S06482 Summary:

BILL NOS06482
 
SAME ASSAME AS A08964
 
SPONSORDEFRANCISCO
 
COSPNSRAVELLA
 
MLTSPNSR
 
Amd S179-v, St Fin L
 
Establishes that not-for-profit organizations and public benefit corporations shall be entitled to all prompt contracting interest due from a state agency at the time of the first payment.
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S06482 Actions:

BILL NOS06482
 
01/29/2014REFERRED TO FINANCE
04/29/20141ST REPORT CAL.421
04/30/20142ND REPORT CAL.
05/05/2014ADVANCED TO THIRD READING
05/28/2014PASSED SENATE
05/28/2014DELIVERED TO ASSEMBLY
05/28/2014referred to governmental operations
06/11/2014substituted for a8964
06/11/2014ordered to third reading rules cal.182
06/11/2014passed assembly
06/11/2014returned to senate
11/10/2014DELIVERED TO GOVERNOR
11/21/2014VETOED MEMO.518
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S06482 Memo:

Memo not available
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S06482 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6482
 
                    IN SENATE
 
                                    January 29, 2014
                                       ___________
 
        Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
          when printed to be committed to the Committee on Finance
 
        AN ACT to amend the state finance law, in relation  to  the  payment  of
          interest due to not-for-profit organizations and public benefit corpo-
          rations
 
          The  People of the State of New York, represented in Senate and Assem-

        bly, do enact as follows:
 
     1    Section 1. Subdivision 2 of section 179-v of the state finance law, as
     2  added by chapter 166 of the laws of 1991, is amended to read as follows:
     3    2. Such organizations shall  receive  such  interest  payments  within
     4  thirty  days  of  the  date  the  payment or payments required under the
     5  contract are made to any such organization; provided, however, if monies
     6  from any appropriation or appropriations  as  described  in  subdivision
     7  three  of  this section are not available for the payment of such inter-
     8  est, such payment shall be made immediately  after  such  monies  become
     9  available.  Such  interest payments shall be made at a rate equal to the
    10  rate set by the commissioner of taxation and finance for corporate taxes

    11  pursuant to paragraph one of subsection  (e)  of  section  one  thousand
    12  ninety-six  of  the  tax  law.  In  order  for a state agency to approve
    13  reimbursement of a not-for-profit organization or public benefit  corpo-
    14  ration at a rate other than the interest rate stated in this section the
    15  not-for-profit  organization  shall  submit documentation indicating the
    16  rate at which such funds were borrowed, the lender of such funds and any
    17  other information requested by the state agency, attorney general or the
    18  comptroller. The comptroller may disallow such portions of the  interest
    19  that the comptroller deems unreasonable.
    20    § 2. This act shall take effect immediately.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

                                                                   LBD13727-01-4
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