|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 30, 2014||signed chap.49|
delivered to governor
|Jun 19, 2014||returned to assembly|
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|
senate Bill S7145Signed By Governor
Archive: Last Bill Status Via A9033 -
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
S7145 - Details
- See Assembly Version of this Bill:
- Law Section:
- Bonds and Notes
S7145 - Sponsor Memo
BILL NUMBER:S7145 TITLE OF BILL: 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 expiration thereof Purpose of the Bill: This bill would provide an orderly and efficient tax-exempt, private activity bond allocation process for State and local issuers by extending for an additional two years to July 1, 2016 the current allocation system and modifying the use of bond allocations and multi-year set asides. Summary of Provisions: Section 1 of the bill would set forth the title, "Private Activity Bond Allocation Act of 2014." Section 2 of the bill would set forth the legislative findings. Section 3 of the bill would define terms.
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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