senate Bill S7145

Signed By Governor
2013-2014 Legislative Session

Relates to federal bond volume allocations, the unified state bond ceiling and the private activity bond allocation act of 2014

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A9033 - Signed by Governor


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

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Actions

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 30, 2014 signed chap.49
delivered to governor
Jun 19, 2014 returned to assembly
passed senate
3rd reading cal.1644
substituted for s7145
Jun 19, 2014 substituted by a9033
ordered to third reading cal.1644
committee discharged and committed to rules
May 19, 2014 reported and committed to finance
Apr 30, 2014 referred to housing, construction and community development

Votes

view votes

Jun 19, 2014 - Rules committee Vote

S7145
24
0
committee
24
Aye
0
Nay
0
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Rules committee vote details

May 19, 2014 - Housing, Construction and Community Development committee Vote

S7145
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
2
Excused
0
Abstained
show Housing, Construction and Community Development committee vote details

Housing, Construction and Community Development Committee Vote: May 19, 2014

excused (2)

S7145 - Details

See Assembly Version of this Bill:
A9033
Law Section:
Bonds and Notes

S7145 - Summary

Relates to the bond volume allocations made pursuant to the federal tax reform act of 1986, the unified state bond ceiling and the private activity bond allocation act of 2014.

S7145 - Sponsor Memo

S7145 - Bill Text download pdf

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

                                  7145

                            I N  S E N A T E

                             April 30, 2014
                               ___________

Introduced  by Sen. YOUNG -- (at request of the New York State Homes and
  Community Renewal) -- read twice and ordered printed, and when printed
  to be committed to the Committee on Housing, Construction and Communi-
  ty Development

AN ACT in relation to redistributing 2013 bond volume  allocations  made
  pursuant  to  section  146  of  the federal tax reform act of 1986, in
  relation to allocation of the unified state bond volume  ceiling,  and
  in  relation  to  enacting the private activity bond allocation act of
  2014; and providing for the repeal of certain provisions upon  expira-
  tion thereof

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

  Section 1. Short title. This act shall be known and may  be  cited  as
the "private activity bond allocation act of 2014".
  S  2.    Legislative  findings and declaration. The legislature hereby
finds and declares that the federal tax reform act of 1986 established a
statewide bond volume ceiling on the  issuance  of  certain  tax  exempt
private  activity  bonds  and  notes  and,  under certain circumstances,
governmental use bonds and notes issued by  the  state  and  its  public
authorities,  local governments, agencies which issue on behalf of local
governments, and certain other  issuers.  The  federal  tax  reform  act
establishes  a  formula  for  the  allocation of the bond volume ceiling
which was subject to temporary modification by  gubernatorial  executive
order  until December 31, 1987. That act also permits state legislatures
to establish, by statute, an  alternative  formula  for  allocating  the
volume  ceiling.   Bonds and notes subject to the volume ceiling require
an allocation from the state's annual volume ceiling in order to qualify
for federal tax exemption.
  It is hereby declared to be the policy of the state  to  maximize  the
public  benefit  through  the issuance of private activity bonds for the
purposes of, amount other things, allocating a fair share  of  the  bond
volume  ceiling upon initial allocation and from a bond reserve to local
agencies and for needs identified by local governments; providing  hous-
ing  and  promoting  economic  development;  job creation; an economical

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

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