New York Assembly Bill A04564 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 4564 2025-2026 Regular Sessions  IN ASSEMBLY February 4, 2025 ___________ Introduced by M. of A. JENSEN -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law and the state finance law, in relation to disposition of revenue from new taxes and tax increases to reduce local real property tax levies The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 171-a of the tax law, as separately amended by 2 chapters 481 and 484 of the laws of 1981, is amended by adding a new 3 subdivision 3 to read as follows: 4 3. Any amounts received from taxes, interest and penalties collected 5 or received by the commissioner or the commissioner's duly authorized 6 agent as set forth and prescribed by subdivision one of this section, 7 which are attributable to an increase in the rate of such taxes over any 8 rates which were in effect on the effective date of this subdivision, or 9 the imposition of new taxes which were not imposed prior to such effec- 10 tive date, shall be deposited to the tax reduction utilization security 11 target fund established by section fifty-four-n of the state finance 12 law. The tax commissioner and the comptroller shall maintain a system of 13 accounts showing the amount of revenue collected or received from each 14 of the taxes imposed by the sections enumerated in subdivision one of 15 this section which represent such increased amounts or which were first 16 imposed after the effective date of this subdivision. 17 § 2. The state finance law is amended by adding a new section 54-n to 18 read as follows: 19 § 54-n. Tax reduction utilization security target fund. 1. Beginning 20 April first, two thousand twenty-six, and annually thereafter, each 21 city, village and town outside a village shall receive an appropriation 22 of state funds from amounts resulting from the increase or imposition of 23 additional taxes as determined by subdivision three of section one 24 hundred seventy-one-a of the tax law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04643-01-5 
 A. 4564 2 1 2. The amount appropriated to each municipality shall be the entire 2 amount under subdivision three of section one hundred seventy-one-a of 3 the tax law multiplied by the proportion which the full value of the 4 city, village or town outside a village bears to the full value of the 5 state taken as a whole. "Full value" means for each city, village and 6 town outside a village an amount equal to the total taxable assessed 7 value of property on the most recently completed assessment roll as 8 filed with the state comptroller divided by the final state equalization 9 rate established for such roll by the commissioner of taxation and 10 finance. 11 3. Payments made to cities, villages and towns pursuant to this 12 section shall be used to reduce each municipality's real property tax 13 levy. After the initial determination of the annual tax levy, the 14 assessor shall deduct the amount paid to the municipality and shall 15 adjust the tax levy before filing the warrant pursuant to section nine 16 hundred four of the real property tax law. 17 4. Payments made pursuant to this section shall be made on or before 18 June thirtieth of each state fiscal year to the chief fiscal officer of 19 each city, village and town on audit and warrant of the state comp- 20 troller out of moneys appropriated by the legislature for such purpose 21 to the credit of the local assistance fund in the general fund of the 22 state treasury. 23 § 3. This act shall take effect on the first of January next succeed- 24 ing the date on which it shall have become a law.