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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
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Sponsor's memo
Title of bill
An act to amend the tax law and the state finance law, in relation to the disposition of revenue
Purpose
This bill would provide for deposits into the environmental protection fund and repayment for past transfers from the environmental protection fund into the general fund.
Summary of provisions
Section 1 would amend § 1421 of the tax law to provide for the deposit of $287 million from the real estate transfer tax into the environmental protection fund for the fiscal year beginning April first, two thousand thirteen.
§2 would amend §92-s of the state finance law by adding a new subdivision 10 to provide for repayments to the environmental protection fund beginning in two thousand thirteen, to be completed by two thousand twenty, for past transfers made from the fund into the general fund.
§3 sets the effective date.
Existing law
§ 1421 of the tax law provides for a schedule of deposits from real estate transfer tax revenue into the environmental protection fund, including a deposit of $199.3 million for four fiscal years beginning April first, two thousand nine and each fiscal year thereafter.
§92-3 of the state finance law provides for deposits to be made into the environmental protection fund and determines accounts and purposes to which the deposits may be dedicated.
Justification
New York State's Environmental Protection Fund (EPF) was created in 1993 as the first-ever permanent dedicated environmental funding mechanism in New York. Chapter 258 of the Laws of 2007 provided that $287 million from the Real Estate Transfer Tax would be deposited to the EPF, commencing in SFY 2009-10 and each fiscal year thereafter (for a total EPF of $300 million). Unfortunately, this year's economic crisis rendered Chapter 258 untenable. This bill seeks to re-address the laudable intentions of Chapter 258 by providing that commencing in State Fiscal Year 2013-14, $287 million from the Real Estate Transfer Tax would be deposited to the EPF.
Secondly, the bill seeks to remedy the fiscal mismanagement of the EPF during the years 2002 through 2008. Specifically, roughly $500 million in unspent cash sitting in the EPF was "swept" to the General Fund. This bill would provide that between 2013 and 2020, the deposits would be made into the EPF in amounts sufficient to make the fund whole.
Legislative history
New bill.
Fiscal implications
In the years 2013 through 2020 there would be a General Fund impact of approximately $62.5 million.
Local fiscal implications
None noted.
Effective date
This act shall take effect immediately, provided however, that section one of this act shall take effect on the same date in the same manner as section 1 of part T of the laws of 2009 amending the tax law and the state finance law relating to real estate transfer tax revenue deposits into the environmental protection fund, as proposed in legislative bill numbers S.59-B and A.159-B, takes effect.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.