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Assembly Bill A8092A

2011-2012 Legislative Session

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

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Archive: Last Bill Status - Stricken

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Bill Amendments

co-Sponsors

multi-Sponsors

2011-A8092 - Details

Law Section:
State Finance Law
Laws Affected:
Amd §179-v, St Fin L

2011-A8092 - 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.

2011-A8092 - Bill Text download pdf 

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

                                  8092

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              June 1, 2011
                               ___________

Introduced  by M. of A. BING -- (at request of the State Comptroller) --
  read once and referred to the Committee on Governmental Operations

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 AT THE TIME
OF THE FIRST PAYMENT MADE TO ANY SUCH ORGANIZATION AND at a  rate  equal
to  the  rate set by the commissioner of taxation and finance for corpo-
rate 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 organ-
ization 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
comptroller  may  disallow  such portions of the interest that the comp-
troller 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.
                                                           LBD11124-01-1

co-Sponsors

multi-Sponsors

2011-A8092A (ACTIVE) - Details

Law Section:
State Finance Law
Laws Affected:
Amd §179-v, St Fin L

2011-A8092A (ACTIVE) - 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.

2011-A8092A (ACTIVE) - Bill Text download pdf 

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

                                 8092--A

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              June 1, 2011
                               ___________

Introduced by M. of A. BING, JAFFEE, N. RIVERA, ABBATE, GUNTHER, MILLMAN
  --  Multi-Sponsored  by -- M. of A. AUBRY, BRENNAN, COLTON, GOTTFRIED,
  LUPARDO, MAGEE, P. RIVERA, SCHIMEL, SWEENEY  --  (at  request  of  the
  State  Comptroller)  --  read  once  and  referred to the Committee on
  Governmental Operations -- reported and referred to the  Committee  on
  Ways   and  Means  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

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.
                                                           LBD11124-02-1

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