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- Referred to investigations and government operations
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Title of bill
An act to amend the tax law and the state finance law, in relation to the stock transfer tax and to creating the statewide pre-k fund
Purpose or general idea of bill
This legislation would create a statewide pre-k fund derived from revenues received through the stock transfer tax.
Summary of specific provisions
The state finance law is amended by adding a new section 92-o to read as follows: The statewide pre-k fund. 1. There is hereby established in the joint custody of the commissioner of taxation and finance and the commissioner of education a special fund to be known as the statewide pre-k fund.
2. Such fund shall consist of moneys paid thereto from the stock transfer tax fund as provided in subdivision four of section 92b of this article and all other moneys appropriated, credited or transferred thereto from any other fund or source pursuant to law.
3. The moneys in this fund shall be directed for the expansion of prekindergarten throughout the state.
4. Monies shall be payable from the fund on the audit and warrant of the comptroller on vouchers approved and certified by the commissioner of education.
Justification
It is widely recognized that early childhood education beginning at four years of age vastly improves the chances of academic success for students. President Obama and leading education experts have stated that the commitment of our nation to provide quality education to all four year old children should be a priority. Pre-kindergarten expansion of one dollar returns more than seven dollars later on by boosting graduation rates, reducing teen pregnancy, and reducing crime. Therefore investment in early learning and development is more efficient and can generate more benefits than costs relative to investment later in the life cycle.
If the stock transfer tax pre-k fund is implemented the revenues gener- ated would be enough to fund the expansion of universal pre-k across all regions in the state. Current projections by the Executive indicate a statewide expansion would be in excess of $1.6 billion, an amount the creation of this fund will meet.
Prior legislative history
A.9261 of 2013/2014
Fiscal implications
To be determined.
Effective date
This act shall take effect September 1, 2016.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.