§ 17. Authorizing the legislature to establish a fund or funds for tax revenue stabilization reserves; regulating payments thereto and withdrawals therefrom.

214 words·~1 min read·/ny/constitution/state-finances/17

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§ 17. The legislature may establish a fund or funds to aid in the

stabilization of the tax revenues of the state available for expenditure

or distribution. Any law creating such a fund shall specify the tax or

taxes to which such fund relates, and shall prescribe the method of

determining the amount of revenue from any such tax or taxes which shall

constitute a norm of each fiscal year. Such part as shall be prescribed

by law of any revenue derived from such tax or taxes during a fiscal

year in excess of such norm shall be paid into such fund. No moneys

shall at any time be withdrawn from such fund unless the revenue derived

from such tax or taxes during a fiscal year shall fall below the norm

for such year; in which event such amount as may be prescribed by law,

but in no event an amount exceeding the difference between such revenue

and such norm, shall be paid from such fund into the general fund.

No law changing the method of determining a norm or prescribing the

amount to be paid into such a fund or to be paid from such a fund into

the general fund may become effective until three years from the date of

its enactment.