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S691Senate2015-2016 SessionSame asA502

Relates to exempting the metropolitan transportation authority from bond issuance charges

Sponsor Martin J. GoldenSD-22Affects Economy
Status
In Assembly Committee
Corporations, Authorities And Commissions
Impact
Pending
Passage
Pending

Bill progress

Step 5 of 7

In Assembly · Corporations, Authorities And Commissions

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Sponsors

Primary sponsor
Martin J. Golden

Senator · Senate District 22

Chair, Civil Service And Pensions

No co-sponsors yet.

History

  1. Referred to corporations, authorities and commissions
  2. Delivered to assembly
  3. Passed senateVote 52–9
  4. Advanced to third reading
  5. 2nd report cal.
  6. 1st report cal.803
  7. Reported and committed to finance
  8. Referred to corporations, authorities and commissions
  9. Returned to senate
  10. Died in assembly
  11. Referred to corporations, authorities and commissions
  12. Delivered to assembly
Show 7 earlier actions
  1. Passed senateVote 53–9
  2. Amended on third reading (t) 691a
  3. Advanced to third reading
  4. 2nd report cal.
  5. 1st report cal.890
  6. Reported and committed to finance
  7. Referred to corporations, authorities and commissions

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.

A502Assembly

Relates to exempting the metropolitan transportation authority from bond issuance charges

In Assembly Committee · Corporations, Authorities And Commissions · Sponsor Michael Cusick

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:S691A

Title of bill

An act to amend the public authorities law, in relation to exempting certain public authorities from bond issuance charges

Purpose

To exempt the MTA, the New York City Transit Authority, and the Triborough Bridge and Tunnel Authority from bond issuance fees, notes or other obligations required under current law.

Summary of provisions

Section one of the bill amends subdivision 4 of section 2976 of the Public Authorities Law to exempt the MTA, the New York City Transit Authority, and the Triborough Bridge and Tunnel Authority from the state bond issuance charge, as well as notes or other obligations.

Section two of the bill provides that this act shall take effect immediately.

Existing law

Currently, bonds issued by the MTA are subject to the bond issuance charge imposed by Public Authorities Law section 2976.

Justification

Recent fare and toll increases are adversely impacting the budgets working men and women. This proposal will reduce the cost of doing business for the MTA, the New York City Transit Authority, and the Triborough Bridge and Tunnel Authority, and in turn, reduce in part, the need for future increases in the near future.

Legislative history

2014: S.3633A -- Passed the Senate 2013: S.3633 - Passed the Senate 2012: S.6432 - Passed the Senate

Fiscal implications

None to the State

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.