NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A6533
SPONSOR: Smith TITLE OF BILL:
An act to amend the state finance law, in relation to establishing the
city of New York education fund
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this bill is to create a funding source to address the
disparities between suburban and city schools in New York State by
creating an opportunity for city residents to invest in their children's
education by allowing the cities to implement a one percent property tax
exclusively dedicated to funding city schools.
SUMMARY OF PROVISIONS:
Section one of this bill amends the state finance law by adding sections
99-aa, 99-bb, 99-cc, 99-dd,and 99-ee. These sections allow for the
cities to create an education fund, which shall be used in conjunction
With money provided through the city's budget to support education.
Section two is the effective date.
JUSTIFICATION:
This bill would enable the cities to invest in the education of the
city's school children by allowing them to impose a one percent property
tax, which would go directly to their schools. State law has histor-
ically prohibited the cities from making an investment in their chil-
dren's education, this bill is an attempt to remove that impediment.
Under this legislation the cities will be allowed to make the same
investment opportunities in their children's education currently
afforded to the suburban and rural communities of the state.
PRIOR LEGISLATIVE .HISTORY:
2019 referred to ways and means
2020 referred to ways and means
2020 held for consideration in ways and means
2021 referred to ways and means
2022 held for consideration in ways and means
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None.
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
6533
2023-2024 Regular Sessions
IN ASSEMBLY
April 13, 2023
___________
Introduced by M. of A. SMITH -- read once and referred to the Committee
on Ways and Means
AN ACT to amend the state finance law, in relation to establishing the
city of New York education fund
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The state finance law is amended by adding a new section
2 99-qq to read as follows:
3 § 99-qq. City of New York education fund. 1. There is hereby estab-
4 lished in the joint custody of the mayor of the city of New York and the
5 commissioner of taxation and finance a special fund to be known as the
6 "city of New York education fund".
7 2. The city of New York education fund shall consist of moneys
8 collected from the additional imposition of one percent of real property
9 taxes on all classes within a city with a population of one million or
10 more.
11 3. Funding within the city of New York education fund shall be used in
12 conjunction with moneys provided through the city's budget to support
13 education programs.
14 4. Moneys in the fund shall be kept separately from and shall not be
15 commingled with any other moneys in the custody of the city.
16 § 2. This act shall take effect the first of April next succeeding the
17 date upon which it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01014-02-3
