Bill > S07526

This bill establishes an alternative formula for allocating private activity bond volume ceiling in New York State, replacing the existing allocation method established by the 1986 federal tax reform act. The bill creates a three-way division of the state's annual bond volume ceiling: one-third is reserved for local agencies (allocated proportionally based on population), one-third for state agencies, and one-third set aside as a statewide bond reserve administered by the director of the budget. The bill provides detailed procedures for how local and state agencies can apply for and use bond allocations, including provisions for future allocations for multi-year housing development projects, carryforward elections, and year-end allocation recapture. It also establishes a five-member policy advisory panel to monitor and provide advice on the allocation process, requiring transparency and reporting. The bill aims to maximize public benefit by supporting housing development, economic development, job creation, and providing an orderly allocation process. The provisions will be in effect until July 1, 2028, with some specific provisions expiring earlier on February 15, 2028. Key terms like "covered bonds" and "statewide ceiling" are comprehensively defined, and the bill includes requirements for listing new employment opportunities and considering workforce program participants for jobs created through bond-financed projects.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S7526