Bill Text: NY A07129 | 2017-2018 | General Assembly | Amended

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Bill Title: Allows an individual in any taxable year to elect to contribute to the City University of New York (CUNY); all revenues collected shall be credited to the City University Construction Fund; the trustees of such fund shall report before the first of February each year on how such monies were utilized.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2018-06-18 - substituted by s1198a [A07129 Detail]

Download: New_York-2017-A07129-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         7129--A
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     April 10, 2017
                                       ___________
        Introduced  by  M. of A. WILLIAMS -- Multi-Sponsored by -- M. of A. COOK
          -- read once and referred to the Committee on Ways and Means -- recom-
          mitted to the Committee on Ways and Means in accordance with  Assembly
          Rule  3,  sec.  2  --  committee  discharged,  bill  amended,  ordered
          reprinted as amended and recommitted to said committee
        AN ACT to amend the tax law and the education law, in relation  to  gift
          for city university of New York
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The tax law is amended by adding a  new  section  630-f  to
     2  read as follows:
     3    §  630-f.  Gift  for city university of New York. An individual in any
     4  taxable year may elect to contribute to the city university of New York.
     5  Such contribution shall be in any whole  dollar  amount  and  shall  not
     6  reduce the amount of state tax owed by such individual. The commissioner
     7  shall  include  space  on  the  personal  income  tax return to enable a
     8  taxpayer to make such contribution. Notwithstanding any other  provision
     9  of law all revenues collected pursuant to this section shall be credited
    10  to  the city university construction fund and used only for the purposes
    11  enumerated in section sixty-two hundred seventy-three of  the  education
    12  law.
    13    §  2.  Section  6278  of  the education law is amended by adding 3 new
    14  subdivisions (g), (h) and (i) to read as follows:
    15    (g) To the extent practicable, the trustees of the fund  shall  ensure
    16  that  all monies received during a fiscal year are expended prior to the
    17  end of such fiscal year.
    18    (h) On or before the first of  February  each  year,  the  comptroller
    19  shall  certify  to  the governor, the temporary president of the senate,
    20  the speaker of the assembly, the chair of the senate  finance  committee
    21  and  the  chair  of the assembly ways and means committee, the amount of
    22  money deposited in the fund during the preceding calendar  year  as  the
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02137-02-8
        A. 7129--A                          2
     1  result  of  revenue  derived pursuant to section six hundred thirty-f of
     2  the tax law.
     3    (i)  On or before the first of February each year, the trustees of the
     4  fund shall provide a written report to the temporary  president  of  the
     5  senate,  the  speaker  of  the assembly, the chair of the senate finance
     6  committee, the chair of the assembly ways and means committee, the chair
     7  of the senate committee on higher education, the chair of  the  assembly
     8  committee on higher education, and the public. Such report shall include
     9  how  the  monies of the fund were utilized during the preceding calendar
    10  year and shall include:
    11    (1) the amount of money dispersed from the fund;
    12    (2) recipients of awards from the fund;
    13    (3) the amount awarded to each recipient;
    14    (4) the purposes for which such awards were granted; and
    15    (5) a summary financial plan for such monies which shall include esti-
    16  mates of all receipts and all disbursements for the current and succeed-
    17  ing fiscal years, along with the actual results from  the  prior  fiscal
    18  year.
    19    § 3. This act shall take effect immediately.