senate Bill S6901

Signed By Governor
2011-2012 Legislative Session

Relates to the private activity bond allocation act of 2012

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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view actions (14)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 29, 2012 signed chap.83
Jun 25, 2012 delivered to governor
Jun 14, 2012 returned to senate
passed assembly
ordered to third reading rules cal.118
substituted for a9693
Jun 12, 2012 referred to ways and means
delivered to assembly
passed senate
Jun 11, 2012 advanced to third reading
Jun 06, 2012 2nd report cal.
Jun 05, 2012 1st report cal.1066
May 15, 2012 reported and committed to finance
Apr 09, 2012 referred to commerce, economic development and small business

S6901 - Details

See Assembly Version of this Bill:
Law Section:
Economic Development

S6901 - Summary

Relates to the private activity bond allocation act of 2012; relates to redistributing 2011 bond volume allocations made pursuant to section 146 of the federal tax reform act of 1986; relates to the allocation of the unified state bond volume ceiling.

S6901 - Sponsor Memo

S6901 - Bill Text download pdf

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


                            I N  S E N A T E

                              April 9, 2012

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 Commerce, Economic Development and
  Small Business

AN ACT in relation to redistributing 2011 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;  in
  relation to enacting the private activity bond allocation act of 2012;
  and  providing  for  the  repeal of certain provisions upon expiration


  Section  1.  Short  title. This act shall be known and may be cited as
the "private activity bond allocation act of 2012".
  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 of
1986 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. Such 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
agencies and for needs identified by local governments; providing  hous-
ing  and  promoting  economic  development;  job creation; an economical
energy supply; and resource recovery and to provide for an  orderly  and
efficient volume ceiling allocation process for state and local agencies
by establishing an alternative formula for making such allocations.


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