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A02353 Summary:

BILL NOA02353
 
SAME ASNo Same As
 
SPONSORRa
 
COSPNSRBarclay, Tague, Morinello, Brabenec, Manktelow, Hawley, Walsh, Blumencranz
 
MLTSPNSR
 
Amd §72, St Fin L
 
Relates to the payment of 5% of settlement funds totaling $1,000,000 or more to the principal balance of the state's general debt service fund.
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A02353 Actions:

BILL NOA02353
 
01/16/2025referred to ways and means
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A02353 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A2353
 
SPONSOR: Ra
  TITLE OF BILL: An act to amend the state finance law, in relation to the payment of portions of certain settlement funds to the state's general debt service fund   PURPOSE OR GENERAL IDEA OF BILL: This legislation will accelerate the timeline for payment of the State's debt by allocating five percent of any future settlements over one million dollars to the principal.   SUMMARY OF PROVISIONS: A new paragraph is added to Subdivision 4 of Section 72 of the State Finance Law.   JUSTIFICATION: Outstanding State-related debt exceeds $60 billion and is estimated to grow to over $87 billion in fiscal year 2027. In order to assure a pros- perous future for our State, this debt must be brought down to a manage- able level. Over the last ten years, the State has collected over $13 billion in settlement money from various lawsuits. Rather than directing all these one-time funds to additional State spending, it is fiscally responsible to dedicate a portion of any new settlement money towards the state debt.   PRIOR LEGISLATIVE HISTORY: A.3270 (2023-2024) - referred to Ways and Means A.5015 (2021-2022) - held for consideration in Ways and Means A.5904 (2019-2020) (Barclay) - held for consideration in Ways and Means A.6030 (2017-18) (Oaks) - held for consideration in Ways and Means A.10195 (2016) (Oaks) - held for consideration in Ways and Means   FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: To be determined, potential debt service savings for the State.   EFFECTIVE DATE: Immediately.
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A02353 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          2353
 
                               2025-2026 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 16, 2025
                                       ___________
 
        Introduced  by M. of A. RA, BARCLAY, TAGUE, MORINELLO, BRABENEC, MANKTE-
          LOW, HAWLEY, WALSH, BLUMENCRANZ --  read  once  and  referred  to  the
          Committee on Ways and Means
 
        AN  ACT  to  amend  the state finance law, in relation to the payment of
          portions of certain settlement  funds  to  the  state's  general  debt
          service fund

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Subdivision 4 of section 72 of the  state  finance  law  is
     2  amended by adding a new paragraph (c) to read as follows:
     3    (c) Five percent of any settlement money, totaling one million dollars
     4  or  more, paid to the state, shall be directly applied to the debt prin-
     5  cipal in the state's general debt service fund.
     6    § 2. This act shall take effect immediately.
 
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05712-01-5
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