S T A T E O F N E W Y O R K
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2104
2017-2018 Regular Sessions
I N A S S E M B L Y
January 17, 2017
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Introduced by M. of A. PEOPLES-STOKES, JAFFEE, SEPULVEDA, ORTIZ, RYAN,
SALADINO -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law and the state finance law, in relation to
the stock transfer tax and to creating the statewide pre-k fund
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 1 of section 280-a of the tax law, as amended
by chapter 578 of the laws of 1981, is amended to read as follows:
1. Except as otherwise provided in subdivision fifteen of this
section, where a tax shall have been paid under this article a portion
of the amount paid shall be allowed as a rebate and such portion shall
be paid to the taxpayer but only to the extent that moneys are available
for the payment of such rebates in the stock transfer incentive fund
established pursuant to section ninety-two-i of the state finance law.
The portion of the amount of tax paid which is to be allowed as a rebate
shall be thirty percent of the tax incurred and paid on transactions
subject to the stock transfer tax occurring on and after October first,
nineteen hundred seventy-nine and on or before September thirtieth,
nineteen hundred eighty and sixty percent of the tax incurred and paid
on such transactions occurring on and after October first, nineteen
hundred eighty and on or before September thirtieth, nineteen hundred
eighty-one and all of the amount of tax incurred and paid shall be
allowed as a rebate on transactions subject to the stock transfer tax
occurring on and after October first, nineteen hundred eighty-one AND ON
OR BEFORE SEPTEMBER THIRTIETH, TWO THOUSAND SEVENTEEN, AND THIRTY
PERCENT OF THE TAX INCURRED AND PAID SHALL BE ALLOWED AS A REBATE ON
SUCH TRANSACTIONS OCCURRING ON AND AFTER OCTOBER FIRST, TWO THOUSAND
SEVENTEEN.
§ 2. Subdivisions 3 and 4 of section 92-b of the state finance law,
subdivision 3 as amended by chapter 878 of the laws of 1977, subdivision
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01276-01-7
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4 as amended by chapter 724 of the laws of 1979, are amended to read as
follows:
3. The moneys received from such tax and other sources in such fund,
after deducting the amount the commissioner of taxation and finance
shall determine to be necessary for reasonable costs of the state tax
commission in administering, collecting and distributing such tax,
commencing with the fiscal year ending March thirty-first, nineteen
hundred seventy-seven, shall be appropriated to (i) the municipal
assistance corporation for the city of New York created pursuant to
title three of article ten of the public authorities law in order to
enable such corporation to fulfill the terms of any agreements made with
the holders of its notes and bonds and to carry out its corporate
purposes including the maintenance of the capital reserve fund and (ii)
to the extent such moneys are not required by such corporation as
provided in subdivision seven of section ninety-two-d of this [chapter]
ARTICLE and, after deducting the amount such commissioner shall deter-
mine to be necessary for reasonable costs of the state tax commission in
administering and making distributions in accordance with the provisions
of section two hundred eighty-a of the tax law from the stock transfer
incentive fund, to the stock transfer incentive fund created pursuant to
section ninety-two-i of this [chapter] ARTICLE to enable rebates to be
made from such fund under the provisions of section two hundred eighty-a
of the tax law and (iii) to the extent such moneys are not required by
such fund, as certified by the commissioner of taxation and finance, the
balance shall be appropriated to the [city of New York, for the support
of local government] STATEWIDE PRE-K FUND ESTABLISHED PURSUANT TO
SECTION NINETY-TWO-O OF THIS ARTICLE.
4. After the deduction of such costs of the state tax commission in
administering, collecting and distributing such tax, the balances in the
stock transfer tax fund so appropriated shall be distributed and paid on
the last business day of September, December, March and June into the
special account established for the municipal assistance corporation for
the city of New York in the municipal assistance tax fund established
pursuant to subdivision one of section ninety-two-d of this [chapter]
ARTICLE, unless and to the extent the balances in such fund on each such
payment day are not required by such corporation as provided in said
subdivision seven of said section ninety-two-d in which case the balance
not so required, if any, after the deduction of such costs of the state
tax commission in administering and making distributions in accordance
with the provisions of section two hundred eighty-a of the tax law from
the stock transfer incentive fund shall be distributed and paid to the
stock transfer incentive fund in the custody of the commissioner of
taxation and finance established pursuant to section ninety-two-i of
this [chapter] ARTICLE and unless and to the extent that the balances in
the stock transfer tax fund on each such payment day are not required by
the stock transfer incentive fund as provided in such section ninety-
two-i of this [chapter] ARTICLE in which case the balance not so
required, if any, shall be distributed and paid to the [chief fiscal
officer of the city of New York to be paid into the treasury of the city
to the credit of the general fund or paid by the commissioner of taxa-
tion and finance to such other account or fund as may be designated in
writing by such chief fiscal officer at least ten business days prior to
such last day and on each such day, the] STATEWIDE PRE-K FUND ESTAB-
LISHED PURSUANT TO SECTION NINETY-TWO-O OF THIS ARTICLE. THE commis-
sioner of taxation and finance shall certify to the comptroller the
amount deducted for administering, collecting and distributing such tax
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during such quarterly period and shall pay such amount into the general
fund of the state treasury to the credit of the state purposes fund
therein. In no event shall any amount (other than the amount to be
deducted for administering, collecting and distributing such tax) be
distributed or paid from the stock transfer tax fund to any person other
than the municipal assistance corporation for the city of New York
unless and until the aggregate of all payments certified to the comp-
troller as required by such corporation in order to comply with its
agreements with the holders of its notes and bonds and to carry out its
corporate purposes, including the maintenance of the capital reserve
fund, which remain unappropriated or unpaid to such corporation shall
have been appropriated to such corporation and shall have been paid in
full provided, however, that no person, including such corporation or
the holders of its notes or bonds shall have any lien on such tax and
such agreements shall be executory only to the extent of the balances
available to the state in such fund. If the balances in such fund are
not required by such corporation pursuant to the provisions of this
subdivision, on each such last business day of September, December,
March and June, the commissioner of taxation and finance shall certify
to the comptroller the amount deducted for administering and making
distributions in accordance with the provisions of section two hundred
eighty-a of the tax law from the stock transfer incentive fund during
such quarterly period and he shall pay such amount into the general fund
of the state treasury to the credit of the state purposes fund therein.
To the extent such moneys are not required by such corporation, as
provided in subdivision seven of section ninety-two-d of this [chapter]
ARTICLE, no amount thereof (other than such amount to be deducted for
administering, collecting and distributing such tax and such costs in
administering and making distributions in accordance with the provisions
of section two hundred eighty-a of the tax law from the stock transfer
incentive fund) shall be distributed or paid from the stock transfer tax
fund other than to such stock transfer incentive fund OR THE STATEWIDE
PRE-K FUND in the custody of the commissioner of taxation and finance
unless and until the aggregate of all payments certified to the comp-
troller by such commissioner pursuant to the provisions of such incen-
tive fund as necessary to provide payments on account of rebates author-
ized pursuant to section two hundred eighty-a of the tax law which
remain unappropriated or unpaid to such fund shall have been appropri-
ated to such fund and shall have been paid in full provided, however,
that no person, including any taxpayer under article twelve of the tax
law or any member or dealer referred to in subdivisions two-a and six of
section two hundred eighty-a of such law, shall have any lien on this
fund or the stock transfer incentive fund.
§ 3. The state finance law is amended by adding a new section 92-o to
read as follows:
§ 92-O. THE STATEWIDE PRE-K FUND. 1. THERE IS HEREBY ESTABLISHED IN
THE JOINT CUSTODY OF THE COMMISSIONER OF TAXATION AND FINANCE AND THE
COMMISSIONER OF EDUCATION A SPECIAL FUND TO BE KNOWN AS THE STATEWIDE
PRE-K FUND.
2. SUCH FUND SHALL CONSIST OF MONEYS PAID THERETO FROM THE STOCK
TRANSFER TAX FUND AS PROVIDED IN SUBDIVISION FOUR OF SECTION
NINETY-TWO-B OF THIS ARTICLE AND ALL OTHER MONEYS APPROPRIATED, CREDITED
OR TRANSFERRED THERETO FROM ANY OTHER FUND OR SOURCE PURSUANT TO LAW.
3. THE MONEYS IN THIS FUND SHALL BE DIRECTED FOR THE EXPANSION OF
PRE-KINDERGARTEN THROUGHOUT THE STATE.
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4. MONIES SHALL BE PAYABLE FROM THE FUND ON THE AUDIT AND WARRANT OF
THE COMPTROLLER ON VOUCHERS APPROVED AND CERTIFIED BY THE COMMISSIONER
OF EDUCATION.
§ 4. This act shall take effect September 1, 2017.