 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6518
 
                               2025-2026 Regular Sessions
 
                    IN SENATE
 
                                     March 17, 2025
                                       ___________
 
        Introduced  by  Sen.  CLEARE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue
 
        AN ACT to amend the tax law and the state finance law,  in  relation  to
          establishing the public housing fund
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Subdivision (a) of section 1421 of the tax law, as  amended
     2  by section 1 of part PP of chapter 58 of the laws of 2022, is amended to
     3  read as follows:
     4    (a)  From  the  taxes,  interest and penalties attributable to the tax
     5  imposed pursuant to section fourteen hundred two of  this  article,  ten
     6  percent  shall  be  deposited  into  the public housing fund established
     7  pursuant to section ninety-two-kk of the state finance law,  the  amount
     8  of  one hundred ninety-nine million three hundred thousand dollars shall
     9  be deposited by the comptroller in  the  environmental  protection  fund
    10  established  pursuant  to  section ninety-two-s of the state finance law
    11  for the fiscal year beginning April first, two thousand nine; the amount
    12  of one hundred nineteen million one hundred thousand  dollars  shall  be
    13  deposited  in  such  fund for the fiscal year beginning April first, two
    14  thousand ten; the  amount  of  two  hundred  fifty-seven  million  three
    15  hundred fifty thousand dollars shall be deposited into such fund for the
    16  fiscal year beginning April first, two thousand twenty-two; and for each
    17  fiscal  year  thereafter.  On  or  before June twelfth, nineteen hundred
    18  ninety-five and on or before the twelfth day of  each  month  thereafter
    19  (excepting  the  first and second months of each fiscal year), the comp-
    20  troller shall deposit into such fund from the taxes, interest and penal-
    21  ties collected pursuant to such section fourteen  hundred  two  of  this
    22  article which have been deposited and remain to the comptroller's credit
    23  in  the  banks, banking houses or trust companies referred to in section
    24  one hundred seventy-one-a of this chapter at the close  of  business  on
    25  the last day of the preceding month, an amount equal to one-tenth of the
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10979-01-5
        S. 6518                             2
 
     1  annual  amount  required  to  be deposited in such fund pursuant to this
     2  section for the fiscal year in which such  deposit  is  required  to  be
     3  made.  In  the  event  such  amount  of taxes, interest and penalties so
     4  remaining  to  the comptroller's credit is less than the amount required
     5  to be deposited in such fund by the comptroller, an amount equal to  the
     6  shortfall shall be deposited in such fund by the comptroller with subse-
     7  quent  deposits,  as  soon  as the revenue is available. Beginning April
     8  first, nineteen hundred ninety-seven,  the  comptroller  shall  transfer
     9  monthly  to  the  clean  water/clean  air  fund  established pursuant to
    10  section ninety-seven-bbb of the state finance law, all moneys  remaining
    11  from  such taxes, interest and penalties collected that are not required
    12  for deposit in the environmental protection fund.
    13    § 2. The state finance law is amended by adding a new section 92-kk to
    14  read as follows:
    15    § 92-kk. Public housing fund. 1. There is hereby  established  in  the
    16  joint  custody of the state comptroller and the commissioner of taxation
    17  and finance a fund to be known as the "public housing fund".
    18    2. The public housing fund  shall  consist  of  all  moneys  deposited
    19  pursuant  to  subdivision  (a) of section fourteen hundred twenty-one of
    20  the tax law, or otherwise collected therefor or  credited,  appropriated
    21  or  transferred thereto from any other fund or source pursuant to law or
    22  any other moneys made available for the purposes of the fund.
    23    3. The moneys in the public housing fund shall be kept  separate  from
    24  and  shall not be commingled with any other moneys in the custody of the
    25  state comptroller. Such moneys shall be made available to  the  division
    26  of housing and community renewal to support existing public housing.
    27    4.  The monies shall be payable from the fund on the audit and warrant
    28  of the comptroller on vouchers approved and certified by the commission-
    29  er of housing and community renewal.
    30    § 3. This act shall take effect on the first of April next  succeeding
    31  the date on which it shall have become a law.
Establishes the public housing fund

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