Senate Bill S3929

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3929

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                              April 6, 2009
                               ___________

Introduced  by Sen. THOMPSON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law and the state finance law,  in  relation  to
  the disposition of revenue

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 1421 of the tax law, as amended  by  section  1  of
part  T  of  a  chapter of the laws of 2009 amending the tax law and the
state finance law relating to real estate transfer tax revenue  deposits
into  the environmental protection fund, as proposed in legislative bill
numbers S.59-B and A.159-B, is amended to read as follows:
  S 1421. Deposit and dispositions of revenues. From the taxes, interest
and penalties attributable to the tax imposed pursuant to section  four-
teen  hundred  two  of this article, the amount of thirty-three and one-
half million dollars shall be deposited by the comptroller in the  envi-
ronmental  protection  fund established pursuant to section ninety-two-s
of the state finance law for the  fiscal  year  beginning  April  first,
nineteen hundred ninety-five; the amount of eighty-seven million dollars
shall  be  deposited  in  such fund for the fiscal years beginning April
first, nineteen hundred ninety-six and  nineteen  hundred  ninety-seven;
the  amount  of one hundred twelve million dollars shall be deposited in
such fund for the fiscal years beginning April first,  nineteen  hundred
ninety-eight,  nineteen  hundred ninety-nine, two thousand, two thousand
one, two thousand two, two thousand three, two  thousand  four  and  two
thousand  five;  the  amount of one hundred thirty-seven million dollars
shall be deposited in such fund for  the  fiscal  year  beginning  April
first,  two  thousand  six;  the  amount  of  two hundred twelve million
dollars shall be deposited in such fund for the  fiscal  year  beginning
April  first, two thousand seven; the amount of two hundred thirty-seven
million dollars shall be deposited in such  fund  for  the  fiscal  year

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10908-01-9
              

S. 3929                             2

beginning  April  first,  two  thousand eight; the amount of one hundred
ninety-nine million three hundred thousand dollars shall be deposited in
such fund for four fiscal years  beginning  April  first,  two  thousand
nine;  AND  THE AMOUNT OF TWO HUNDRED EIGHTY-SEVEN MILLION DOLLARS SHALL
BE DEPOSITED IN SUCH FUND FOR THE FISCAL YEAR BEGINNING APRIL FIRST, TWO
THOUSAND THIRTEEN; and for each fiscal year thereafter; provided however
that at the direction of the  director  of  the  budget,  an  additional
amount  of  up  to  twenty-five million dollars may be deposited in such
fund for the fiscal year beginning April first, two thousand  seven  and
ending  March  thirty-first,  two  thousand  eight,  for  disposition as
provided under such section. On or before June twelfth, nineteen hundred
ninety-five and on or before the twelfth day of  each  month  thereafter
(excepting  the  first and second months of each fiscal year), the comp-
troller shall deposit into such fund from the taxes, interest and penal-
ties collected pursuant to such section fourteen  hundred  two  of  this
article which have been deposited and remain to the comptroller's credit
in  the  banks, banking houses or trust companies referred to in section
one hundred seventy-one-a of this chapter at the close  of  business  on
the last day of the preceding month, an amount equal to one-tenth of the
annual  amount  required  to  be deposited in such fund pursuant to this
section for the fiscal year in which such  deposit  is  required  to  be
made.  In  the  event  such  amount  of taxes, interest and penalties so
remaining to the comptroller's credit is less than the  amount  required
to  be deposited in such fund by the comptroller, an amount equal to the
shortfall shall be deposited in such fund by the comptroller with subse-
quent deposits, as soon as the revenue  is  available.  Beginning  April
first,  nineteen  hundred  ninety-seven,  the comptroller shall transfer
monthly to the  clean  water/clean  air  fund  established  pursuant  to
section  ninety-seven-bbb of the state finance law, all moneys remaining
from such taxes, interest and penalties collected that are not  required
for deposit in the environmental protection fund.
  S  2. Section 92-s of the state finance law is amended by adding a new
subdivision 10 to read as follows:
  10. NO LATER THAN APRIL FIRST, TWO THOUSAND THIRTEEN,  DEPOSITS  SHALL
BE  MADE  IN  AN  AMOUNT NECESSARY TO REPAY THE ENVIRONMENTAL PROTECTION
FUND, BY THE YEAR TWO THOUSAND TWENTY, FOR PAST TRANSFERS MADE FROM  THE
ENVIRONMENTAL PROTECTION FUND INTO THE GENERAL FUND.
  S  3.  This act shall take effect immediately, provided, however, that
section one of this act shall take effect on the same date  and  in  the
same  manner  as  section  1  of part T of a chapter of the laws of 2009
amending the tax law and the state finance law relating to  real  estate
transfer  tax  revenue deposits into the environment protection fund, as
proposed in legislative bill numbers S.59-B and A.159-B, takes effect.