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Senate Bill S7658

2017-2018 Legislative Session

Directs the commissioner of taxation and finance to make certain monthly payments to the metropolitan transportation authority

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Archive: Last Bill Status - In Senate Committee Finance Committee

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2017-S7658 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
Taxation

2017-S7658 (ACTIVE) - Summary

Directs the commissioner of taxation and finance to make monthly payments to the metropolitan transportation authority from revenue generated by local sales and compensating use taxes in the city of New York.

2017-S7658 (ACTIVE) - Sponsor Memo

2017-S7658 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7658
 
                             I N  S E N A T E
 
                             February 5, 2018
                                ___________
 
 Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 AN ACT to direct the  commissioner  of  taxation  and  finance  to  make
   certain  payments  to  the  metropolitan transportation authority from
   local sales and compensating use taxes collected in the  city  of  New
   York

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Notwithstanding any other provision of law to the contrary,
 from the taxes, interest and penalties  collected  or  received  by  the
 commissioner  of taxation and finance with respect to the tax imposed by
 the city of New York pursuant to the authority of  section  1210,  1211,
 1212  or  1212-A  of  the  tax  law, the state comptroller shall pay, as
 directed  in  writing  by  the  director  of  the  budget,  the  sum  of
 $35,666,667  on or before the twelfth day of each month from such taxes,
 penalties and interest collected or received by such commissioner during
 the previous month to a governmental fund or funds of the state treasury
 to be paid to the metropolitan transportation authority,  and  shall  be
 used  by  such  authority  for the purposes of funding the subway action
 plan. The state comptroller shall make the first payment to  the  metro-
 politan  transportation  authority  on or before the twelfth day of May,
 2018 from the taxes, penalties and interest collected or received during
 April 2018 and the last payment pursuant to this act on  or  before  the
 twelfth  day  of  April,  2019  from  the  taxes, penalties and interest
 collected or received during March 2019. Provided, however, that  in  no
 event  shall  such  payments  exceed  $428,000,000 in a fiscal year; and
 provided, further, that such payments shall not  reduce  the  reasonable
 costs  of such commissioner under subdivision (b) of section 1261 of the
 tax law.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14400-02-8

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