Bill > S02251

This bill modifies the bond issuance charge requirements for public benefit corporations, specifically focusing on the New York City Housing Development Corporation (NYCHDC). Currently, public benefit corporations, including industrial development agencies and NYCHDC, must pay a bond issuance charge to the state when they issue bonds, with the charge calculated and submitted to the state department of taxation and finance within 15 days of the end of the month in which bonds are issued. The bill narrows the bond issuance charge for NYCHDC, stipulating that the charge will now only apply to bonds that require a new allocation from the current year's unified state bond volume ceiling or a carry-forward of private activity bond authority. This change effectively limits the circumstances under which NYCHDC will be required to pay the bond issuance charge, potentially reducing their financial burden. The bill will take effect 120 days after becoming law, with provisions allowing for immediate preparation of necessary rules and regulations.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S2251