A sin tax bill has been introduced to the New York State Assembly that would create a new revenue stream for New York City's school construction authority.
The bill, introduced by Assemblyman James F. Brennan, D-Brooklyn, would amend the state's finance laws to create a city fund for school facilities. It would be funded with an increase in the New York City excise taxes on beer and liquor, a new tax on wine in the city, and a 5% surcharge on city lottery winnings.
The bill would provide about $50 million per year in revenues.
Mr. Brennan introduced the bill to stave off some of the proposed cuts in the city's capital program that affect school construction. The city estimated in 1989, when the school construction authority was created, that it would cost in excess of $10 billion to repair the city's schools.
It is estimated that about $600 million in bonds could be supported with this revenue stream.
