N.Y. Tax Law 1601 – Statement of purpose
§ 1601. Statement of purpose. This article is enacted to implement the amendment of section nine of article one of the state constitution, as approved by the vote of the people in the general election of November, nineteen hundred sixty-six, and to carry out the mandate thereof by establishing a lottery to be operated by the state, the net proceeds of which, for the fiscal year commencing April first, nineteen hundred seventy-six only, are to be applied exclusively for the purpose of providing aid to pupils with special educational needs and pupils with handicapping conditions. Thereafter, such net proceeds shall be applied for the purpose of providing supplemental aid to all school children pursuant to subdivision four of § 92-c of the state finance law so as to hold harmless those programs from any reduction during the next fiscal year and so as to ensure that thereafter, subject to the provisions of paragraph (v) of subdivision three and subdivision five of § 92-c of the state finance law and section four hundred ninety-five-a of Article ten-C of the education law, all increases from the proceeds of the lottery shall be dedicated as increases in the funds available for the purpose of this act.
Terms Used In N.Y. Tax Law 1601
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Lottery: means the lottery operated by the state pursuant to this article. See N.Y. Tax Law 1602