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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to finance
- Referred to finance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides that state taxes shall not be raised if the tax stabilization reserve fund is fully funded and there is surplus money in the general fund
In Assembly Committee · Ways And Means · Sponsor Michael Cusick
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the state finance law, in relation to restriction on raising state taxes
Purpose
Provides that state taxes shall not be raised if the tax stabilization reserve fund is fully funded and there is surplus money in the general fund.
Summary of provisions
Section 1 Amends subdivision 3 of section 92 of the state finance law.
Justification
This bill prevents the New York State from raising taxes when there is a projected surplus at the end of the State Fiscal Year (SFY). It is unfair for taxpayers of New York State to pay more in taxes while the State has a projected surplus at the end of a State Fiscal year ending March 31. The Reserve Fund was created to be used to close budget shortfalls in a particular SFY. It should always be New York State's last resort to raise taxes and it should not raise them when the State treasury is flush with cash. New York State is one of the highest taxed states in the Union. This bill would provide tax relief to the hard working people of New York State by preventing the State from raising taxes when it is not necessary to do so.
Legislative history
2008: S.5613 - Referred to Finance/A.8474 - Referred to Ways & Means 2007: S.5613 - Referred to Finance/A.8474 - Referred to Ways & Means
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.