|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 08, 2011||signed chap.71|
|May 27, 2011||delivered to governor|
|May 17, 2011||returned to senate|
ordered to third reading cal.329
substituted for a6306
|May 02, 2011||referred to ways and means|
delivered to assembly
|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|
senate Bill S4031Signed By Governor
Archive: Last Bill Status - Signed by Governor
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
S4031 - Details
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
BILL NUMBER:S4031 TITLE OF BILL: 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 PURPOSE OF BILL: This bill would provide a mechanism for the orderly and efficient tax-exempt, private activity bond allocation process for state and local issuers by e~tending for an additional year to January 1,2012 the current allocation system and modifying use of bond allocations and multi-year set asides. SUMMARY OF PROVISIONS: Section 1 of the bill would set forth the title, "Private Activity Bond Allocation Act of 2011." Section 2 of the bill would set forth legislative findings.
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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