not-for-profit  organization  shall  submit documentation indicating the
rate at which such funds were borrowed, the lender of such funds and any
other information requested by the state agency, attorney general or the
comptroller. The comptroller may disallow such portions of the  interest
that the comptroller deems unreasonable.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13727-01-4


              

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