BILL NUMBER: S4333
SPONSOR: COMRIE
 
TITLE OF BILL:
An act to amend the public authorities law, in relation to exempting
certain public authorities from bond issuance charges
 
PURPOSE OR GENERAL IDEA OF BILL:
To exempt the Metropolitan Transit Authority ("MTA"), the New York City
Transit Authority, and the Triborough Bridge and Tunnel Authority from
bond issuance fees, notes or other obligations required under current
law.
 
SUMMARY OF PROVISIONS:
Section one of the bill amends subdivision 4 of section 2976 of the
Public Authorities Law to exempt the MTA, the New York City Transit
Authority, and the Triborough Bridge and Tunnel Authority from the state
bond issuance charge, as well as notes or other obligations.
Section two of the bill provides that this act shall take effect imme-
diately.
 
EXISTING LAW:
Currently, bonds issued by the MTA are subject to the bond issuance
charge imposed by Public Authorities Law section 2976.
 
JUSTIFICATION:
Recent fare and toll increases are adversely impacting the budgets of
hardworking New Yorkers. This proposal will reduce the cost of doing
business for the MTA, the New York City Transit Authority, and the
Triborough Bridge and Tunnel Authority, and in turn, reduce in part, the
need for future increases while allowing the MTA to reinvest the savings
into service.
 
PRIOR LEGISLATIVE HISTORY:
2024: S2872 Comrie- Passed Senate
S5845 2022
S 229 GOLDEN Same as A 1007 Cusick
 
FISCAL IMPLICATIONS:
None to the State.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S4333: 2976 public authorities law, 2976(4) public authorities law