NY State Senate Bill 2023-S1205A

Senate Bill S1205A

2023-2024 Legislative Session

Directs payment of certain taxes into the central business district tolling capital lockbox fund to be made without appropriation

download bill text pdf

Current Bill Status - In Senate Committee Finance Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to finance
Mar 16, 2023	print number 1205a
Mar 16, 2023	amend and recommit to finance
Jan 10, 2023	referred to finance

Bill Amendments

Original

A (Active)

2023-S1205 - Details

See Assembly Version of this Bill:: A2895
Current Committee:: Senate Finance
Law Section:: State Finance Law
Laws Affected:: Amd §§4 & 99-ff, St Fin L; amd §553-j, Pub Auth L; amd §§1261 & 1148, Tax L

2023-S1205 - Summary

Directs payment of certain internet sales and use taxes into the central business district tolling capital lockbox fund partially dedicated for the MTA to be made without appropriation.

2023-S1205 - Sponsor Memo

                                 
BILL NUMBER: S1205

SPONSOR: GOUNARDES
 
TITLE OF BILL:

An act to amend the state finance law, the public authorities law and
the tax law, in relation to directing payment of certain taxes into the
central business district tolling capital lockbox fund to be made with-
out appropriation

 
PURPOSE OR GENERAL IDEA OF BILL:

Remits funding from the internet sales tax to the Metropolitan Transpor-
tation Authority without appropriation, increasing the MTA's financial
stability.

 
SUMMARY OF PROVISIONS:

Section 1 amends section 4 of the state Finance Law by adding a new
subdivision 14 to provide that revenue from taxes imposed pursuant to
subparagraph (ii) of paragraph five of subdivision c) of section 1261 of
the Tax Law, paid in accordance with section 553-j of the Public Author-

ities Law shall be made pursuant to statute but without appropriation.

Section 2 amends subdivision 1 of section 553-j of the public authori-
ties law to provide that funds from subparagraph (ii) of paragraph five
of subdivision (c) of section 1261 of the Tax Law shall be provided to
the central business district tolling capital lockbox fund without
appropriation.

Section 3 amends subparagraph (ii) of paragraph five of subdivision (c)
of section 1261 of the Tax Law, as amended by section 2 of part RR of
chapter 57 of 6 the laws of 2022, to provide that funds shall be depos-
ited monthly in equal installments without appropriation.

Section 4 amends subparagraph (ii) of paragraph 5 of subdivision (c) of
section 1261 of the Tax Law, as added by section 6-b of part G of chap-
ter 59 of the laws of 2019, to provide that funds shall be deposited
monthly in equal installments without appropriation.

Section 5 sets the effective date.

 
JUSTIFICATION:

The Metropolitan Transportation Authority (MTA) is currently facing an
operating budget crisis due to declines in ridership from the COVID-19
pandemic and the MTA's historically high debt loads.

Given the MTA's budget challenges, it is critically important for its
existing funding to be safeguarded and delivered in a timely manner.
Providing funding directly to the MTA, without appropriation, will
increase the MTA's financial stability and improve its credit ratings.
It will also reduce the risk of cuts or sweeps during the state budget
process.

Enactment of this legislation is also consistent with how many existing
state dedicated funds are provided to the MTA.


The payroll mobility tax (PMT), originally created in 2009, was newly
provided without appropriation in 2018. The State Division of the Budget
at the time stated that "Taking the PMT revenues off-budget will also
provide credit enhancement for the MTA to lower capital financing costs
as the revenues will flow more frequently, and will not be subject to
legislative appropriation".

Providing dedicated funding directly to the MTA without appropriation
will also reduce the risk of funding being raided for other state uses.
In past budget cycles, the executive budget has repeatedly transferred
dedicated transit funds to the state's general fund, reducing the
state's commitment to the MTA and other transit systems by hundreds of
millions of dollars.

 
PRIOR LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

This legislation will positively benefit the MTA's financial stability
by increasing its credit ratings, therefore reducing the cost of inter-
est payments made from bonds backed by the internet sales tax.

 
EFFECTIVE DATE:
The effective date as immediately; provided that the amendments to
subparagraph (ii) of paragraph 5 of subdivision (c) of section 1261 of
the tax law made by section three of this act shall be subject to the
expiration and reversion of such subparagraph pursuant to section 5 of
part ZZ of chapter 56 of the laws of 2020, as amended, when upon such
date the provisions of section four of this act shall take effect.

2023-S1205 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1205
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 10, 2023
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN  ACT  to  amend the state finance law, the public authorities law and
   the tax law, in relation to directing payment of  certain  taxes  into
   the  central business district tolling capital lockbox fund to be made
   without appropriation
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 4 of the state finance law is amended by adding a
 new subdivision 14 to read as follows:
   14. NOTWITHSTANDING SUBDIVISION ONE OF THIS SECTION AND ANY OTHER  LAW
 TO THE CONTRARY, THE REVENUE (INCLUDING FEES, TAXES, INTEREST AND PENAL-
 TIES)  FROM THE TAXES IMPOSED PURSUANT TO SUBPARAGRAPH (II) OF PARAGRAPH
 FIVE OF SUBDIVISION (C) OF SECTION TWELVE HUNDRED SIXTY-ONE OF  THE  TAX
 LAW  WHICH  ARE  PAID IN ACCORDANCE WITH SUBDIVISION ONE OF SECTION FIVE
 HUNDRED FIFTY-THREE-J OF THE PUBLIC AUTHORITIES  LAW  INTO  THE  CENTRAL
 BUSINESS  DISTRICT  TOLLING  CAPITAL LOCKBOX FUND ESTABLISHED BY SECTION
 FIVE HUNDRED FIFTY-THREE-J OF THE PUBLIC AUTHORITIES LAW SHALL BE  ALLO-
 CATED PURSUANT TO STATUTE BUT WITHOUT APPROPRIATION.
   §  2. Subdivision 1 of section 553-j of the public authorities law, as
 added by section 5 of subpart A of part ZZZ of chapter 59 of the laws of
 2019, is amended to read as follows:
   1. The authority shall establish a fund to be  known  as  the  central
 business district tolling capital lockbox fund which shall be kept sepa-
 rate  from  and  shall  not  be  commingled with any other monies of the
 authority. The fund shall consist of all monies received by the authori-
 ty pursuant to article forty-four-C of  the  vehicle  and  traffic  law,
 subdivision  twelve-a of section five hundred fifty-three of this title,
 and revenues of the real  estate  transfer  tax  deposited  pursuant  to
 subdivision  (b)  of section fourteen hundred twenty-one of the tax law,
 and sales tax pursuant to subdivision  (c)  of  section  eleven  hundred
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03168-01-3

 S. 1205                             2
 
 forty-eight  of  the  tax  law,  [subparagraph  (B) of paragraph five of
 subdivision (c) of section twelve hundred sixty-one of the tax law, and]
 funds appropriated from the central business district trust fund  estab-
 lished  pursuant  to section [ninty-nine-ff] NINETY-NINE-FF of the state
 finance law, AND, WITHOUT APPROPRIATION, THE  REVENUE  INCLUDING  TAXES,
 INTEREST AND PENALTIES COLLECTED IN ACCORDANCE WITH SUBPARAGRAPH (II) OF
 PARAGRAPH FIVE OF SUBDIVISION (C) OF SECTION TWELVE HUNDRED SIXTY-ONE OF
 THE TAX LAW.
   §  3.  Subparagraph  (ii) of paragraph 5 of subdivision (c) of section
 1261 of the tax law, as amended by section 2 of part RR of chapter 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,  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  pursuant  to section five hundred fifty-three-j of
 the public authorities law: (A) in state fiscal year two thousand  nine-
 teen  -  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
 WITHOUT  APPROPRIATION.  During  the  period  that  the  comptroller  is
 required to withhold amounts and make payments described in  this  para-
 graph,  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 addi-
 tion, 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 quarterly  installments  on  January  fifteenth,  April
 fifteenth,  July fifteenth and October fifteenth of each year, and shall
 deposit such  amounts  into  the  New  York  State  Agency  Trust  Fund,
 Distressed Provider Assistance Account.
   §  4.  Subparagraph  (ii) of paragraph 5 of subdivision (c) of section
 1261 of the tax law, as added by section 6-b of part G of chapter 59  of
 the laws of 2019, 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, 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 pursuant to section five  hundred  fifty-three-j  of
 the  public authorities law: (A) in state fiscal year two thousand nine-
 teen - 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; and (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
 WITHOUT  APPROPRIATION.  During  the  period  that  the  comptroller  is
 required to withhold amounts and make payments described in  this  para-
 graph,  the  city  of  New York has no right, title or interest in or to
 S. 1205                             3
 
 those taxes, penalties and interest required to be paid into  the  above
 referenced central business district tolling capital lockbox.
   §  5. This act shall take effect immediately; provided that the amend-
 ments to subparagraph (ii) of paragraph 5 of subdivision (c) of  section
 1261  of  the tax law made by section three of this act shall be subject
 to the expiration and reversion of such subparagraph pursuant to section
 5 of part ZZ of chapter 56 of the laws of 2020, as  amended,  when  upon
 such date the provisions of section four of this act shall take effect.

co-Sponsors

2023-S1205A (ACTIVE) - Details

See Assembly Version of this Bill:: A2895
Current Committee:: Senate Finance
Law Section:: State Finance Law
Laws Affected:: Amd §§4 & 99-ff, St Fin L; amd §553-j, Pub Auth L; amd §§1261 & 1148, Tax L

2023-S1205A (ACTIVE) - Summary

Directs payment of certain internet sales and use taxes into the central business district tolling capital lockbox fund partially dedicated for the MTA to be made without appropriation.

2023-S1205A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S1205A

SPONSOR: GOUNARDES
 
TITLE OF BILL:

An act to amend the state finance law, the public authorities law and
the tax law, in relation to directing payment of certain taxes into the
central business district tolling capital lockbox fund to be made with-
out appropriation

 
PURPOSE OR GENERAL IDEA OF BILL:

Remits funding from the internet sales tax to the Metropolitan Transpor-
tation Authority without appropriation, increasing the MTA's financial
stability.

 
SUMMARY OF PROVISIONS:

Section 1 amends section 4 of the State Finance Law by adding a new
subdivision 14 to provide that revenue from taxes imposed pursuant to
subparagraph (ii) of paragraph five of subdivision (c) of section 1261
of the Tax Law, paid in accordance with section 553-j of the Public

Authorities Law, shall be made pursuant to statute but without appropri-
ation.

Section 2 amends subdivision 3 of Section 99-ff of the State Finance Law
to provide that moneys in the MTA's central business district tolling
capital lockbox fund shall be made available without appropriation.

Section 3 amends subdivision 1 of action 553-j of the Public Authorities
Law to provide that funds from subparagraph (ii) of paragraph five of
subdivision (c) of section 1261 of the Tax Law shall be provided to the
central business district tolling capital lockbox fund without appropri-
ation.

Section 4 amends subdivision (c ) of section 1148 of the Tax Law to
provide that funds deposited by the Comptroller into the Central Busi-
ness District Trust Fund shall be made without appropriation.

Section 5 amends subparagraph (ii) of paragraph five of subdivision (c)
of section 1261 of the Tax Law, as amended by section 2 of part RR of
chapter 57 of 6 the laws of 2022, to provide that funds shall be depos-
ited monthly in equal installments without appropriation.

Section 6 amends subparagraph (ii) of paragraph 5 of subdivision (c) of
section 1261 of the Tax Law, as added by section 6-b of part G of chap-
ter 59 of the laws of 2019, to provide that funds shall be deposited
monthly in equal installments without appropriation.

Section 7 sets the effective date.

 
JUSTIFICATION:

The Metropolitan Transportation Authority (MTA) is currently facing an
operating budget crisis due to declines in ridership from the COVID-19
pandemic and the MIA's historically high debt loads.

Given the MIA's budget challenges, it is critically important for its
existing funding to be safeguarded and delivered in a timely manner.
Providing funding directly to the MTA, without appropriation, will
increase the MTA's financial stability and improve its credit ratings.
It will also reduce the risk of cuts or sweeps during the state budget
process.

Enactment of this legislation is also consistent with how many existing
state dedicated funds are provided to the MTA.

The payroll mobility tax (PMT), originally created in 2009, was newly
provided without appropriation in 2018. The State Division of the Budget
at the time stated that "Taking the PMT revenues off-budget will also
provide credit enhancement for the MTA to lower capital financing costs
as the revenues will flow more frequently, and will not be subject to
legislative appropriation".

Providing dedicated funding directly to the MTA without appropriation
will also reduce the risk of funding being raided for other state uses.
In past budget cycles, the executive budget has repeatedly transferred
dedicated transit funds to the state's general fund, reducing the
state's commitment to the MTA and other transit systems by hundreds of
millions of dollars.

 
PRIOR LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

This legislation will positively benefit the MTA's financial stability
by increasing its credit ratings, therefore reducing the cost of inter-
est payments made from bonds backed by the internet sales tax.

 
EFFECTIVE DATE:
The effective date as immediately; provided that the amendments to
subparagraph (ii) of paragraph 5 of subdivision (c) of section 1261 of
the tax law made by section three of this act shall be subject to the
expiration and reversion of such subparagraph pursuant to section 5 of
part ZZ of chapter 56 of the laws of 2020, as amended, when upon such
date the provisions of section six of this act shall take effect.

2023-S1205A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1205--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 10, 2023
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed  to  be  committed  to  the  Committee on Finance -- committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN ACT to amend the state finance law, the public  authorities  law  and
   the  tax  law,  in relation to directing payment of certain taxes into
   the central business district tolling capital lockbox fund to be  made
   without appropriation
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 4 of the state finance law is amended by  adding  a
 new subdivision 14 to read as follows:
   14.  NOTWITHSTANDING SUBDIVISION ONE OF THIS SECTION AND ANY OTHER LAW
 TO THE CONTRARY, THE REVENUE (INCLUDING FEES, TAXES, INTEREST AND PENAL-
 TIES) FROM THE TAXES IMPOSED PURSUANT TO SUBPARAGRAPH (II) OF  PARAGRAPH
 FIVE  OF  SUBDIVISION (C) OF SECTION TWELVE HUNDRED SIXTY-ONE OF THE TAX
 LAW WHICH ARE PAID IN ACCORDANCE WITH SUBDIVISION ONE  OF  SECTION  FIVE
 HUNDRED  FIFTY-THREE-J  OF  THE  PUBLIC AUTHORITIES LAW INTO THE CENTRAL
 BUSINESS DISTRICT TOLLING CAPITAL LOCKBOX FUND  ESTABLISHED  BY  SECTION
 FIVE  HUNDRED FIFTY-THREE-J OF THE PUBLIC AUTHORITIES LAW SHALL BE ALLO-
 CATED PURSUANT TO STATUTE BUT WITHOUT APPROPRIATION.
   § 2. Subdivision 3 of section 99-ff of the state finance law, as added
 by section 6-c of part G of chapter 59 of the laws of 2019,  is  amended
 to read as follows:
   3. Uses of funds. [Following appropriation by the legislature, moneys]
 MONEYS  shall  be  available  for  distribution  to the central business
 district tolling capital lockbox FUND established  pursuant  to  section
 five hundred fifty-three-j of the public authorities law.
   §  3. Subdivision 1 of section 553-j of the public authorities law, as
 added by section 5 of subpart A of part ZZZ of chapter 59 of the laws of
 2019, is amended to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03168-02-3

 S. 1205--A                          2
 
   1. The authority shall establish a fund to be  known  as  the  central
 business district tolling capital lockbox fund which shall be kept sepa-
 rate  from  and  shall  not  be  commingled with any other monies of the
 authority. The fund shall consist of all monies received by the authori-
 ty  pursuant  to  article  forty-four-C  of the vehicle and traffic law,
 subdivision twelve-a of section five hundred fifty-three of this  title,
 and  revenues  of  the  real  estate  transfer tax deposited pursuant to
 subdivision (b) of section fourteen hundred twenty-one of the  tax  law,
 and  sales  tax  pursuant  to  subdivision (c) of section eleven hundred
 forty-eight of the tax law,  [subparagraph  (B)  of  paragraph  five  of
 subdivision (c) of section twelve hundred sixty-one of the tax law, and]
 funds  appropriated from the central business district trust fund estab-
 lished pursuant to section [ninty-nine-ff] NINETY-NINE-FF of  the  state
 finance  law,  AND,  WITHOUT APPROPRIATION, THE REVENUE INCLUDING TAXES,
 INTEREST AND PENALTIES COLLECTED IN ACCORDANCE WITH SUBPARAGRAPH (II) OF
 PARAGRAPH FIVE OF SUBDIVISION (C) OF SECTION TWELVE HUNDRED SIXTY-ONE OF
 THE TAX LAW.
   § 4. Subdivision (c) of section 1148 of  the  tax  law,  as  added  by
 section  6-a  of part G of chapter 59 of the laws of 2019, is amended to
 read as follows:
   (c) Provided however, after funds are distributed pursuant to subdivi-
 sion (b) of this section but before such funds are distributed  pursuant
 to  subdivision  (a)  of  this  section, funds shall be deposited by the
 comptroller into the New  York  central  business  district  trust  fund
 established  pursuant to section ninety-nine-ff of the state finance law
 in accordance with the following schedule: (1) in state fiscal year  two
 thousand nineteen - two thousand twenty, one hundred twelve million five
 hundred thousand dollars; (2) in state fiscal year two thousand twenty -
 two  thousand  twenty-one, one hundred fifty million dollars; and (3) 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  deposited  into the New York central business
 district trust fund shall be deposited  monthly  in  equal  installments
 WITHOUT APPROPRIATION.
   §  5.  Subparagraph  (ii) of paragraph 5 of subdivision (c) of section
 1261 of the tax law, as amended by section 2 of part RR of chapter 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,  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  pursuant  to section five hundred fifty-three-j of
 the public authorities law: (A) in state fiscal year two thousand  nine-
 teen  -  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
 WITHOUT  APPROPRIATION.  During  the  period  that  the  comptroller  is
 required to withhold amounts and make payments described in  this  para-
 graph,  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
 S. 1205--A                          3
 
 referenced  central  business district tolling capital lockbox. In addi-
 tion, 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  quarterly  installments  on January fifteenth, April
 fifteenth, July fifteenth and October fifteenth of each year, and  shall
 deposit  such  amounts  into  the  New  York  State  Agency  Trust Fund,
 Distressed Provider Assistance Account.
   § 6. Subparagraph (ii) of paragraph 5 of subdivision  (c)  of  section
 1261  of the tax law, as added by section 6-b of part G of chapter 59 of
 the laws of 2019, 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,  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  pursuant  to section five hundred fifty-three-j of
 the public authorities law: (A) in state fiscal year two thousand  nine-
 teen  -  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; and (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
 WITHOUT  APPROPRIATION.  During  the  period  that  the  comptroller  is
 required  to  withhold amounts and make payments described in this para-
 graph, 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.
   § 7. This act shall take effect immediately; provided that the  amend-
 ments  to subparagraph (ii) of paragraph 5 of subdivision (c) of section
 1261 of the tax law made by section five of this act shall be subject to
 the expiration and reversion of such subparagraph pursuant to section  5
 of part ZZ of chapter 56 of the laws of 2020, as amended, when upon such
 date the provisions of section six of this act shall take effect.

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