Senate Bill S7526

2025-2026 Legislative Session

Enacts the private activity bond allocation act of 2025

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Sponsored By

Current Bill Status Via A6763 - Passed Senate


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

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2025-S7526 (ACTIVE) - Details

See Assembly Version of this Bill:
A6763
Law Section:
State Finance

2025-S7526 (ACTIVE) - Summary

Enacts the private activity bond allocation act to establish an alternative formula for making volume ceiling allocations.

2025-S7526 (ACTIVE) - Sponsor Memo

2025-S7526 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7526
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              April 21, 2025
                                ___________
 
 Introduced  by Sen. MARTINEZ -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 AN ACT in relation to enacting the private activity bond allocation  act
   of 2025; and providing for the repeal of certain provisions upon expi-
   ration 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 2025".
   §  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, among 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
 energy supply; and resource recovery and to provide for an  orderly  and
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10473-01-5
 S. 7526                             2
              

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