|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Dec 17, 2012||vetoed memo.188|
|Dec 05, 2012||delivered to governor|
|Jun 04, 2012||returned to senate|
ordered to third reading cal.702
substituted for a9342
|May 02, 2012||referred to ways and means|
delivered to assembly
|Apr 30, 2012||advanced to third reading|
|Apr 26, 2012||2nd report cal.|
|Apr 25, 2012||1st report cal.587|
|Feb 13, 2012||referred to finance|
senate Bill S6469Vetoed By Governor
Archive: Last Bill Status - Vetoed by Governor
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Vetoed by Governor
S6469 - Details
S6469 - Summary
Establishes that not-for-profit organizations shall be entitled to all prompt contracting interest due from a state agency at the time of the first payment made to any such organization.
S6469 - Sponsor Memo
BILL NUMBER:S6469 TITLE OF BILL: An act to amend the state finance law, in relation to the payment of interest due to not-for-profit organizations PURPOSE: To require agencies to pay any prompt contracting interest due with thirty days of the date the payment or payments required under a contract approved late are made to a not-for-profit organization. SUMMARY OF PROVISIONS: Section 1 of this bill amends Subdivision 2 of Section 179-v of the State Finance Law to establish that a not-for-pro- fit organization shall be entitled to receive all interest due from a state agency pursuant to this Section within thirty days of the date the payment or payments required under a contract are made to any such organization. Provided, however, if monies from any appropriation or appropriations as described in Subdivision 3 of Section 179-v of the State Finance Law are not available for the payment of such interest, such payment shall be made immediately after such monies become avail- able. Section 2 of this bill provides for an effective date of immediately after this bill is signed into law. PRIOR LEGISLATIVE HISTORY: This is a new proposal.
S6469 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6469 I N S E N A T E February 13, 2012 ___________ Introduced by Sen. DeFRANCISCO -- (at request of the State Comptroller) -- 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 the payment of interest due to not-for-profit organizations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 179-v of the state finance law, as added by chapter 166 of the laws of 1991, is amended to read as follows: 2. Such organizations shall receive such interest payments WITHIN THIRTY DAYS OF THE DATE THE PAYMENT OR PAYMENTS REQUIRED UNDER THE CONTRACT ARE MADE TO ANY SUCH ORGANIZATION; PROVIDED, HOWEVER, IF MONIES FROM ANY APPROPRIATION OR APPROPRIATIONS AS DESCRIBED IN SUBDIVISION THREE OF THIS SECTION ARE NOT AVAILABLE FOR THE PAYMENT OF SUCH INTER- EST, SUCH PAYMENT SHALL BE MADE IMMEDIATELY AFTER SUCH MONIES BECOME AVAILABLE. SUCH INTEREST PAYMENTS SHALL BE MADE at a rate equal to the rate set by the commissioner of taxation and finance for corporate taxes pursuant to paragraph one of subsection (e) of section one thousand ninety-six of the tax law. In order for a state agency to approve reimbursement of a not-for-profit organization at a rate other than the interest rate stated in this section the not-for-profit organization shall submit documentation indicating the rate at which such funds were borrowed, the lender of such funds and any other information requested by the state agency, attorney general or the comptroller. The comp- troller may disallow such portions of the interest that the comptroller deems unreasonable. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11124-03-1
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