Directs any moneys derived from new or increased taxes be used to reduce local real property taxes.

New York S04614 amends the tax law and state finance law to ensure that any moneys derived from new or increased taxes are used to reduce local real property taxes. The bill establishes a tax reduction utilization security target fund and requires the tax commissioner and the comptroller to maintain accounts showing the revenue collected from increased taxes or new taxes. Payments from this fund are to be made to cities, villages, and towns to reduce their real property tax levies. The act takes effect on January 1 of the year following its enactment.

Directs any moneys derived from new or increased taxes be used to reduce local real property taxes.

New York S04614 amends the tax law and state finance law to ensure that any moneys derived from new or increased taxes are used to reduce local real property taxes. The bill establishes a tax reduction utilization security target fund and requires the tax commissioner and the comptroller to maintain accounts showing the revenue collected from increased taxes or new taxes. Payments from this fund are to be made to cities, villages, and towns to reduce their real property tax levies. The act takes effect on January 1 of the year following its enactment.