Senate Bill S511

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 Senate Committee Finance 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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2009-S511 (ACTIVE) - Details

See Assembly Version of this Bill:
A7406
Current Committee:
Senate Finance
Law Section:
State Finance Law
Laws Affected:
Amd §92, St Fin L
Versions Introduced in 2011-2012 Legislative Session:
S3549, A7345

2009-S511 (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-S511 (ACTIVE) - Sponsor Memo

2009-S511 (ACTIVE) - Bill Text download pdf 

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

                                   511

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced  by  Sen.  LANZA  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance

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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