NY State Fin L § 92 (2021)
2021 New York Laws STF - State Finance Article 6 - Funds of the State 92 - Tax Stabilization Reserve Fund.

§ 92. Tax stabilization reserve fund. 1. There is hereby established a   fund  to  be  known  as  the  tax  stabilization  reserve  fund  for the   stabilization of the revenues of the state derived from the taxes,  fees   and  other  sources  required by law to be paid into the general fund of   the state treasury.2. The aggregate amount disbursed from the  general  fund  during  the   fiscal year shall constitute the norm for such fiscal year of the amount   of  revenues  from  such  taxes,  fees  and  other sources, and the term   "norm," as used in this section, shall mean such aggregate amount.3. At the close of each fiscal year any cash surplus remaining in  the   general  fund  over  and  above  the  norm for such fiscal year shall be   transferred from or  retained  in  such  fund  as  hereinafter  in  this   subdivision   provided.   There   shall   be   transferred  to  the  tax   stabilization reserve fund  all  of  such  surplus  moneys,  up  to  and   including  an  amount equivalent to two-tenths of one per centum of such   norm, unless such transfer would increase such reserve fund to an amount   in excess of two per centum of the amount of the norm  for  such  fiscal   year,  in  which  event such transfer shall be limited to such amount as   will increase such reserve fund to such two per centum  limitation.  Any   balance  of  such  surplus  moneys,  thereafter remaining in the general   fund, shall be retained in such fund and be available for the  reduction   of state taxes.4.  In  the  event  that  at the close of any fiscal year the receipts   derived from the taxes, fees and other  sources,  required  to  be  paid   during  such  fiscal  year into the general fund of the state shall fall   below the norm for such fiscal year, there shall be transferred from the   tax stabilization reserve fund to the general fund to  the  extent  that   there  are  sufficient  moneys in the tax stabilization reserve fund, an   amount equal to the difference between the norm and the amount  of  such   receipts. If such transfer reduces the tax stabilization reserve fund to   an amount less than two per centum of the norm for such fiscal year, the   amount  so  transferred shall be repaid in cash prior to the computation   and payment of any transfer to the fund pursuant to subdivision three of   this section in not less than three equal annual installments within the   period of six years or less next succeeding the date of  such  transfer;   provided,  however,  that  if any such annual installment shall increase   such reserve fund to an amount in excess of two per centum of the amount   of the norm for the then current fiscal year, such installment shall  be   limited  to  such  amount as will increase such reserve fund to such two   per centum limitation and no further repayment of the whole or any  part   of  such  transfer  shall  be  required  in  any subsequent fiscal year.   Repayments to the tax stabilization reserve fund shall be stipulated  in   annual budget bills.5.  Moneys  in  the  tax stabilization reserve fund may be temporarily   loaned to the general fund during any fiscal year in anticipation of the   receipt of revenues from taxes, fees and other sources  required  to  be   paid   into  the  general  fund  during  such  fiscal  year.  Moneys  so   temporarily loaned shall be repaid in cash during the same  fiscal  year   from  revenues  received from such taxes, fees and other sources as such   revenues are  received,  to  the  extent  that  such  revenues  are  not   necessary  for current expenditures required to be made from the general   fund. In the event that any moneys so temporarily loaned  remain  unpaid   at the close of the fiscal year, the amount so remaining unpaid shall be   deemed a transfer from the tax stabilization reserve fund to the general   fund  to the same extent as if such moneys were transferred at the close   of the fiscal year pursuant to the provisions  of  subdivision  four  of   this  section,  and  the  provisions of such subdivision as to repayment    shall control. Temporary loans  pursuant  to  this  paragraph  shall  be   without interest.