Maddy summaryThis bill (A 7786, "Sovereign Debt Stability Act") creates a voluntary legal framework for foreign governments or subnational entities (like states/provinces) with debt governed by New York law to restructure unsustainable debt. It directly affects debtor nations or subnational units holding debt under New York jurisdiction, requiring them to choose between two restructuring pathways (Section 223 or Section 230) and notify creditors. Key mechanisms include a debtor state filing a petition, appointing an independent monitor to facilitate agreements, and requiring creditor participation under "burden-sharing standards" to ensure equitable cost distribution. The law aims to protect New York's financial interests by reducing systemic risk, preventing defaults that could harm its economy, and supporting international debt relief efforts.
Asm. Phil Ramos
Sponsored bills
Creates deduction from franchise tax and personal income tax for costs of acquiring or improving a child care facility operated for profit; creates deduction from corporation tax, franchise tax, personal income tax and tax on banks for costs of acquiring or improving a child care facility operated primarily for children of taxpayer's employees.
Provides a tax credit of up to five hundred dollars to individuals with disabilities for using transportation network companies to get to work and/or school.
Enacts the "Wandering Officers Act" prohibiting provisional or permanent appointment of a person as a police officer if such person has previously been fired as a police officer from any jurisdiction within or without the state, if such person left a position as a police officer either while under an investigation or while being the subject of a disciplinary action which could result in termination from any jurisdiction within or without the state, or if such person resigned while criminal charges were pending stemming from actions committed while on duty as a police officer in any jurisdiction within or without the state.
Relates to police staffing at certain parks; bases the number of officers deployed to regions upon a percentage of the region's park attendance average.
Requires the state liquor authority to provide notice to state legislative representatives upon receipt of an application for a liquor license in their district.
Provides voting membership to existing non-voting rider representatives on the MTA Board, provides for enhanced representation of MTA riders with disabilities.
Establishes a license to sell liquor at retail for consumption on premises in a cigar lounge; defines "cigar lounge"; requires cigar lounges to provide written notification warning employees of the dangers of exposure to tobacco smoke.
Establishes the teachers' fossil fuel divestment act; requires the New York state teachers' retirement system to divest the retirement system of any stocks, securities, equities, assets, or other obligations of corporations or companies included on an exclusion list of coal producers and oil and gas producers.
Relates to the proper form of exhibits for submission; provides every exhibit shall be clearly identified, but no specific method of labeling shall be required.