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Assembly Bill A7406

2009-2010 Legislative Session

Provides that state taxes shall not be raised if the tax stabilization reserve fund is fully funded and there is surplus money in the general fund

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Archive: Last Bill Status - In Assembly Committee

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2009-A7406 (ACTIVE) - Details

See Senate Version of this Bill:
S511
Current Committee:
Assembly Ways And Means
Law Section:
State Finance Law
Laws Affected:
Amd ยง92, St Fin L
Versions Introduced in 2011-2012 Legislative Session:
A7345, S3549

2009-A7406 (ACTIVE) - Summary

Provides that state taxes shall not be raised if the tax stabilization reserve fund is fully funded and there is surplus money in the general fund.

2009-A7406 (ACTIVE) - Bill Text download pdf 

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

                                  7406

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              April 6, 2009
                               ___________

Introduced by M. of A. CUSICK -- read once and referred to the Committee
  on Ways and Means

AN  ACT  to  amend  the state finance law, in relation to restriction on
  raising state taxes

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

  Section  1.  Subdivision  3 of section 92 of the state finance law, as
separately amended by chapters 405 and 957  of  the  laws  of  1981,  is
amended to read as follows:
  3.  At the close of each fiscal year any cash surplus remaining in the
general fund over and above the norm  for  such  fiscal  year  shall  be
transferred  from or retained in such fund as hereinafter in this subdi-
vision provided. There shall be transferred  to  the  tax  stabilization
reserve  fund  all of such surplus moneys, up to and including an amount
equivalent to two-tenths of one per centum of  such  norm,  unless  such
transfer  would increase such reserve fund to an amount in excess of two
per centum of the amount of the norm for  such  fiscal  year,  in  which
event  such  transfer  shall  be limited to such amount as will increase
such reserve fund to such two per centum limitation. Any balance of such
surplus moneys, thereafter remaining  in  the  general  fund,  shall  be
retained in such fund and be available for the reduction of state taxes.
STATE  TAXES  SHALL  NOT  BE  RAISED IF A BALANCE OF SUCH SURPLUS MONEYS
EXISTS IN THE GENERAL FUND.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01685-01-9

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