S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4700
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 5, 2021
                                ___________
 
 Introduced by M. of A. RA, BARCLAY, BLANKENBUSH, BRABENEC, J. M. GIGLIO,
   HAWLEY,  MANKTELOW, MORINELLO, TAGUE -- Multi-Sponsored by -- M. of A.
   SALKA -- read once and referred to the Committee on Ways and Means
 
 AN ACT to amend the state finance law, in relation to the tax stabiliza-
   tion reserve fund

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivisions  3  and 4 of section 92 of the state finance
 law, as separately amended by chapters 405 and 957 of the laws of  1981,
 are amended to read as follows:
   3.  At the close of each fiscal year any cash surplus remaining in the
 general fund over and above the norm  for  such  fiscal  year  shall  be
 transferred  from or retained in such fund as hereinafter in this subdi-
 vision provided.  There shall be transferred to  the  tax  stabilization
 reserve  fund  all of such surplus moneys, up to and including an amount
 equivalent to [two-tenths] FOUR-TENTHS of one per centum of  such  norm,
 unless  such  transfer  would increase such reserve fund to an amount in
 excess of [two] FOUR per centum of the  amount  of  the  norm  for  such
 fiscal  year,  in  which  event  such  transfer shall be limited to such
 amount as will increase such reserve fund to such [two] FOUR per  centum
 limitation.  Any balance of such surplus moneys, thereafter remaining in
 the  general  fund,  shall be retained in such fund and be available for
 the reduction of state taxes.
   4. In the event that at the close of  any  fiscal  year  the  receipts
 derived  from  the  taxes,  fees  and other sources, required to be paid
 during such fiscal year into the general fund of the  state  shall  fall
 below the norm for such fiscal year, there shall be transferred from the
 tax  stabilization  reserve  fund to the general fund to the extent that
 there are sufficient moneys in the tax stabilization  reserve  fund,  an
 amount  equal  to the difference between the norm and the amount of such
 receipts. If such transfer reduces the tax stabilization reserve fund to
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD09221-01-1

 A. 4700                             2
 
 an amount less than [two] FOUR per centum of the norm  for  such  fiscal
 year,  the  amount  so  transferred shall be repaid in cash prior to the
 computation and payment of any transfer to the fund pursuant to subdivi-
 sion  three of this section in not less than three equal annual install-
 ments within the period of six years or less next succeeding the date of
 such transfer; provided, however, that if any  such  annual  installment
 shall  increase  such  reserve fund to an amount in excess of [two] FOUR
 per centum of the amount of the norm for the then current  fiscal  year,
 such  installment  shall be limited to such amount as will increase such
 reserve fund to such [two] FOUR per centum  limitation  and  no  further
 repayment of the whole or any part of such transfer shall be required in
 any  subsequent fiscal year. Repayments to the tax stabilization reserve
 fund shall be stipulated in annual budget bills.
   § 2. This act shall take effect 3 years after it shall have  become  a
 law.