S T A T E   O F   N E W   Y O R K
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                                   4854
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 3, 2017
                                ___________
 
 Introduced by M. of A. GIGLIO -- 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.
              

                                                            LBD08014-01-7

 A. 4854                             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.
   § 2. This act shall take effect immediately.