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Assembly Bill A10487

2021-2022 Legislative Session

Relates to the application of a lien or pledge for the benefit of certain bondholders to amounts withheld from certain taxes, penalties and interest imposed by the city of New York

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Archive: Last Bill Status - In Senate Committee Rules Committee

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2021-A10487 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd §1261, Tax L

2021-A10487 (ACTIVE) - Summary

Relates to the application of a lien or pledge for the benefit of certain bondholders to amounts withheld from certain taxes, penalties and interest imposed by the city of New York.

2021-A10487 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10487
 
                           I N  A S S E M B L Y
 
                               May 27, 2022
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Weinstein)
   -- read once and referred to the Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to application  of  a  lien  or
   pledge for the benefit of certain bondholders to amounts withheld from
   certain taxes, penalties and interest imposed by 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.  Subparagraph (ii) of paragraph 5  of  subdivision  (c)  of
 section 1261 of the tax law, as amended by section 2 of part RR of chap-
 ter 57 of the laws of 2022, is amended to read as follows:
   (ii)  After  withholding  the taxes, penalties and interest imposed by
 the city of New York on and after August first, two  thousand  eight  as
 provided  in subparagraph (i) of this paragraph, AND SUBJECT TO ANY LIEN
 OR PLEDGE FOR THE BENEFIT OF BONDHOLDERS OF THE NEW  YORK  CITY  TRANSI-
 TIONAL  FINANCE  AUTHORITY,  the comptroller shall withhold a portion of
 such taxes, penalties and interest sufficient to deposit  annually  into
 the central business district tolling capital lockbox established pursu-
 ant to section five hundred fifty-three-j of the public authorities law:
 (A)  in  state  fiscal year two thousand nineteen - two thousand twenty,
 one hundred twenty-seven million five hundred thousand dollars;  (B)  in
 state  fiscal  year  two  thousand twenty - two thousand twenty-one, one
 hundred seventy million dollars; (C) in state fiscal year  two  thousand
 twenty-one  -  two thousand twenty-two and every succeeding state fiscal
 year, an amount equal to one hundred one percent of the amount deposited
 in the immediately preceding state  fiscal  year.  The  funds  shall  be
 deposited  monthly  in  equal installments.   During the period that the
 comptroller is required to withhold amounts and make payments  described
 in  this paragraph, the city of New York has no right, title or interest
 in or to those taxes, penalties and interest required to  be  paid  into
 the  above referenced central business district tolling capital lockbox.
 In addition, SUBJECT TO ANY LIEN OR PLEDGE FOR THE BENEFIT OF  BONDHOLD-
 ERS OF THE NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY, the comptroller
 shall  withhold  a  portion of such taxes, penalties and interest in the
 amount of one hundred fifty million dollars,  to  be  withheld  in  four
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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