Senate Bill S6518

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6518
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              March 17, 2025
                                ___________
 
 Introduced  by  Sen.  CLEARE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law and the state finance law,  in  relation  to
   establishing the public housing fund
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision (a) of section 1421 of the tax law, as  amended
 by section 1 of part PP of chapter 58 of the laws of 2022, is amended to
 read as follows:
   (a)  From  the  taxes,  interest and penalties attributable to the tax
 imposed pursuant to section fourteen hundred two of  this  article,  TEN
 PERCENT  SHALL  BE  DEPOSITED  INTO  THE PUBLIC HOUSING FUND ESTABLISHED
 PURSUANT TO SECTION NINETY-TWO-KK OF THE STATE FINANCE LAW,  the  amount
 of  one hundred ninety-nine million three hundred thousand dollars shall
 be deposited by the comptroller in  the  environmental  protection  fund
 established  pursuant  to  section ninety-two-s of the state finance law
 for the fiscal year beginning April first, two thousand nine; the amount
 of one hundred nineteen million one hundred thousand  dollars  shall  be
 deposited  in  such  fund for the fiscal year beginning April first, two
 thousand ten; the  amount  of  two  hundred  fifty-seven  million  three
 hundred fifty thousand dollars shall be deposited into such fund for the
 fiscal year beginning April first, two thousand twenty-two; and for each
 fiscal  year  thereafter.  On  or  before June twelfth, nineteen hundred
 ninety-five and on or before the twelfth day of  each  month  thereafter
 (excepting  the  first and second months of each fiscal year), the comp-
 troller shall deposit into such fund from the taxes, interest and penal-
 ties collected pursuant to such section fourteen  hundred  two  of  this
 article which have been deposited and remain to the comptroller's credit
 in  the  banks, banking houses or trust companies referred to in section
 one hundred seventy-one-a of this chapter at the close  of  business  on
 the last day of the preceding month, an amount equal to one-tenth of the
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10979-01-5
              

 S. 6518                             2
 
 annual  amount  required  to  be deposited in such fund pursuant to this
 section for the fiscal year in which such  deposit  is  required  to  be
 made.  In  the  event  such  amount  of taxes, interest and penalties so
 remaining  to  the comptroller's credit is less than the amount required
 to be deposited in such fund by the comptroller, an amount equal to  the
 shortfall shall be deposited in such fund by the comptroller with subse-
 quent  deposits,  as  soon  as the revenue is available. Beginning April
 first, nineteen hundred ninety-seven,  the  comptroller  shall  transfer
 monthly  to  the  clean  water/clean  air  fund  established pursuant to
 section ninety-seven-bbb of the state finance law, all moneys  remaining
 from  such taxes, interest and penalties collected that are not required
 for deposit in the environmental protection fund.
   § 2. The state finance law is amended by adding a new section 92-kk to
 read as follows:
   § 92-KK. PUBLIC HOUSING FUND. 1. THERE IS HEREBY  ESTABLISHED  IN  THE
 JOINT  CUSTODY OF THE STATE COMPTROLLER AND THE COMMISSIONER OF TAXATION
 AND FINANCE A FUND TO BE KNOWN AS THE "PUBLIC HOUSING FUND".
   2. THE PUBLIC HOUSING FUND  SHALL  CONSIST  OF  ALL  MONEYS  DEPOSITED
 PURSUANT  TO  SUBDIVISION  (A) OF SECTION FOURTEEN HUNDRED TWENTY-ONE OF
 THE TAX LAW, OR OTHERWISE COLLECTED THEREFOR OR  CREDITED,  APPROPRIATED
 OR  TRANSFERRED THERETO FROM ANY OTHER FUND OR SOURCE PURSUANT TO LAW OR
 ANY OTHER MONEYS MADE AVAILABLE FOR THE PURPOSES OF THE FUND.
   3. THE MONEYS IN THE PUBLIC HOUSING FUND SHALL BE KEPT  SEPARATE  FROM
 AND  SHALL NOT BE COMMINGLED WITH ANY OTHER MONEYS IN THE CUSTODY OF THE
 STATE COMPTROLLER. SUCH MONEYS SHALL BE MADE AVAILABLE TO  THE  DIVISION
 OF HOUSING AND COMMUNITY RENEWAL TO SUPPORT EXISTING PUBLIC HOUSING.
   4.  THE MONIES SHALL BE PAYABLE FROM THE FUND ON THE AUDIT AND WARRANT
 OF THE COMPTROLLER ON VOUCHERS APPROVED AND CERTIFIED BY THE COMMISSION-
 ER OF HOUSING AND COMMUNITY RENEWAL.
   § 3. This act shall take effect on the first of April next  succeeding
 the date on which it shall have become a law.