State Senator Michael Balboni (R/C-Mineola) has announced that New York drivers will be able to donate to a cancer research fund through the purchase of special Drive For the Cure license plates. The legislation, sponsored by Senator Balboni and passed in both the Assembly and Senate, is designed to generate additional funds in the fight against cancer.

"New Yorkers have repeatedly demonstrated their compassion and generosity to cancer victims through voluntary contributions on their tax returns and other programs," said Senator Balboni. "The Drive For the Cure initiative is an innovative way to create additional revenue for cancer research, and to show support for cancer patients."

The bills (S.3038/ A.5839) would establish a cancer research fund financed by drivers who voluntarily pay an additional $25 registration fee for a distinctive Drive For the Cure license plate. The increase of cancer diagnoses combined with limited financial resources necessitates new funding sources. Since motorists are required to purchase license plates, they would have the option at minimal added cost, to purchase the special plates and thereby contribute to cancer research.

Senator Balboni noted that revenues generated by the Drive For the Cure license plates would be used to fund research for all types of cancers, including prostate, ovarian and breast cancers.

The bills have been sent to Governor Pataki for consideration.

In a victory for taxpayers, Senator Balboni has announced that both houses of the New York State Legislature have passed legislation requiring mortgage institutions to adjust escrow accounts expeditiously upon receipt of property tax reductions resulting from the STAR school property tax cut program.

"The STAR program was intended to provide immediate property tax relief to homeowners, and not a windfall for mortgage institutions," said Senator Balboni. "This legislation makes it possible for homeowners to pocket their STAR savings as soon as they take effect."

According to Senator Balboni, present law requires mortgage institutions to adjust their escrow accounts once per year. In many cases, the bank's adjustment may occur months after the STAR tax reductions. This means that banks would still continue collecting payments in an unreduced rate, leading to a large, unnecessary and unjustified overage in the escrow account.

Under the provisions of the bill (S.5276/A.8075), lending institutions would be required to reduce a homeowner's escrow account in a timely manner after notification that the homeowner has received the STAR tax reduction. The measure would also ensure that mortgage institutions do not charge any additional fees for the adjustment of escrow accounts.

"The STAR program is one of the most popular and significant tax cut plans in New York State history. As the program expands, it is important that homeowners benefit from the property tax reduction as quickly as possible," concluded Senator Balboni.

The bill will be sent to Governor Pataki for consideration.