Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to finance |
Jan 07, 2009 |
referred to finance |
Senate Bill S511
2009-2010 Legislative Session
Sponsored By
(R, C, IP, RFM) 24th Senate District
Archive: Last Bill Status - In Senate Committee Finance Committee
- 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
Actions
2009-S511 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7406
- Current Committee:
- Senate Finance
- Law Section:
- State Finance Law
- Laws Affected:
- Amd ยง92, St Fin L
- Versions Introduced in 2011-2012 Legislative Session:
-
S3549, A7345
2009-S511 (ACTIVE) - Sponsor Memo
BILL NUMBER: S511 TITLE OF BILL : An act to amend the state finance law, in relation to restriction on raising state taxes PURPOSE : Provides that state taxes shall not be raised if the tax stabilization reserve fund is fully funded and there is surplus money in the general fund. SUMMARY OF PROVISIONS : Section 1 Amends subdivision 3 of section 92 of the state finance law. JUSTIFICATION : This bill prevents the New York State from raising taxes when there is a projected surplus at the end of the State Fiscal Year (SFY). It is unfair for taxpayers of New York State to pay more in taxes while the State has a projected surplus at the end of a State Fiscal year ending March 31. The Reserve Fund was created to be used to close budget shortfalls in a particular SFY. It should always be New York State's last resort to raise taxes and it should not raise them when the State treasury is flush with cash. New York State is one of the highest taxed states in the Union. This bill would provide tax relief to the hard working people of New York State by preventing the State from
2009-S511 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 511 2009-2010 Regular Sessions I N S E N A T E (PREFILED) January 7, 2009 ___________ Introduced by Sen. LANZA -- read twice and ordered printed, and when printed to be committed to the Committee on Finance AN ACT to amend the state finance law, in relation to restriction on raising state taxes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 3 of section 92 of the state finance law, as separately amended by chapters 405 and 957 of the laws of 1981, is 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 of one per centum of such norm, unless such transfer would increase such reserve fund to an amount in excess of two 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 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. STATE TAXES SHALL NOT BE RAISED IF A BALANCE OF SUCH SURPLUS MONEYS EXISTS IN THE GENERAL FUND. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01685-01-9
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