Do you support this bill?

Assembly Bill A9342

Vetoed By Governor

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

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S6469 - Vetoed by Governor

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

Votes

co-Sponsors

multi-Sponsors

2011-A9342 (ACTIVE) - Details

See Senate Version of this Bill:
S6469
Law Section:
State Finance Law
Laws Affected:
Amd ยง179-v, St Fin L
Versions Introduced in 2013-2014 Legislative Session:
S5189

2011-A9342 (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-A9342 (ACTIVE) - Bill Text download pdf 

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

                                  9342

                          I N  A S S E M B L Y

                            February 21, 2012
                               ___________

Introduced  by  M.  of A. ENGLEBRIGHT, SCHIMMINGER, SWEENEY, WEISENBERG,
  COOK, CAHILL, SCARBOROUGH, COLTON, LAVINE, JAFFEE, TITONE,  M. MILLER,
  LINARES,  ROBERTS -- Multi-Sponsored by -- M. of A. BRINDISI, BRONSON,
  GOTTFRIED, RAMOS, P. RIVERA, RUSSELL, THIELE --  (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  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

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.