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Sponsors
1 Co-sponsor
History
- Vetoed memo.188
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading cal.702
- Substituted for A9342
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 49–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.587
Show 1 earlier action
- 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.
Establishes that not-for-profit organizations shall be entitled to all prompt contracting interest due from a state agency at the time of the first payment
Assembly Floor Calendar · Sponsor Steven Englebright
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6469
Title of bill
An act to amend the state finance law, in relation to the payment of interest due to not-for-profit organizations
Purpose
To require agencies to pay any prompt contracting interest due with thirty days of the date the payment or payments required under a contract approved late are made to a not-for-profit organization.
Summary of provisions
Section 1 of this bill amends Subdivision 2 of
Section 179-v of the State Finance Law to establish that a not-for-pro- fit organization shall be entitled to receive all interest due from a state agency pursuant to this Section within thirty days of the date the payment or payments required under a contract are made to any such organization. Provided, however, if monies from any appropriation or appropriations as described in Subdivision 3 of Section 179-v of the State Finance Law are not available for the payment of such interest, such payment shall be made immediately after such monies become avail- able.
Section 2 of this bill provides for an effective date of immediately after this bill is signed into law.
Prior legislative history
This is a new proposal.
Justification
The Prompt Contracting law (Article 11-B of the State Finance Law) establishes the requirements for interest that is due on late contracts for grants, but does not establish when that interest must be paid. This creates an incentive for agencies to pay interest late in the year or not at all. This situation makes the law ineffective and disadvantages not-for-profits.
The Comptroller urges passage of this legislation.
Budget 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.