Senate Bill S6469

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

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Archive: Last Bill Status - Vetoed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Vetoed By Governor
  • Signed By Governor

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2011-S6469 (ACTIVE) - Details

See Assembly Version of this Bill:
A9342
Law Section:
State Finance Law
Laws Affected:
Amd §179-v, St Fin L
Versions Introduced in 2013-2014 Legislative Session:
S5189

2011-S6469 (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-S6469 (ACTIVE) - Sponsor Memo

2011-S6469 (ACTIVE) - Bill Text download pdf

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

                                  6469

                            I N  S E N A T E

                            February 13, 2012
                               ___________

Introduced  by Sen. DeFRANCISCO -- (at request of the State Comptroller)
  -- read twice and ordered printed, and when printed to be committed to
  the Committee on Finance

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


              

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