Bill Text: NY A03270 | 2023-2024 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Republican 11-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A03270 Detail]

Download: New_York-2023-A03270-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          3270

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    February 2, 2023
                                       ___________

        Introduced  by  M.  of  A.  RA, BARCLAY, J. M. GIGLIO, TAGUE, MORINELLO,
          BRABENEC, MANKTELOW, HAWLEY, WALSH -- 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.
                                                                   LBD07323-01-3