This bill (S 132) prevents town, city, or county industrial development agencies from waiving taxes that would otherwise go to school districts. It prohibits these agencies from entering into agreements that replace tax payments (like "payment in lieu of taxes") or waiving other taxes directly payable to school districts. The law ensures school districts retain all tax revenue that would have been collected from industrial development projects. This directly affects local industrial development agencies and school districts by requiring full tax payments instead of waivers.
This bill allows taxpayers to subtract interest paid on qualified education loans and specific "education debt" from their taxable income. It creates two deduction options: (A) interest on loans already deductible under federal tax rules (26 U.S.C. §221), and (B) interest on state or federal student loans used solely for undergraduate tuition/expenses at college. Taxpayers cannot claim both deductions for the same expenses. The policy directly affects individuals with education-related debt who file state tax returns in this jurisdiction.
Bill S 3003 appropriates specific amounts of money for the "Aid to Localities Budget," providing financial support to local governments for the fiscal year beginning April 1, 2025. It also reappropriates unspent funds from prior years and allows for the allocation of federal grants. A key provision grants the budget director authority to withhold these funds if a general fund imbalance of $2 billion or more is projected for fiscal year 2025-26. However, certain payments like public assistance, debt service, and those mandated by federal law or court orders are exempt from these potential withholdings. The bill outlines a process for notification and legislative review if such withholdings are initiated.
This bill, S 3000, allocates funds for the daily operations of state government agencies and services for the fiscal year beginning April 1, 2025. It appropriates new funds and reappropriates unspent balances from previous years for various public officers and specified purposes. A key provision authorizes the budget director to withhold certain appropriated payments if a general fund imbalance of $2 billion or more is projected for the fiscal year. However, payments for public assistance, debt service, and those mandated by federal law or court orders are exempt from such withholdings, and the legislature has a period to propose an alternative plan.
Requires that any ballot proposition creating a state debt shall contain an estimate of the amortization period and the total expected debt service payable thereon until the bonds issued pursuant to such proposition are retired; relates to deposits to the tax stabilization reserve fund; provides that at least 10% of any surplus shall be used to pay down state debt.
Bill A 3000, titled the State Operations Budget, appropriates funds for the ongoing operations of state government for the fiscal year beginning April 1, 2025. It allocates new money and reappropriates unspent funds from previous years to support various state agencies and their functions. A key provision allows the budget director to temporarily withhold certain payments if the state projects a general fund imbalance of $2 billion or more. However, specific payments like public assistance, debt service, and those mandated by federal law or court orders are exempt from these potential withholdings. The legislature is also given a period to propose an alternative plan before any withholdings take effect.
Requires the state pay taxes on the assessed value of properties of closed state prisons until such prison is reopened, used by another state agency, or is conveyed to a non-governmental entity.
S 1296 establishes a cap on annual growth for state spending on day-to-day operations (excluding federal funds and capital projects). The cap equals the average of the prior three years' inflation rates (or 2%, whichever is lower). The governor must certify budget proposals don't exceed this cap, and the comptroller verifies compliance after the legislature acts. Exceptions allow exceeding the cap only during declared emergencies with a two-thirds legislative vote. This directly affects how the governor and legislature draft and approve the state budget each year.
Requires balanced budgeting and spending; amends limitations on state supported debt; prohibits a message of necessity for budget bills; establishes the Rainy day fund as a constitutionally mandated provision.
Bill S 7526, known as the "private activity bond allocation act of 2025," establishes a new formula for distributing the state's annual volume ceiling for certain tax-exempt private activity bonds. This bill directly affects state and local government agencies, as well as other entities that issue these bonds for projects such as housing, economic development, and job creation.
The bill divides the statewide bond volume ceiling into three equal portions. One-third is set aside for local agencies based on population, another third for state agencies, and the final third forms a statewide bond reserve for additional allocations to either state or local entities. This system aims to create an orderly and efficient process for allocating these bonds, which require an allocation to qualify for federal tax exemption.
