S T A T E   O F   N E W   Y O R K
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                                  5294

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 17, 2015
                               ___________

Introduced  by  M.  of  A. GIGLIO, RAIA -- read once and referred to the
  Committee on Ways and Means

AN ACT to amend the state finance law, in  relation  to  increasing  the
  amount  of  money  that  may  be  maintained  in the tax stabilization
  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 of one per centum of  such  norm,  unless  such
transfer  would  increase  such  reserve  fund to an amount in excess of
[two] FIVE 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] FIVE 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.
                                                           LBD07080-01-5
              

A. 5294                             2

an  amount  less  than [two] FIVE 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] FIVE
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] FIVE 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 immediately.