senate Bill S1745

2013-2014 Legislative Session

Relates to the bond issuance charge

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to corporations, authorities and commissions
Jan 09, 2013 referred to corporations, authorities and commissions

S1745 - Bill Details

Current Committee:
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง2976, Pub Auth L
Versions Introduced in 2011-2012 Legislative Session:
S4539

S1745 - Bill Texts

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Relates to the bond issuance charge as applied to the New York city housing development corporation.

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BILL NUMBER:S1745

TITLE OF BILL:
An act
to amend the public authorities law, in relation to the bond issuance
charge

SUMMARY OF PROVISIONS:
This proposed legislation would amend Subdivision 1 of section 2976 of
the public authorities law, as amended by section 1 of part C of
Chapter 19 of the laws of 2010 to exempt the New York City Housing
Development Fund Corporation (NY HDFC) from the state bond issuance
charge with regard to housing being refinanced for the Purpose of
preserving, rehabilitating and extending the life of such developments.

JUSTIFICATION:
The imposition of the Bond Issuance Charge (the "BIC") on bonds issued
by the New York City Housing Development Fund Corporation ("HDFC" or
the "Corporation") on projects that because of age or other
conditions have deteriorated over time and are in need of
restoration, rehabilitation, and physical improvements. The current
imposition of a Bond Issuance Charge on such projects have an adverse
impact on the cost and number of units refinanced to create safe,
sanitary and affordable habitable housing by adding approximately
$6-$10 million per year in bond issuance charges incurred by the
Corporation and its affordable Preservation housing projects.

LEGISLATIVE HISTORY:
The assignment of the Bond Issuance Charge (BIC) was included in
Chapter 19 of the laws of 2010, the Governor's first enacted
extender, and as a consequence could not be segregated.

FISCAL IMPACT:
The projected loss of revenue to the state is projected to be $4.2
million per year as opposed to the current $6-10 million projections.
Notwithstanding, the elimination of the BIC for preservation will
result in the creation of an additional 40 units per year.

EFFECTIVE DATE:
This act shall take effect on the 120th day after it shall become a law.

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

                                  1745

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced by Sen. ESPAILLAT -- read twice and ordered printed, and when
  printed  to be committed to the Committee on Corporations, Authorities
  and Commissions

AN ACT to amend the public authorities law,  in  relation  to  the  bond
  issuance charge

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

  Section 1. Subdivision 1 of section 2976  of  the  public  authorities
law,  as  amended  by  section  1 of part C of chapter 19 of the laws of
2010, is amended to read as follows:
  1. Notwithstanding any other  law  to  the  contrary,  public  benefit
corporations  (which  for  purposes of this section shall include indus-
trial development agencies created pursuant  to  title  one  of  article
eighteen-A  of  the  general municipal law or any other provision of law
and the New York city housing development corporation  created  pursuant
to article twelve of the private housing finance law) which issue bonds,
notes or other obligations shall pay to the state a bond issuance charge
upon  the  issuance  of  such  bonds in an amount determined pursuant to
subdivision two of this section. Such charge shall be paid to the  state
department  of  taxation and finance, upon forms prescribed therefor, no
later than fifteen days from the end of  the  month  within  which  such
bonds are issued.  WITH RESPECT TO THE NEW YORK CITY HOUSING DEVELOPMENT
CORPORATION  SUCH  BOND  ISSUANCE CHARGE SHALL BE CALCULATED SOLELY WITH
RESPECT TO BONDS, NOTES OR OTHER OBLIGATIONS ISSUED THAT REQUIRE  A  NEW
ALLOCATION  FROM  THE  CURRENT YEAR UNIFIED STATE BOND VOLUME CEILING OF
NEW PRIVATE ACTIVITY BOND AUTHORITY OR A CARRY-FORWARD OF PRIVATE ACTIV-
ITY BOND AUTHORITY.
  S 2. This act shall take effect on the one hundred twentieth day after
it shall have become a law. Effective immediately, the addition,  amend-
ment and/or repeal of any rule or regulation necessary for the implemen-
tation  of this act on its effective date is authorized to be made on or
before such effective date.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05120-01-3

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