S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5306
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 1, 2023
                                ___________
 
 Introduced  by  Sen.  WEIK  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 AN ACT to amend the tax law and the state finance law,  in  relation  to
   disposition  of  revenue  from  new  taxes and tax increases to reduce
   local real property tax levies

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  171-a  of  the tax law, as separately amended by
 chapters 481 and 484 of the laws of 1981, is amended  by  adding  a  new
 subdivision 3 to read as follows:
   3.  ANY  AMOUNTS RECEIVED FROM TAXES, INTEREST AND PENALTIES COLLECTED
 OR RECEIVED BY THE COMMISSIONER OR THE  COMMISSIONER'S  DULY  AUTHORIZED
 AGENT  AS  SET  FORTH AND PRESCRIBED BY SUBDIVISION ONE OF THIS SECTION,
 WHICH ARE ATTRIBUTABLE TO AN INCREASE IN THE RATE OF SUCH TAXES OVER ANY
 RATES WHICH WERE IN EFFECT ON THE EFFECTIVE DATE OF THIS SUBDIVISION, OR
 THE IMPOSITION OF NEW TAXES WHICH WERE NOT IMPOSED PRIOR TO SUCH  EFFEC-
 TIVE  DATE, SHALL BE DEPOSITED TO THE TAX REDUCTION UTILIZATION SECURITY
 TARGET FUND ESTABLISHED BY SECTION FIFTY-FOUR-N  OF  THE  STATE  FINANCE
 LAW. THE TAX COMMISSIONER AND THE COMPTROLLER SHALL MAINTAIN A SYSTEM OF
 ACCOUNTS  SHOWING  THE AMOUNT OF REVENUE COLLECTED OR RECEIVED FROM EACH
 OF THE TAXES IMPOSED BY THE SECTIONS ENUMERATED IN  SUBDIVISION  ONE  OF
 THIS  SECTION WHICH REPRESENT SUCH INCREASED AMOUNTS OR WHICH WERE FIRST
 IMPOSED AFTER THE EFFECTIVE DATE OF THIS SUBDIVISION.
   § 2. The state finance law is amended by adding a new section 54-n  to
 read as follows:
   §  54-N. TAX REDUCTION UTILIZATION SECURITY TARGET FUND.  1. BEGINNING
 APRIL FIRST, TWO THOUSAND TWENTY-FOUR,  AND  ANNUALLY  THEREAFTER,  EACH
 CITY,  VILLAGE AND TOWN OUTSIDE A VILLAGE SHALL RECEIVE AN APPROPRIATION
 OF STATE FUNDS FROM AMOUNTS RESULTING FROM THE INCREASE OR IMPOSITION OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04881-01-3
 S. 5306                             2
              

 
 ADDITIONAL TAXES AS DETERMINED  BY  SUBDIVISION  THREE  OF  SECTION  ONE
 HUNDRED SEVENTY-ONE-A OF THE TAX LAW.
   2.  THE  AMOUNT  APPROPRIATED TO EACH MUNICIPALITY SHALL BE THE ENTIRE
 AMOUNT UNDER SUBDIVISION THREE OF SECTION ONE HUNDRED  SEVENTY-ONE-A  OF
 THE  TAX  LAW  MULTIPLIED  BY THE PROPORTION WHICH THE FULL VALUE OF THE
 CITY, VILLAGE OR TOWN OUTSIDE A VILLAGE BEARS TO THE FULL VALUE  OF  THE
 STATE  TAKEN  AS  A WHOLE. "FULL VALUE" MEANS FOR EACH CITY, VILLAGE AND
 TOWN OUTSIDE A VILLAGE AN AMOUNT EQUAL TO  THE  TOTAL  TAXABLE  ASSESSED
 VALUE  OF  PROPERTY  ON  THE  MOST RECENTLY COMPLETED ASSESSMENT ROLL AS
 FILED WITH THE STATE COMPTROLLER DIVIDED BY THE FINAL STATE EQUALIZATION
 RATE ESTABLISHED FOR SUCH ROLL  BY  THE  COMMISSIONER  OF  TAXATION  AND
 FINANCE.
   3.  PAYMENTS  MADE  TO  CITIES,  VILLAGES  AND  TOWNS PURSUANT TO THIS
 SECTION SHALL BE USED TO REDUCE EACH MUNICIPALITY'S  REAL  PROPERTY  TAX
 LEVY.    AFTER  THE  INITIAL  DETERMINATION  OF THE ANNUAL TAX LEVY, THE
 ASSESSOR SHALL DEDUCT THE AMOUNT PAID  TO  THE  MUNICIPALITY  AND  SHALL
 ADJUST  THE  TAX LEVY BEFORE FILING THE WARRANT PURSUANT TO SECTION NINE
 HUNDRED FOUR OF THE REAL PROPERTY TAX LAW.
   4. PAYMENTS MADE PURSUANT TO THIS SECTION SHALL BE MADE ON  OR  BEFORE
 JUNE  THIRTIETH OF EACH STATE FISCAL YEAR TO THE CHIEF FISCAL OFFICER OF
 EACH CITY, VILLAGE AND TOWN ON AUDIT AND  WARRANT  OF  THE  STATE  COMP-
 TROLLER  OUT  OF MONEYS APPROPRIATED BY THE LEGISLATURE FOR SUCH PURPOSE
 TO THE CREDIT OF THE LOCAL ASSISTANCE FUND IN THE GENERAL  FUND  OF  THE
 STATE TREASURY.
   §  3. This act shall take effect on the first of January next succeed-
 ing the date on which it shall have become a law.