Bill > S08687

This bill, known as the "New York State Master Plan on Aging 2026 Bond Act," authorizes the creation of state debt up to $5 billion to fund the implementation of recommendations from the New York State Master Plan for Aging Final Report, which includes nine core support areas and 126 proposals. The state comptroller is empowered to issue and sell bonds for this purpose, ensuring they are structured to be tax-exempt under federal law. The funds generated from these bonds will be used for state programs or assistance payments toward costs incurred by state or local agencies, not-for-profit entities, or higher educational institutions in carrying out the master plan's recommendations. This act will only take effect if approved by a majority of voters in the general election in November 2026, at which point the creation of the debt and the use of the funds will be authorized.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S8687