New York A02258 increases the maximum percentage of surplus revenues that can be deposited into the state tax stabilization reserve fund to 4 percent.

New York A02258 amends the state finance law to increase the maximum percentage of surplus revenues that can be deposited into the state tax stabilization reserve fund to 4 percent. This change allows for a greater portion of surplus funds to be allocated to the reserve fund, which can help stabilize state tax revenues. The bill specifies that any surplus moneys in the general fund over the norm for a fiscal year can be transferred to the tax stabilization reserve fund, up to the new 4 percent limit. This measure aims to provide a financial buffer for the state.

New York A02258 increases the maximum percentage of surplus revenues that can be deposited into the state tax stabilization reserve fund to 4 percent.

New York A02258 amends the state finance law to increase the maximum percentage of surplus revenues that can be deposited into the state tax stabilization reserve fund to 4 percent. This change allows for a greater portion of surplus funds to be allocated to the reserve fund, which can help stabilize state tax revenues. The bill specifies that any surplus moneys in the general fund over the norm for a fiscal year can be transferred to the tax stabilization reserve fund, up to the new 4 percent limit. This measure aims to provide a financial buffer for the state.