assembly Bill A4666

2021-2022 Legislative Session

Relates to directing any moneys derived from new or increased taxes to reduce local real property taxes

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Sponsored By

Current Bill Status - In Assembly Committee


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

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Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 01, 2022 held for consideration in ways and means
Jan 05, 2022 referred to ways and means
Feb 04, 2021 referred to ways and means

Co-Sponsors

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Multi-Sponsors

A4666 (ACTIVE) - Details

See Senate Version of this Bill:
S5920
Law Section:
Tax Law
Laws Affected:
Amd §171-a, Tax L; add §54-n, St Fin L
Versions Introduced in 2019-2020 Legislative Session:
S4156

A4666 (ACTIVE) - Summary

Directs any moneys derived from new or increased taxes be used to reduce local real property taxes.

A4666 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4666
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 4, 2021
                                ___________
 
 Introduced by M. of A. JENSEN -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT  to  amend the tax law and the state finance law, in relation to
   disposition of revenue from new taxes  and  tax  increases  to  reduce
   local real property tax levies
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 171-a of the tax  law,  as  separately  amended  by
 chapters  481  and  484  of the laws of 1981, is amended by adding a new
 subdivision 3 to read as follows:
   3. ANY AMOUNTS RECEIVED FROM TAXES, INTEREST AND  PENALTIES  COLLECTED
 OR  RECEIVED  BY  THE COMMISSIONER OR THE COMMISSIONER'S DULY AUTHORIZED
 AGENT AS SET FORTH AND PRESCRIBED BY SUBDIVISION ONE  OF  THIS  SECTION,
 WHICH ARE ATTRIBUTABLE TO AN INCREASE IN THE RATE OF SUCH TAXES OVER ANY
 RATES WHICH WERE IN EFFECT ON THE EFFECTIVE DATE OF THIS SUBDIVISION, OR
 THE  IMPOSITION OF NEW TAXES WHICH WERE NOT IMPOSED PRIOR TO SUCH EFFEC-
 TIVE DATE, SHALL BE DEPOSITED TO THE TAX REDUCTION UTILIZATION  SECURITY
 TARGET  FUND  ESTABLISHED  BY  SECTION FIFTY-FOUR-N OF THE STATE FINANCE
 LAW. THE TAX COMMISSIONER AND THE COMPTROLLER SHALL MAINTAIN A SYSTEM OF
 ACCOUNTS SHOWING THE AMOUNT OF REVENUE COLLECTED OR RECEIVED  FROM  EACH
 OF  THE  TAXES  IMPOSED BY THE SECTIONS ENUMERATED IN SUBDIVISION ONE OF
 THIS SECTION WHICH REPRESENT SUCH INCREASED AMOUNTS OR WHICH WERE  FIRST
 IMPOSED AFTER THE EFFECTIVE DATE OF THIS SUBDIVISION.
   §  2. The state finance law is amended by adding a new section 54-n to
 read as follows:
   § 54-N. TAX REDUCTION UTILIZATION SECURITY TARGET FUND.  1.  BEGINNING
 APRIL  FIRST,  TWO  THOUSAND  TWENTY-TWO,  AND ANNUALLY THEREAFTER, EACH
 CITY, VILLAGE AND TOWN OUTSIDE A VILLAGE SHALL RECEIVE AN  APPROPRIATION
 OF STATE FUNDS FROM AMOUNTS RESULTING FROM THE INCREASE OR IMPOSITION OF
 ADDITIONAL  TAXES  AS  DETERMINED  BY  SUBDIVISION  THREE OF SECTION ONE
 HUNDRED SEVENTY-ONE-A OF THE TAX LAW.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.