Assembly Bill A9486

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

                                  9486

                          I N  A S S E M B L Y

                              March 7, 2012
                               ___________

Introduced  by  M.  of  A.  GABRYSZAK  --  read once and referred to the
  Committee on Education

AN ACT to amend the education law, in  relation  to  the  income  wealth
  index

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subparagraph 4 of paragraph a of subdivision 4  of  section
3602 of the education law, as amended by section 26 of part A of chapter
58 of the laws of 2011, is amended to read as follows:
  (4)  The expected minimum local contribution shall equal the lesser of
(i) the product of (A) the quotient arrived at when the selected  actual
valuation  is divided by total wealth foundation pupil units, multiplied
by (B) the product of the local tax factor,  multiplied  by  the  income
wealth  index,  or (ii) the product of (A) the product of the foundation
amount, the regional cost index, and the pupil need index, multiplied by
(B) the positive difference, if any, of  one  minus  the  state  sharing
ratio  for  total  foundation  aid. The local tax factor shall be estab-
lished by May first of each year by determining the product, computed to
four decimal places without rounding, of ninety  percent  multiplied  by
the quotient of the sum of the statewide average tax rate as computed by
the  commissioner for the current year in accordance with the provisions
of paragraph e of subdivision one of section thirty-six  hundred  nine-e
of this part plus the statewide average tax rate computed by the commis-
sioner  for  the  base  year in accordance with such provisions plus the
statewide average tax rate computed by the  commissioner  for  the  year
prior  to  the  base year in accordance with such provisions, divided by
three, provided however that for the two  thousand  seven--two  thousand
eight  school  year,  such local tax factor shall be sixteen thousandths
(0.016), and provided further that for the two thousand eight--two thou-
sand nine school year, such  local  tax  factor  shall  be  one  hundred
fifty-four  ten  thousandths  (0.0154). The income wealth index shall be
calculated pursuant to paragraph d of subdivision three of this section,
provided, however, that for the purposes of computing the expected mini-
mum local contribution the income wealth index shall not  be  less  than

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

                                                           LBD14919-01-2

A. 9486                             2

[sixty-five]  ZERO  percent  [(0.65)]  (0.0)  and shall not be more than
[two] ONE hundred FIFTY percent [(2.0)] (1.50) and provided however that
such income wealth index shall not  be  more  than  ninety-five  percent
(0.95) for the two thousand [eight] TWELVE--two thousand [nine] THIRTEEN
school  year. The selected actual valuation shall be calculated pursuant
to paragraph c of subdivision one of this section. Total wealth  founda-
tion pupil units shall be calculated pursuant to paragraph h of subdivi-
sion two of this section.
  S 2. This act shall take effect immediately.