|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 29, 2012||signed chap.83|
|Jun 25, 2012||delivered to governor|
|Jun 14, 2012||returned to senate|
ordered to third reading rules cal.118
substituted for a9693
|Jun 12, 2012||referred to ways and means|
delivered to assembly
|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|
senate Bill S6901Signed By Governor
Archive: Last Bill Status -
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
S6901 - Details
- See Assembly Version of this Bill:
- Law Section:
- Economic Development
S6901 - Sponsor Memo
BILL NUMBER:S6901 TITLE OF BILL: 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 thereof PURPOSE OF THE BILL: This bill would provide a mechanism for an orderly and efficient tax-exempt, private activity bond allocation process for state and local issuers by extending for two additional years, the current allocation system. SUMMARY OF PROVISIONS: Section 1 of the bill sets forth the title of the act, "Private Activity Bond Allocation Act of 2012." Section 2 of the bill sets forth legislative findings.
S6901 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6901 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 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 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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