S T A T E O F N E W Y O R K
________________________________________________________________________
7549
2009-2010 Regular Sessions
I N A S S E M B L Y
April 14, 2009
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Introduced by M. of A. ORTIZ, SCARBOROUGH, ENGLEBRIGHT, McENENY --
Multi-Sponsored by -- M. of A. COLTON -- read once and referred to
the Committee on Ways and Means
AN ACT to amend the tax law and the state finance law, in relation to
the creation of the World Trade Center Relief Fund
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The tax law is amended by adding a new section 630-b to
read as follows:
S 630-B. THE WORLD TRADE CENTER RELIEF FUND. EFFECTIVE FOR ANY TAXABLE
YEAR COMMENCING ON OR AFTER THE FIRST OF JANUARY NEXT SUCCEEDING THE
EFFECTIVE DATE OF THIS SECTION, AN INDIVIDUAL IN ANY TAXABLE YEAR MAY
ELECT TO CONTRIBUTE A WHOLE DOLLAR AMOUNT TO THE WORLD TRADE CENTER
RELIEF FUND. SUCH CONTRIBUTION SHALL NOT REDUCE THE AMOUNT OF STATE TAX
OWED BY SUCH INDIVIDUAL. THE COMMISSIONER SHALL INCLUDE A SPACE ON THE
PERSONAL INCOME TAX RETURN TO ENABLE A TAXPAYER TO MAKE SUCH CONTRIB-
UTION. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, ALL
REVENUES COLLECTED PURSUANT TO THIS SECTION SHALL BE CREDITED TO THE
WORLD TRADE CENTER RELIEF FUND AND USED ONLY FOR THOSE PURPOSES ENUMER-
ATED IN SECTION EIGHTY-FOUR-B OF THE STATE FINANCE LAW.
S 2. The state finance law is amended by adding a new section 84-b to
read as follows:
S 84-B. THE WORLD TRADE CENTER RELIEF FUND. 1. THERE IS HEREBY
ESTABLISHED IN THE JOINT CUSTODY OF THE STATE COMPTROLLER AND COMMIS-
SIONER OF TAXATION AND FINANCE A SPECIAL FUND TO BE KNOWN AS THE WORLD
TRADE CENTER RELIEF FUND.
2. SUCH FUND SHALL CONSIST OF ALL REVENUES RECEIVED FROM THE IMPLEMEN-
TATION OF SECTION SIX HUNDRED THIRTY-B OF THE TAX LAW, ACCOUNTED FOR
SEPARATELY AND FROM ALL OF THE MONEYS CREDITED OR TRANSFERRED THERETO
FROM ANY OTHER FUND OR SOURCE PURSUANT TO LAW. MONEYS DEPOSITED IN THE
FUND SHALL BE HELD IN INTEREST BEARING ACCOUNTS IN PUBLIC DEPOSITORIES
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10937-01-9
A. 7549 2
AS PRESCRIBED BY STATE STATUTES, AND MAY BE INVESTED OR REINVESTED IN
SUCH SECURITIES AS ARE APPROVED BY THE STATE TREASURER. INTEREST OR
OTHER INCOME EARNED ON MONEYS DEPOSITED INTO THE FUND, AND ANY MONEYS
WHICH MAY BE DEPOSITED INTO THE FUND AND ANY MONEYS WHICH MAY BE APPRO-
PRIATED OR OTHERWISE BECOME AVAILABLE FOR THE PURPOSES OF THE FUND,
SHALL BE CREDITED TO AND DEPOSITED IN THE FUND FOR USE AS SET FORTH IN
THIS SECTION.
3. THE MONEYS RECEIVED BY SUCH FUND SHALL BE MADE AVAILABLE PURSUANT
TO APPROPRIATION FOR USE IN THE CLEANUP AND REBUILDING OF NEW YORK CITY
FOLLOWING THE TERRORIST ATTACK OF SEPTEMBER ELEVENTH, TWO THOUSAND ONE,
AS WELL AS TO PROVIDE ASSISTANCE TO FAMILIES AFFECTED BY SUCH ATTACK.
4. ALL PAYMENTS FROM SUCH FUND SHALL BE MADE UPON THE AUDIT AND
WARRANT OF THE STATE COMPTROLLER.
S 3. This act shall take effect immediately.