S T A T E   O F   N E W   Y O R K
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                                  5532

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 27, 2015
                               ___________

Introduced  by  M.  of A. OAKS, FINCH, LAWRENCE, MURRAY -- 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
an amount less than [two] FOUR per centum of the norm  for  such  fiscal

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05860-01-5
              

A. 5532                             2

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.
  S  2.  This act shall take effect 3 years after it shall have become a
law.