A 2690 New York Assembly · 2025 Regular Session

Adds intergovernmental loans to the definition of state-supported debt

This bill amends the state finance law to include intergovernmental loans (loans between government entities) within the definition of "state-supported debt." It directly affects state agencies and public corporations that issue such loans, requiring them to account for these loans under the same reporting and oversight rules as bonds or notes. The key change clarifies that the state must be constitutionally or contractually obligated to repay the debt (subject to funding) for it to be classified as state-supported debt, excluding only contingent obligations. This adjustment standardizes how these financial instruments are tracked and reported in state debt calculations.
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2025
Committee Review
Floor Vote
Governor
Introduced Jan 22, 2025 Last action Jan 7, 2026
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Total actions
2
Key actions
0
Committee
2
Jan 7, 2026
Committee
REFERRED TO WAYS AND MEANS
lower
Jan 22, 2025
Committee
REFERRED TO WAYS AND MEANS
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Ed Ra
Ed Ra
RRepublican
NY
19