Bill Text: NY S00953 | 2023-2024 | General Assembly | Introduced


Bill Title: Enacts the "Excelsior Opportunity Accounts Act"; establishes a special fund for EO accounts within the department of financial services for certain eligible individuals born after December 31, 2025, who reside in the state, are under age 18, with household income not exceeding 700% of the poverty level; provides for contribution and investment of monies of fund.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO BANKS [S00953 Detail]

Download: New_York-2023-S00953-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                           953

                               2023-2024 Regular Sessions

                    IN SENATE

                                     January 9, 2023
                                       ___________

        Introduced  by  Sen.  COONEY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks

        AN ACT to amend the banking law, the tax law and the state finance  law,
          in relation to enacting the "excelsior opportunity accounts act"

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Short title. This act shall be known and may  be  cited  as
     2  the "excelsior opportunity accounts act".
     3    §  2. The banking law is amended by adding a new article 17 to read as
     4  follows:
     5                                  ARTICLE 17
     6                     EXCELSIOR OPPORTUNITY ACCOUNTS ACT
     7  Section 9100. Short title.
     8          9101. Definitions.
     9          9102. Excelsior opportunity fund established.
    10          9103. EO accounts.
    11          9104. Assignment, alienation, and treatment of deceased  account
    12                  holders.
    13          9105. Annual contribution certification.
    14          9106. Rules   governing  EO  accounts  relating  to  investment,
    15                  accounting, and reporting.
    16          9107. Excelsior opportunity fund board.
    17          9108. Accounts disregarded in determining eligibility for  state
    18                  benefits.
    19          9109. Reports.
    20          9110. Tax treatment.
    21    §  9100.  Short title. This article shall be known and may be cited as
    22  the "excelsior opportunity accounts act".
    23    § 9101. Definitions. As used  in  this  article,  unless  the  context
    24  otherwise requires, the following words and terms shall have the meaning
    25  ascribed to them:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02556-01-3

        S. 953                              2

     1    1. "Fund" means the excelsior opportunity fund established pursuant to
     2  section nine thousand one hundred two of this article.
     3    2.  "EO  account"  means  an excelsior opportunity account established
     4  under section nine thousand one hundred three of this article.
     5    3. "Superintendent" means the  superintendent  of  the  department  of
     6  financial services.
     7    4. "Department" means the department of financial services.
     8    5.  "Board"  means  the  excelsior  opportunity fund board established
     9  pursuant to section nine thousand one hundred six of this article.
    10    6. "Executive director" means the executive director appointed  pursu-
    11  ant to section nine thousand one hundred six of this article.
    12    7.  "Stock transfer tax fund" means the fund established under section
    13  ninety-two-b of the state finance law.
    14    8. "Eligible-individual" means any individual who:
    15    (a) was born after December thirty-first, two thousand twenty-five;
    16    (b) has a valid social security number;
    17    (c) is under eighteen years of age;
    18    (d) primarily resides in New York state; and
    19    (e) has household income not exceeding seven hundred  percent  of  the
    20  federal  poverty  line  for  a  family of four, as defined under section
    21  36B(d) of the internal revenue code of nineteen eighty-six, as  amended.
    22  In  determining  household income under this section, "household income"
    23  means the adjusted gross income for federal income tax purposes reported
    24  on the latest available federal or state income tax return filed by each
    25  member of household, provided that for married couples  filing  individ-
    26  ually, household income shall include the combined adjusted gross income
    27  reported for both such individual returns.
    28    §  9102.  Excelsior  opportunity  fund established. 1. There is hereby
    29  established in the joint  custody  of  the  state  comptroller  and  the
    30  commissioner  of  taxation and finance a special fund to be known as the
    31  "excelsior opportunity fund".
    32    2. Monies of the fund. The fund  shall  consist  of  the  sum  of  all
    33  amounts  paid  into  the fund under this article, increased by the total
    34  net earnings from investments of sums held in the fund or reduced by the
    35  total net losses from investments of sums held in the fund, and  reduced
    36  by  the  total amount of payments made from the fund, including payments
    37  for administrative expenses.
    38    3. Use of the fund. (a) The sums in  the  fund  are  appropriated  and
    39  shall remain available without fiscal year limitation:
    40    (i)  to  make  contributions  to  EO accounts pursuant to section nine
    41  thousand one hundred three of this article;
    42    (ii) to make investments pursuant to section nine thousand one hundred
    43  six of this article;
    44    (iii) to make distributions in accordance with this article;
    45    (iv) to pay the administrative expenses of carrying  out  this  title;
    46  and
    47    (v)  to  purchase  insurance  as provided in section nine thousand one
    48  hundred six of this article.
    49    (b) The monies of the fund shall not be appropriated or used  for  any
    50  purpose other than the purposes specified in this article.
    51    4. Transfers to the fund. The superintendent shall make transfers from
    52  the  stock  transfer  tax  fund  to  the  excelsior  opportunity fund as
    53  follows: (a) Upon receipt of a  certification  under  paragraph  (a)  of
    54  subdivision six of section nine thousand one hundred three of this arti-
    55  cle,  the superintendent shall make an initial contribution of one thou-
    56  sand dollars to such individual's EO account.

        S. 953                              3

     1    (b) For each subsequent year following an  initial  contribution  made
     2  pursuant  to  paragraph  (a)  of  this subdivision, and for each account
     3  certified under paragraph (b) of subdivision five of section nine  thou-
     4  sand  one  hundred three of this article, the annual contribution amount
     5  shall  be five hundred dollars until the individual attains age eighteen
     6  or is otherwise determined to be ineligible.
     7    § 9103. EO accounts. 1. Establishment. The  executive  director  shall
     8  establish  within  the  fund  an  "excelsior opportunity account" or "EO
     9  account" for each eligible-individual certified under  subdivision  five
    10  of  this section. Each such account shall be identified with its account
    11  holder by means of a unique personal identifier currently recognized  by
    12  the  internal revenue service and shall remain in the excelsior opportu-
    13  nity fund.
    14    2. Account balance. The balance in an account holder's EO  account  at
    15  any time is the excess of the sum of:
    16    (a) all deposits made into the fund and credited to such account under
    17  subdivision three of this section; and
    18    (b) the total amount of allocations and reductions made to the account
    19  pursuant to subdivision four of this section; less
    20    (c)  amounts  paid  out  of  the account or otherwise distributed with
    21  respect to such individual pursuant to this article.
    22    3. Crediting of contributions. Pursuant to regulations  prescribed  by
    23  the  executive  director, the executive director shall credit to each EO
    24  account the amounts paid  into  the  excelsior  opportunity  fund  under
    25  section  nine thousand one hundred two of this article which are attrib-
    26  utable to the holder of such account.
    27    4. Allocation of earnings and losses.  The  executive  director  shall
    28  allocate  to each EO account an amount equal to the net earnings and net
    29  losses from each investment of sums in which are attributable, on a  pro
    30  rata  basis, to sums credited to such account, reduced by an appropriate
    31  share of the administrative expenses paid out of the  net  earnings,  as
    32  determined by the executive director.
    33    5.  Certification  of account holders. (a) Automatic certification for
    34  certain individuals. For each child born in  this  state  on  and  after
    35  January first, two thousand twenty-five, the department of health, or in
    36  the  case  of  a  child  born in the city of New York, the New York city
    37  department of health and mental hygiene, shall transmit a copy  of  such
    38  child's  certificate of birth to the superintendent, the social security
    39  number issued to such child, and the name, address and  social  security
    40  number  of  each  parent  or  guardian of such child. The superintendent
    41  shall thereafter certify such child as an eligible-individual.
    42    (b) Certification of other individuals. In the case of  an  individual
    43  who is not certified under paragraph (a) of this subdivision, the parent
    44  or  guardian  of  such individual may request the establishment of an EO
    45  account under subdivision one of this  section  by  application  to  the
    46  executive  director. If the executive director determines that the indi-
    47  vidual on whose behalf the application is made is an  eligible-individu-
    48  al,  the  executive director shall certify the eligibility of such indi-
    49  vidual and shall establish an EO account for such  individual,  provided
    50  that  the  initial  contribution  and  each  annual contribution to such
    51  account shall be five hundred dollars.
    52    6. Restrictions on distributions. No amount may be distributed from an
    53  EO account before the account holder's eighteenth  birthday,  regardless
    54  of  whether  such individual no longer resides in the state or is other-
    55  wise ineligible for annual contributions under this article.

        S. 953                              4

     1    § 9104. Assignment, alienation,  and  treatment  of  deceased  account
     2  holders.  1. Assignment and alienation. An individual account holder may
     3  not assign, alienate or otherwise dispose of any portion of or  interest
     4  in  such  individual's  EO  account to another individual. The executive
     5  director  shall  promulgate rules and regulations by which an individual
     6  may voluntarily abandon an EO account.
     7    2. Accounts of deceased individuals. In the case of a deceased account
     8  holder of an EO account which has an account balance greater than  zero,
     9  upon  receipt  of notification of such individual's death, the executive
    10  director shall close such account and shall transfer the balance of  the
    11  account  to the EO account of such account holder's surviving spouse or,
    12  if there is no such account of a surviving spouse, to the duly appointed
    13  legal representative of the estate of the deceased account holder, or if
    14  there is no such representative, to the person or persons determined  to
    15  be  entitled  thereto  under  the  laws  of the domicile of the deceased
    16  account holder.
    17    § 9105. Annual  contribution  certification.  The  executive  director
    18  shall  establish  and  implement  a  process for parents or guardians of
    19  account holders to annually certify  their  eligibility  to  receive  an
    20  annual  contribution  pursuant  to  paragraph (b) of subdivision four of
    21  section nine thousand one hundred two of this article. The form shall be
    22  made available to each parent or guardian of an account holder  by  mail
    23  and  electronic means, and shall be conspicuously posted and made acces-
    24  sible on the department's website.
    25    § 9106. Rules governing EO accounts relating to  investment,  account-
    26  ing,  and  reporting.  1.  Investment  program. The superintendent shall
    27  establish an investment program, and the board shall  invest  monies  of
    28  the fund in debt obligations of the United States government with a term
    29  of  thirty  years  in accordance therewith. The investment program shall
    30  authorize the board to purchase insurance on investments made under this
    31  section.
    32    2. Accounting. The  executive  director  shall  create  and  establish
    33  procedures  for  accounting  consistent with the governmental accounting
    34  standards board.
    35    3. Confidentiality and disclosure. Except as otherwise authorized, the
    36  board, the executive director, and any employee of the board  shall  not
    37  disclose  information with respect to the fund or any account maintained
    38  therein. The executive director may, subject  to  the  rules  and  regu-
    39  lations  promulgated  for  such  purpose, disclose such information with
    40  respect to an individual EO account to such person  or  persons  as  the
    41  account holder or parent or guardian of the account holder may designate
    42  in  a request for or consent to such disclosure, or to such other person
    43  as the account holder or his or her designee may request, to the  extent
    44  necessary to comply with a request for information or assistance made by
    45  such account holder or designee.
    46    § 9107. Excelsior opportunity fund board. 1. The excelsior opportunity
    47  fund  board is hereby established within the department. The board shall
    48  work in collaboration with the superintendent and the executive director
    49  to implement and administer the provisions of this article.
    50    2. The board shall consist of seven voting members, to be appointed as
    51  follows: three members shall be appointed by the governor,  two  members
    52  shall  be  appointed  by  the temporary president of the senate, and two
    53  members shall be appointed by the speaker of the assembly. Membership of
    54  the board shall, to the greatest extent practicable, consist of  members
    55  representing  the  various  geographic regions of the state and shall be
    56  balanced and diverse in its composition. Members shall have expertise in

        S. 953                              5

     1  economics, investing, child development, family economics,  governmental
     2  accounting, and/or such other qualifications that the appointing author-
     3  ities deem necessary.
     4    3.  The  chairperson  of  the  board and the vice chairperson shall be
     5  elected from among the members of the board by a majority of the members
     6  of such board. The vice chairperson shall represent  the  board  in  the
     7  absence of the chairperson at all official board functions.
     8    4. The board shall meet as frequently as its business may require. All
     9  meetings  of  the  board  shall  be  conducted  in  accordance  with the
    10  provisions of article seven of the public officers law.
    11    5. The board shall assist in the development of the investment program
    12  and shall provide oversight and advice regarding the  administration  of
    13  the fund and EO accounts.
    14    6.  The  board  shall  develop an educational initiative that provides
    15  information and instruction on financial literacy, recommended  uses  of
    16  the distribution, and best practices for wealth generation upon distrib-
    17  ution of an EO account.
    18    §  9108.  Accounts  disregarded  in  determining eligibility for state
    19  benefits. Amounts in an EO account shall not be considered in  determin-
    20  ing  an  individual's  or household's eligibility for, or the amount of,
    21  any benefit or service, paid for in whole or in part with  state  funds,
    22  including  but not limited to any public assistance or financial assist-
    23  ance program under the social services law, any  student  financial  aid
    24  program and any other public benefit or assistance program.
    25    §  9109.  Reports. 1. Reports to the legislature. The executive direc-
    26  tor, in consultation with the superintendent, shall annually transmit  a
    27  written  report  to  the board no later than January first of each year.
    28  The board shall thereafter submit such report, together with  any  find-
    29  ings  and  recommendations thereon to the legislature. Such report shall
    30  include a detailed description of the status and operation of the  fund,
    31  the  management of EO accounts; a detailed accounting of the administra-
    32  tive expenses incurred in carrying out the provisions of  this  article,
    33  including  the  ratio  of such administrative expenses to the balance of
    34  the fund and the methodology adopted by the executive director for allo-
    35  cating such expenses among existing EO accounts.
    36    2. Reports to account holders. The board shall  prescribe  regulations
    37  under  which  each individual for whom an EO account is maintained shall
    38  be furnished with an annual statement relating to  such  account,  which
    39  shall include but not be limited to:
    40    (a) a statement of the balance of individual's EO account;
    41    (b)  a  projection  of the account's growth by the time the individual
    42  attains the age of eighteen; and
    43    (c) such other information as the superintendent and board deem  rele-
    44  vant.
    45    §  9110. Tax treatment. The excelsior opportunity fund and EO accounts
    46  shall be exempt from taxation.
    47    § 2. Subdivision 1 of section 280-a of the  tax  law,  as  amended  by
    48  chapter 578 of the laws of 1981, is amended to read as follows:
    49    1.  Except  as  otherwise  provided  in  subdivision  fifteen  of this
    50  section, where a tax shall have been paid under this article  a  portion
    51  of  the  amount paid shall be allowed as a rebate and such portion shall
    52  be paid to the taxpayer but only to the extent that moneys are available
    53  for the payment of such rebates in the  stock  transfer  incentive  fund
    54  established  pursuant  to section ninety-two-i of the state finance law.
    55  The portion of the amount of tax paid which is to be allowed as a rebate
    56  shall be thirty percent of the tax incurred  and  paid  on  transactions

        S. 953                              6

     1  subject  to the stock transfer tax occurring on and after October first,
     2  nineteen hundred seventy-nine and  on  or  before  September  thirtieth,
     3  nineteen  hundred  eighty and sixty percent of the tax incurred and paid
     4  on  such  transactions  occurring  on  and after October first, nineteen
     5  hundred eighty and on or before September  thirtieth,  nineteen  hundred
     6  eighty-one  and  all  of  the  amount  of tax incurred and paid shall be
     7  allowed as a rebate on transactions subject to the  stock  transfer  tax
     8  occurring on and after October first, nineteen hundred eighty-one and on
     9  or  before  September  thirtieth,  two  thousand  twenty-five, and fifty
    10  percent of the amount of tax incurred and paid shall  be  allowed  as  a
    11  rebate  on  transactions  subject to the stock transfer tax occurring on
    12  and after October first, two thousand twenty-five.
    13    §  3. Section 92-b of the state finance law, as added by chapter 91 of
    14  the laws of 1965 and as renumbered and subdivision 5 as added by chapter
    15  3 of the laws of 1966, subdivision 3 as amended by chapter  878  of  the
    16  laws  of  1977,  subdivision  4 as amended by chapter 724 of the laws of
    17  1979 and subdivision 7 as added by section 10 of part SS1 of chapter  57
    18  of the laws of 2008, is amended to read as follows:
    19    § 92-b. Stock transfer tax fund. 1. There is hereby established in the
    20  custody  of  the commissioner of taxation and finance a special fund, to
    21  be known as the stock transfer tax fund.
    22    2. Such fund shall consist of the  revenues  derived  from  the  stock
    23  transfer  tax  imposed  by  article  twelve of the tax law and all other
    24  moneys credited or transferred thereto from any  other  fund  or  source
    25  pursuant to law.
    26    3.  The  moneys received from such tax and other sources in such fund,
    27  after deducting the amount the  commissioner  of  taxation  and  finance
    28  shall  determine  to  be necessary for the reasonable costs of the state
    29  tax commission in administering, collecting and distributing  such  tax,
    30  commencing  with  the  fiscal  year ending March thirty-first, [nineteen
    31  hundred seventy-seven,  shall  be  appropriated  to  (i)  the  municipal
    32  assistance  corporation  for  the  city  of New York created pursuant to
    33  title three of article ten of the public authorities  law  in  order  to
    34  enable such corporation to fulfill the terms of any agreements made with
    35  the  holders  of  its  notes  and  bonds  and to carry out its corporate
    36  purposes including the maintenance of the capital reserve fund and  (ii)
    37  to  the  extent  such  moneys  are  not  required by such corporation as
    38  provided in subdivision seven of section ninety-two-d  of  this  chapter
    39  and,  after deducting the amount such commissioner shall determine to be
    40  necessary for reasonable costs of the state tax commission  in  adminis-
    41  tering  and  making  distributions  in accordance with the provisions of
    42  section two hundred eighty-a of the tax  law  from  the  stock  transfer
    43  incentive fund, to the stock transfer incentive fund created pursuant to
    44  section  ninety-two-i  of this chapter to enable rebates to be made from
    45  such fund under the provisions of section two hundred  eighty-a  of  the
    46  tax  law  and  (iii)  to the extent such moneys are not required by such
    47  fund, as certified by the commissioner  of  taxation  and  finance,  the
    48  balance  shall  be appropriated to the city of New York, for the support
    49  of local government] two thousand  twenty-five,  the  balance  shall  be
    50  deposited  into  the  account  for the excelsior opportunity fund estab-
    51  lished pursuant to article seventeen of the banking law.
    52    4. [After the deduction of such costs of the state tax  commission  in
    53  administering, collecting and distributing such tax, the balances in the
    54  stock transfer tax fund so appropriated shall be distributed and paid on
    55  the  last  business  day of September, December, March and June into the
    56  special account established for the municipal assistance corporation for

        S. 953                              7

     1  the city of New York in the municipal assistance  tax  fund  established
     2  pursuant  to  subdivision  one  of section ninety-two-d of this chapter,
     3  unless and to the extent the balances in such fund on each such  payment
     4  day are not required by such corporation as provided in said subdivision
     5  seven  of  said  section  ninety-two-d  in which case the balance not so
     6  required, if any, after the deduction of such costs  of  the  state  tax
     7  commission  in administering and making distributions in accordance with
     8  the provisions of section two hundred eighty-a of the tax law  from  the
     9  stock transfer incentive fund shall be distributed and paid to the stock
    10  transfer  incentive  fund in the custody of the commissioner of taxation
    11  and finance established pursuant to section ninety-two-i of this chapter
    12  and unless and to the extent that the balances in the stock transfer tax
    13  fund on each such payment day are not required  by  the  stock  transfer
    14  incentive  fund as provided in such section ninety-two-i of this chapter
    15  in which case the balance not so required, if any, shall be  distributed
    16  and  paid to the chief fiscal officer of the city of New York to be paid
    17  into the treasury of the city to the credit of the general fund or  paid
    18  by  the  commissioner  of  taxation and finance to such other account or
    19  fund as may be designated in writing by such  chief  fiscal  officer  at
    20  least ten business days prior to such last day and on each such day, the
    21  commissioner  of  taxation  and finance shall certify to the comptroller
    22  the amount deducted for administering, collecting and distributing  such
    23  tax  during  such  quarterly  period  and shall pay such amount into the
    24  general fund of the state treasury to the credit of the  state  purposes
    25  fund  therein. In no event shall any amount (other than the amount to be
    26  deducted for administering, collecting and  distributing  such  tax)  be
    27  distributed or paid from the stock transfer tax fund to any person other
    28  than  the  municipal  assistance  corporation  for  the city of New York
    29  unless and until the aggregate of all payments certified  to  the  comp-
    30  troller  as  required  by  such  corporation in order to comply with its
    31  agreements with the holders of its notes and bonds and to carry out  its
    32  corporate  purposes,  including  the  maintenance of the capital reserve
    33  fund, which remain unappropriated or unpaid to  such  corporation  shall
    34  have  been  appropriated to such corporation and shall have been paid in
    35  full provided, however, that no person, including  such  corporation  or
    36  the  holders  of  its notes or bonds shall have any lien on such tax and
    37  such agreements shall be executory only to the extent  of  the  balances
    38  available  to  the  state in such fund. If the balances in such fund are
    39  not required by such corporation pursuant  to  the  provisions  of  this
    40  subdivision,  on  each  such  last  business day of September, December,
    41  March and June, the commissioner of taxation and finance  shall  certify
    42  to  the  comptroller  the  amount  deducted for administering and making
    43  distributions in accordance with the provisions of section  two  hundred
    44  eighty-a  of  the  tax law from the stock transfer incentive fund during
    45  such quarterly period and he shall pay such amount into the general fund
    46  of the state treasury to the credit of the state purposes fund  therein.
    47  To  the  extent  such  moneys  are  not required by such corporation, as
    48  provided in subdivision seven of section ninety-two-d of  this  chapter,
    49  no amount thereof (other than such amount to be deducted for administer-
    50  ing,  collecting and distributing such tax and such costs in administer-
    51  ing and making  distributions  in  accordance  with  the  provisions  of
    52  section  two  hundred  eighty-a  of  the tax law from the stock transfer
    53  incentive fund) shall be distributed or paid from the stock transfer tax
    54  fund other than to such stock transfer incentive fund in the custody  of
    55  the  commissioner of taxation and finance unless and until the aggregate
    56  of all payments certified to the comptroller by such commissioner pursu-

        S. 953                              8

     1  ant to the provisions of such incentive fund  as  necessary  to  provide
     2  payments  on  account  of  rebates  authorized  pursuant  to section two
     3  hundred eighty-a of the tax law which remain unappropriated or unpaid to
     4  such  fund shall have been appropriated to such fund and shall have been
     5  paid in full provided, however, that no person, including  any  taxpayer
     6  under  article twelve of the tax law or any member or dealer referred to
     7  in subdivisions two-a and six of section two hundred  eighty-a  of  such
     8  law,  shall  have  any lien on this fund or the stock transfer incentive
     9  fund.
    10    5. In no fiscal year shall the total amount paid from the fund  exceed
    11  the  total  collections  during such fiscal year from the stock transfer
    12  tax pursuant to the provisions of article twelve of the tax law  and  as
    13  deposited to the credit of the stock transfer tax fund.
    14    6.] All payments from the stock transfer tax fund shall be made on the
    15  audit and warrant of the comptroller on vouchers approved by the commis-
    16  sioner of taxation and finance.
    17    [7.  When  all  the notes and bonds of the municipal assistance corpo-
    18  ration for the city of New York have been  fully  paid  and  discharged,
    19  together  with  interest  thereon and interest on unpaid installments of
    20  interest, and the chairman of the corporation makes  the  final  certif-
    21  ication  required  by  subdivision seven of section ninety-two-d of this
    22  article, the comptroller must notify the commissioner  of  taxation  and
    23  finance  that  all  remaining  funds held in the stock transfer tax fund
    24  must be released to the stock transfer incentive fund.  From  that  time
    25  forward,  all  funds previously deposited in the stock transfer tax fund
    26  pursuant to subdivision two of this section will be  deposited  directly
    27  into  the stock transfer incentive fund pursuant to all the rules, regu-
    28  lations or instructions  that  the  commissioner  may  prescribe,  after
    29  deducting  the  amount  the  commissioner determines to be necessary for
    30  reasonable costs of the  department  in  administering,  collecting  and
    31  distributing  the tax imposed by article twelve of the tax law. Notwith-
    32  standing any other provisions of  this  article,  to  the  extent  those
    33  moneys  are  not  required  by the stock transfer incentive fund for the
    34  purpose of administering and making distributions in accordance with the
    35  provisions of section two hundred eighty-a of the tax law, as  certified
    36  by  the commissioner of taxation and finance, the balance will be appro-
    37  priated to the city of New York for the support of local government.]
    38    § 3. Paragraph (c) of subdivision 1  of  section  93-b  of  the  state
    39  finance  law,  as added by section 1 of part H of chapter 60 of the laws
    40  of 2015, is amended to read as follows:
    41    (c) Sources of funds. The sources of funds shall consist of all moneys
    42  collected therefor, or  moneys  credited,  appropriated  or  transferred
    43  thereto  from  any  other  fund  or  source pursuant to law or any other
    44  moneys made available for the purposes of the fund,   including but  not
    45  limited  to  funds transferred from the stock transfer tax fund pursuant
    46  to subdivision three of section ninety-two-b of this article. Any inter-
    47  est received by the comptroller on moneys on deposit shall  be  retained
    48  and become part of the fund, unless otherwise directed by law.
    49    § 4. Subsection (c) of section 612 of the tax law is amended by adding
    50  a new paragraph 47 to read as follows:
    51    (47)  For  taxable  years  beginning on and after two thousand twenty-
    52  five, the amount of any contribution to or distribution from an  excels-
    53  ior  opportunity  account  pursuant  to article seventeen of the banking
    54  law, to the extent includible in federal adjusted gross income.
    55    § 5. This act shall take effect immediately.
feedback