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Who cares
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History
- Referred to environmental conservation
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the environmental conservation law and the state finance law, in relation to a course of action for the repayment of monies transferred from the environmental protection fund to the general fund; and to amend the tax law, in relation to the deposit and disposition of revenues in the environmental protection fund
Purpose
This bill will ensure that the Environmental protection Fond (EPF) will be fully funded and will restore our commitment to the people of our State to protect and enhance our natural and public recreational resources.
Summary of provisions
Section 1 requires the Division of Budget, in consultation with the State Comptroller, to develop a course of action to repay the funds transferred out of the EPF in previous years.
Section 2 requires the State to begin implementing the EPF repayment actions developed by the Division of Budget by April 1, 2012.
Section 3 ensures that all previous transfers out of the EPF are included in the statutory requirement to repay the funds to the EPF.
Section 4 fully funds the EPF at $300 million beginning on April 1, 2012 with funds from the Real Estate Transfer Tax (RETT).
Existing law
The last two years have seen the EPF reduced from $255 million to $212 million, with sweeps totaling $210 million. Over its lifespan, the EPF has had $507 million transferred from it into the General Fund. There are currently no timeframes to initiate a repayment schedule.
Justification
The EPF, created in 1993, is primarily funded through the real estate transfer tax and provides a dedicated source of funding for a variety of environmental projects and programs administered by the Department of Environmental Conservation, the Office of Parks, Recreation and Historic Preservation, and the Department of Agriculture and Markets.
The Environmental Protection Fund is the engine which drives a myriad of programs which improve the air, water, and quality of life for all New Yorkers. Whether it is protecting open space, or revitalizing waterfronts, the EPF gets it done. These projects are examples of our commitment to protecting our ecosystems while maintaining the quality of life we have all come to expect in New York State.
Unfortunately, the last few years have seen the vital funding that helps to make cultural and recreational opportunities available to all New Yorkers and countless visitors, as been dramatically reduced. In addition to the reduced funding levels, the sweeps have created a severe cash shortage delaying the funding of projects allocated for this current fiscal year.
Legislative history
New Bill.
Fiscal implications
To be determined.
Local fiscal implications
None.
Effective date
This act shall take effect April 1, 2010 with provisions.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.