senate Bill S154

2011-2012 Legislative Session

Doubles maximum income limitations for volunteer firefighters

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to corporations, authorities and commissions
Jan 05, 2011 referred to corporations, authorities and commissions

S154 - Bill Details

Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง2407, Pub Auth L
Versions Introduced in 2009-2010 Legislative Session:
S2531

S154 - Bill Texts

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Doubles maximum income limitations for volunteer firefighters who have been members for 5 or more years.

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BILL NUMBER:S154

TITLE OF BILL:
An act
to amend the public authorities law, in relation to doubling the maximum
allowable income limitations for volunteer firefighters eligibility to
obtain a SONYMA mortgage

PURPOSE OR GENERAL IDEA OF BILL:
To promote the recruitment of more volunteer firefighters. By becoming
a volunteer firefighter the maximum income limitation will be doubled
for anyone who is a member for more than five years. This will
provide for low interest mortgages for first time homebuyers.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1- Establishes the amendment of subdivision 2 of section 2407
of the public authorities' law.

section 2- Establishes the effective date of the bill.

JUSTIFICATION:
This bill is aimed at recruiting and retaining individuals in regards
to volunteer fire departments. This bill also offers a remedy and
assistance to first time home buyers. This bill provides affordable
housing solutions, as well as a strong incentive to become a
volunteer firefighter. Volunteer firefighters provide invaluable
services to the community and need a strong member base to ensure the
continuation of these services.

PRIOR LEGISLATIVE HISTORY:
S.2531/A.4865 of 2009-2010; Referred to Corporations, Authorities and
Commissions

FISCAL IMPLICATIONS:
The costs to the State are yet to be determined.

EFFECTIVE DATE:
This act shall take effect on the sixtieth day after it shall have
become law.

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

                                   154

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  Sen. MAZIARZ -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

AN  ACT to amend the public authorities law, in relation to doubling the
  maximum allowable income limitations for volunteer firefighters eligi-
  bility to obtain a SONYMA mortgage

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

  Section  1.  Subdivision  2  of section 2407 of the public authorities
law, as amended by chapter 218 of the laws of 2010, is amended  to  read
as follows:
  (2)  In  connection  with  the  issuance  of  bonds for the purpose of
furthering programs described in this title, the agency is authorized to
covenant and consent that the interest on any of  its  bonds,  notes  or
other  obligations shall be includable, under the United States Internal
Revenue Code of 1986, as amended or any subsequent corresponding  inter-
nal revenue law of the United States, in the gross income of the holders
of the bonds to the same extent and in the same manner that the interest
on  bills,  bonds,  notes  or  other obligations of the United States is
includable in the gross income of the holders thereof under said  Inter-
nal  Revenue  Code or any such subsequent law. Pursuant to this subdivi-
sion, the agency shall not issue bonds, notes or other obligations in an
aggregate principal amount  exceeding  eight  hundred  million  dollars,
excluding  from such limitation bonds, notes or other obligations issued
to refund outstanding bonds, notes or other obligations. No  such  bond,
note  or other obligation shall be issued by the agency on or after July
sixteenth, two thousand eleven, excluding bonds, notes  or  other  obli-
gations  issued  to refund outstanding bonds, notes or other obligations
and no mortgages shall be purchased with the  proceeds  of  such  bonds,
notes  or  other  obligations after such date. The board of directors of

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01345-01-1

S. 154                              2

the agency shall establish program guidelines  for  purposes  of  bonds,
notes  or  other  obligations  issued  pursuant to this subdivision. The
board of directors shall establish from  time  to  time  maximum  income
limits of persons eligible to receive mortgages financed by bonds, notes
or  other  obligations issued pursuant to this subdivision, which income
limits with respect to one-third of the total principal amount of  mort-
gages  authorized to be so financed shall not exceed one hundred twenty-
five percent of the latest maximum income  limits  permitted  under  the
Internal  Revenue  Code  of 1986, as amended, for mortgagors financed by
mortgage revenue bonds, with respect  to  one-third  of  such  principal
amount  authorized to be so financed, shall not exceed one hundred thir-
ty-five percent of such income limits, and with respect to one-third  of
such principal amount authorized to be so financed, shall not exceed one
hundred fifty percent of such limits.
  THE  MAXIMUM INCOME LIMITATIONS, AS ESTABLISHED BY THE BOARD OF DIREC-
TORS, SHALL BE DOUBLED FOR ANY INDIVIDUAL WHO IS A MEMBER OF A VOLUNTEER
FIRE DEPARTMENT FOR FIVE OR MORE YEARS.
  S 2. This act shall take effect on the sixtieth  day  after  it  shall
have become a law.

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