senate Bill S4031

Signed By Governor
2011-2012 Legislative Session

Relates to redistributing 2011 bond volume allocations

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


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

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 08, 2011 signed chap.71
May 27, 2011 delivered to governor
May 17, 2011 returned to senate
passed assembly
ordered to third reading cal.329
substituted for a6306
May 02, 2011 referred to ways and means
delivered to assembly
passed senate
Apr 12, 2011 advanced to third reading
Apr 11, 2011 2nd report cal.
Apr 06, 2011 1st report cal.322
Mar 15, 2011 referred to housing, construction and community development

Votes

view votes

Apr 6, 2011 - Housing, Construction and Community Development committee Vote

S4031
8
0
committee
8
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Housing, Construction and Community Development committee vote details

Housing, Construction and Community Development Committee Vote: Apr 6, 2011

S4031 - Details

See Assembly Version of this Bill:
A6306
Law Section:
Bonds and Notes
Versions Introduced in 2011-2012 Legislative Session:
A6306

S4031 - Summary

Relates to redistributing 2011 bond volume allocations, allocating the unified state bond volume ceiling, and enacting the private activity bond act of 2011.

S4031 - Sponsor Memo

S4031 - Bill Text download pdf

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

                                  4031

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             March 15, 2011
                               ___________

Introduced  by  Sen.  YOUNG  -- (at request of the Division of Housing &
  Community Renewal) -- read twice and ordered printed, and when printed
  to be committed to the Committee on Housing, Construction and Communi-
  ty Development

AN ACT relating to redistributing  2010  bond  volume  allocations  made
  pursuant  to  section  146  of  the federal tax reform act of 1986, in
  relation to allocation of the unified state bond volume  ceiling,  and
  in  relation  to  enacting the private activity bond allocation act of
  2011; and providing for the expiration of certain provisions thereof

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

  Section  1.  Short  title. This act shall be known and may be cited as
the "private activity bond allocation act of 2011".
  S 2. Legislative findings  and  declaration.  The  legislature  hereby
finds and declares that the federal tax reform act of 1986 established a
statewide  bond  volume  ceiling  on  the issuance of certain tax exempt
private activity bonds  and  notes  and,  under  certain  circumstances,
governmental  use  bonds  and  notes  issued by the state and its public
authorities, local governments, agencies which issue on behalf of  local
governments,  and  certain  other  issuers.  The  federal tax reform act
establishes a formula for the allocation  of  the  bond  volume  ceiling
which  was  subject to temporary modification by gubernatorial executive
order until December 31, 1987. That act also permits state  legislatures
to  establish,  by  statute,  an  alternative formula for allocating the
volume ceiling. Bonds and notes subject to the volume ceiling require an
allocation from the state's annual volume ceiling in  order  to  qualify
for federal tax exemption.
  It  is  hereby  declared to be the policy of the state to maximize the
public benefit through the issuance of private activity  bonds  for  the
purposes  of,  among  other  things, allocating a fair share of the bond
volume ceiling upon initial allocation and from a bond reserve to  local

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09664-01-1

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