S T A T E O F N E W Y O R K
________________________________________________________________________
7086
2019-2020 Regular Sessions
I N A S S E M B L Y
April 5, 2019
___________
Introduced by M. of A. DILAN -- read once and referred to the Committee
on Ways and Means
AN ACT to amend the tax law, the state finance law and the public
authorities law, in relation to the stock transfer tax
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 NINETEEN, AND EIGHTY PERCENT
OF THE TAX INCURRED AND PAID SHALL BE ALLOWED AS A REBATE ON SUCH TRANS-
ACTIONS OCCURRING ON AND AFTER OCTOBER FIRST, TWO THOUSAND NINETEEN.
§ 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 and subdivi-
sion 4 as amended by chapter 724 of the laws of 1979, are amended to
read as follows:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09820-02-9
A. 7086 2
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] METROPOLITAN TRANSPORTATION AUTHORITY SPECIAL
ASSISTANCE FUND PURSUANT TO SUBDIVISION ONE OF SECTION TWELVE HUNDRED
SEVENTY-A OF THE PUBLIC AUTHORITIES LAW.
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] METROPOLITAN TRANSPORTATION
AUTHORITY SPECIAL ASSISTANCE FUND PURSUANT TO SUBDIVISION ONE OF SECTION
TWELVE HUNDRED SEVENTY-A OF THE PUBLIC AUTHORITIES LAW. THE commissioner
of taxation and finance shall certify to the comptroller the amount
deducted for administering, collecting and distributing such tax during
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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 comptroller 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 avail-
able to the state in such fund. If the balances in such fund are not
required by such corporation pursuant to the provisions of this subdivi-
sion, 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 distrib-
utions in accordance with the provisions of section two hundred eighty-a
of the tax law from the stock transfer incentive fund during such quar-
terly 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 in the custody of the commissioner
of taxation and finance unless and until the aggregate of all payments
certified to the comptroller by such commissioner pursuant to the
provisions of such incentive fund as necessary to provide payments on
account of rebates authorized pursuant to section two hundred eighty-a
of the tax law which remain unappropriated or unpaid to such fund shall
have been appropriated 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 subdivi-
sions 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. Subdivision 1 of section 1270-a of the public authorities law, as
amended by section 14 of part H of chapter 25 of the laws of 2009, is
amended to read as follows:
1. The authority shall create and establish a fund to be known as the
"metropolitan transportation authority special assistance fund" which
shall be kept separate from and shall not be commingled with any other
moneys of the authority. The special assistance fund shall consist of
three separate accounts: (i) the "transit account", (ii) the "commuter
railroad account" and (iii) the "corporate transportation account".
The authority shall make deposits in the transit account and the
commuter railroad account of the moneys received by it pursuant to the
provisions of SUBDIVISION ONE OF SECTION TWO HUNDRED EIGHTY-A OF THE TAX
LAW, SUBDIVISIONS THREE AND FOUR OF SECTION NINETY-TWO-B OF THE STATE
FINANCE LAW, AND subdivision one of section two hundred sixty-one of the
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tax law in accordance with the provisions thereof, and shall make depos-
its in the corporate transportation account of the moneys received by it
pursuant to the provisions of subdivision two of section two hundred
sixty-one of the tax law and section ninety-two-ff of the state finance
law.
§ 4. This act shall take effect September 1, 2019.