A 2258: Increases the maximum percentage allowed to be deposited from surplus revenues into the state tax stabilization reserve fund to 4 percent.

  
  STATE OF NEW YORK ________________________________________________________________________ 2258 2025-2026 Regular Sessions  IN ASSEMBLY January 16, 2025 ___________ Introduced by M. of A. RA, BARCLAY, BLANKENBUSH, HAWLEY, MANKTELOW, MORINELLO, TAGUE -- read once and referred to the Committee on Ways and Means AN ACT to amend the state finance law, in relation to the tax stabiliza- tion reserve fund The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivisions 3 and 4 of section 92 of the state finance 2 law, as separately amended by chapters 405 and 957 of the laws of 1981, 3 are amended to read as follows: 4 3. At the close of each fiscal year any cash surplus remaining in the 5 general fund over and above the norm for such fiscal year shall be 6 transferred from or retained in such fund as hereinafter in this subdi- 7 vision provided. There shall be transferred to the tax stabilization 8 reserve fund all of such surplus moneys, up to and including an amount 9 equivalent to [two-tenths] four-tenths of one per centum of such norm, 10 unless such transfer would increase such reserve fund to an amount in 11 excess of [two] four per centum of the amount of the norm for such 12 fiscal year, in which event such transfer shall be limited to such 13 amount as will increase such reserve fund to such [two] four per centum 14 limitation. Any balance of such surplus moneys, thereafter remaining in 15 the general fund, shall be retained in such fund and be available for 16 the reduction of state taxes. 17 4. In the event that at the close of any fiscal year the receipts 18 derived from the taxes, fees and other sources, required to be paid 19 during such fiscal year into the general fund of the state shall fall 20 below the norm for such fiscal year, there shall be transferred from the 21 tax stabilization reserve fund to the general fund to the extent that 22 there are sufficient moneys in the tax stabilization reserve fund, an 23 amount equal to the difference between the norm and the amount of such 24 receipts. If such transfer reduces the tax stabilization reserve fund to EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05690-01-5 
 A. 2258 2 1 an amount less than [two] four per centum of the norm for such fiscal 2 year, the amount so transferred shall be repaid in cash prior to the 3 computation and payment of any transfer to the fund pursuant to subdivi- 4 sion three of this section in not less than three equal annual install- 5 ments within the period of six years or less next succeeding the date of 6 such transfer; provided, however, that if any such annual installment 7 shall increase such reserve fund to an amount in excess of [two] four 8 per centum of the amount of the norm for the then current fiscal year, 9 such installment shall be limited to such amount as will increase such 10 reserve fund to such [two] four per centum limitation and no further 11 repayment of the whole or any part of such transfer shall be required in 12 any subsequent fiscal year. Repayments to the tax stabilization reserve 13 fund shall be stipulated in annual budget bills. 14 § 2. This act shall take effect 3 years after it shall have become a 15 law.