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History
- Referred to transportation
- Referred to transportation
Companion bill
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Adjusts the allocation of triborough bridge and tunnel authority surpluses to more fairly reflect the source of such surpluses and distribution of MTA riders
In Assembly Committee · Corporations, Authorities And Commissions · Sponsor Louis Tobacco
Full text
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Sponsor's memo
Title of bill
An act to amend the public authorities law, in relation to increasing the amount of surplus to be transferred by the triborough bridge and tunnel authority to the New York city transit authority
Purpose
To adjust the allocation of Triborough Bridge and Tunnel Authority (TBTA) surpluses to more fairly redistribute funds generated by tolls on the bridges and tunnels collected by the TBTA.
Summary of provisions
The bill amends § 1219-a, subdivision 2 (b)(i) of the Public Authorities Law to increase to 80 percent the TBTA surpluses which are allocated to the NYC Transit Authority.
Justification
In 1972 the Legislature devised a system to reallocate a substantial portion of the Triborough Bridge and Tunnel Authority's operating surplus to the New York City Transportation Authority to help to subsidize the cost of fares on the subways, trains, and buses of New York City. That system called for 24 million dollars, plus one half of the remaining $79 million surplus to be redistributed to the NYCTA, and the substantially smaller portion to the MTA. Over the years the TBTA's operating surplus has grown to such a degree that the 24 million dollar advantage given to the NYCTA is now proportionally insignificant. In 1999 the surplus reached $623 million, and $323.5 million of that was turned over to the NYCTA. This bill would have required the TBTA to turn over an additional $174.9 million (or a total of $498.4 million) to the NYCTA. This new formula of eighty percent of the TBTA surplus being given to the NYCTA, to help reduce fares and improve the service of New York City's mass transit system, and the remaining twenty percent going to the MTA, is more in keeping with the intent of the 1972 Act.
Legislative history
2008: S.5549 - Referred to Transportation/A.7580 - Referred to Corporations, Held for Consideration 2007: S.5549 - Referred to Transportation/A.7580 - Referred to Corporations 2006: S.4007 - Referred to Transportation/A.6115 - Referred to Corporations, Held for Consideration 2005: S.4007 - Referred to Transportation/A.6115 - Referred to Corporations
Fiscal implications
None.
Effective date
This act shall take effect on the first of September next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.