Senate Bill S5306

2023-2024 Legislative Session

Relates to directing any moneys derived from new or increased taxes to reduce local real property taxes

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Investigations And Government Operations Committee


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

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2023-S5306 (ACTIVE) - Details

See Assembly Version of this Bill:
A2926
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §171-a, Tax L; add §54-n, St Fin L
Versions Introduced in Other Legislative Sessions:
2019-2020: S4156
2021-2022: S5920, A4666

2023-S5306 (ACTIVE) - Summary

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

2023-S5306 (ACTIVE) - Sponsor Memo

2023-S5306 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5306
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 1, 2023
                                ___________
 
 Introduced  by  Sen.  WEIK  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 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:
 
   Section  1.  Section  171-a  of  the tax law, as separately amended by
 chapters 481 and 484 of the laws of 1981, is amended  by  adding  a  new
 subdivision 3 to read as follows:
   3.  ANY  AMOUNTS RECEIVED FROM TAXES, INTEREST AND PENALTIES COLLECTED
 OR RECEIVED BY THE COMMISSIONER OR THE  COMMISSIONER'S  DULY  AUTHORIZED
 AGENT  AS  SET  FORTH AND PRESCRIBED BY SUBDIVISION ONE OF THIS SECTION,
 WHICH ARE ATTRIBUTABLE TO AN INCREASE IN THE RATE OF SUCH TAXES OVER ANY
 RATES WHICH WERE IN EFFECT ON THE EFFECTIVE DATE OF THIS SUBDIVISION, OR
 THE IMPOSITION OF NEW TAXES WHICH WERE NOT IMPOSED PRIOR TO SUCH  EFFEC-
 TIVE  DATE, SHALL BE DEPOSITED TO THE TAX REDUCTION UTILIZATION SECURITY
 TARGET FUND ESTABLISHED BY SECTION FIFTY-FOUR-N  OF  THE  STATE  FINANCE
 LAW. THE TAX COMMISSIONER AND THE COMPTROLLER SHALL MAINTAIN A SYSTEM OF
 ACCOUNTS  SHOWING  THE AMOUNT OF REVENUE COLLECTED OR RECEIVED FROM EACH
 OF THE TAXES IMPOSED BY THE SECTIONS ENUMERATED IN  SUBDIVISION  ONE  OF
 THIS  SECTION WHICH REPRESENT SUCH INCREASED AMOUNTS OR WHICH WERE FIRST
 IMPOSED AFTER THE EFFECTIVE DATE OF THIS SUBDIVISION.
   § 2. The state finance law is amended by adding a new section 54-n  to
 read as follows:
   §  54-N. TAX REDUCTION UTILIZATION SECURITY TARGET FUND.  1. BEGINNING
 APRIL FIRST, TWO THOUSAND TWENTY-FOUR,  AND  ANNUALLY  THEREAFTER,  EACH
 CITY,  VILLAGE AND TOWN OUTSIDE A VILLAGE SHALL RECEIVE AN APPROPRIATION
 OF STATE FUNDS FROM AMOUNTS RESULTING FROM THE INCREASE OR IMPOSITION OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04881-01-3
 S. 5306                             2
              

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