Legislation

Search OpenLegislation Statutes
This entry was published on 2022-04-29
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 1313
Deposit and disposition of revenues
Tax (TAX) CHAPTER 60, ARTICLE 30
§ 1313. Deposit and disposition of revenues. (a) All revenue collected
by the commissioner from the taxes imposed pursuant to the authority of
this article or former article two-E of the general city law shall be
deposited daily with such responsible banks, banking houses or trust
companies, as may be designated by the state comptroller, to the credit
of the comptroller, in trust for the city of New York or the New York
city transitional finance authority, as their interests may appear
pursuant to this section. Such deposits shall be kept in trust and
separate and apart from all other moneys in the possession of the
comptroller. The comptroller shall require adequate security from all
such depositories of such revenue collected by the commissioner.

(b) The comptroller shall retain in the comptroller's hands such
amount as the commissioner may determine to be necessary for refunds in
respect to the taxes imposed pursuant to the authority of this article
or former article two-E of the general city law and for reasonable costs
of the commissioner in administering, collecting and distributing such
taxes and the tax imposed pursuant to article twenty-four-B of this
chapter, out of which the comptroller shall pay any refunds of such
taxes to which taxpayers shall be entitled under any law enacted
pursuant to the authority of this article or former article two-E of the
general city law.

(c) Subject to the provisions of subsection (g) of this section, the
comptroller, after reserving such refund fund and such costs shall,
commencing on or before the fifteenth day of each month, pay to the New
York city transitional finance authority on a daily basis the balance of
taxes imposed pursuant to the authority of this article or former
article two-E of the general city law to be applied by the authority, in
the following order of priority: first pursuant to the authority's
contracts with bondholders, then to pay the authority's operating
expenses not otherwise provided for, and then pursuant to the
authority's agreements with the city, which agreements shall require the
authority to transfer the balance of such taxes not required to meet
contractual or other obligations of the authority to the city as
frequently as practicable; except that the comptroller shall:

(1) pay to the state department of social services that amount of
overpayments of the taxes imposed pursuant to the authority of this
article or former article two-E of the general city law and the interest
on such amount which is certified to the comptroller by the commissioner
as the amount to be credited against past-due support pursuant to
subdivision six of section one hundred seventy-one-c of this chapter;

(2) pay to the New York state higher education services corporation
that amount of overpayments of the taxes imposed pursuant to the
authority of this article or former article two-E of the general city
law and the interest on such amount which is certified to the
comptroller by the commissioner as the amount to be credited against the
amount of defaults in repayment of guaranteed student loans pursuant to
subdivision five of section one hundred seventy-one-d of this chapter;

(3) pay to the state university of New York or the city university of
New York respectively that amount of overpayments of the taxes imposed
pursuant to the authority of this article or former article two-E of the
general city law and the interest on such amount which is certified to
the comptroller by the commissioner as the amount to be credited against
the amount of defaults in repayment of state or city university loans
pursuant to subdivision six of section one hundred seventy-one-e of this
chapter;

(4) notwithstanding any provision of law, credit to the revenue
arrearage account, pursuant to section ninety-one-a of the state finance
law, that amount of overpayments of the taxes imposed pursuant to the
authority of this article or former article two-E of the general city
law and the interest on such amount which is certified to the
comptroller by the commissioner as the amount to be credited against a
past-due legally enforceable debt owed to a state agency pursuant to
paragraph (a) of subdivision six of section one hundred seventy-one-f of
this chapter, provided, however, the comptroller shall credit to the
special offset fiduciary account, pursuant to section ninety-one-c of
the state finance law, any such amount creditable as a liability as set
forth in paragraph (b) of subdivision six of section one hundred
seventy-one-f of this chapter;

(5) pay to the city of New York that amount of overpayments of tax
imposed pursuant to the authority of this article and the interest on
such amount which is certified to the comptroller by the commissioner as
the amount to be credited against city of New York tax warrant judgment
debt pursuant to section one hundred seventy-one-l of this chapter; and

(6) pay to a non-obligated spouse that amount of overpayment of tax
imposed pursuant to the authority of this article or former article
two-E of the general city law and the interest on such amount which has
been credited pursuant to section one hundred seventy-one-c, one hundred
seventy-one-d, one hundred seventy-one-e, one hundred seventy-one-f or
one hundred seventy-one-l of this chapter and which is certified to the
comptroller by the commissioner as the amount due such non-obligated
spouse pursuant to paragraph six of subsection (b) of section six
hundred fifty-one of this chapter, and the comptroller shall deduct a
like amount which, the comptroller shall pay into the treasury to the
credit of the general fund, from amounts subsequently payable to the
office of temporary and disability assistance, the state university of
New York, the city university of New York, the higher education services
corporation, or the revenue arrearage account or special offset
fiduciary account pursuant to section ninety-one-a or ninety-one-c of
the state finance law, as the case may be, whichever had been credited
the amount originally withheld from such overpayment.

(d) The amount deducted under subsection (b) of this section for
administering, collecting and distributing such taxes during such
monthly period shall be paid by the comptroller into the general fund of
the state treasury to the credit of the state purposes account therein.

(e) The first payment to such chief fiscal officer shall be made on or
before March fifteenth, nineteen hundred seventy-six, which payment
shall represent the balance of revenue after provision for refund and
such reasonable costs, with respect to taxes collected from January
first, nineteen hundred seventy-six through February twenty-ninth,
nineteen hundred seventy-six. Subsequent payments shall be made on or
before April fifteenth, nineteen hundred seventy-six, and on or before
the fifteenth day of each succeeding month thereafter, and shall
represent the balance of revenue with respect to taxes collected the
preceding calendar months.

(f) The amounts so payable under this section shall be certified to
the comptroller by the commissioner or the commissioner's delegate,
either of whom shall not be held liable for any inaccuracy in such
certificate. Where the amount so paid over to such chief fiscal officer
is more or less than the amount then due such city, the amount of
overpayment or underpayment shall be certified to the comptroller by the
commissioner or the commissioner's delegate, either of whom shall not be
held liable for any inaccuracy in such certificate. The amount of
overpayment or underpayment shall be so certified to the comptroller as
soon after the discovery of the overpayment or underpayment as
reasonably possible and subsequent payments by the comptroller to such
chief fiscal officer shall be adjusted by subtracting the amount of any
such overpayment from, or by adding the amount of any such underpayment
to such number of subsequent payments and distributions as the
comptroller and the commissioner shall consider reasonable in view of
the amount of the overpayment or underpayment and all other facts and
circumstances.

(g) The balance payable to the New York city transitional finance
authority pursuant to this section shall instead be paid to the chief
fiscal officer of the city of New York unless and until the comptroller
has received from such authority a notice, which shall be conclusive and
upon which the comptroller may rely without further inquiry, that such
authority has incurred obligations payable by it, whether for borrowed
money, operating expenses or otherwise. On and after the date of such
notice and until such date as the authority shall have no obligations
outstanding, the city shall have no right, title or interest in or to
the taxes, except as provided in the authority's agreements with the
city.

(h) Notwithstanding any provision of state or local law, ordinance or
resolution to the contrary, if the commissioner of health timely
certifies to the commissioner that a city having a population of one
million or more which imposes tax pursuant to the authority of this
article properly exercised its option pursuant to section two of the
chapter of the laws of two thousand five which added this subdivision
that such city be reimbursed for medical assistance expenditures as
provided in such section two of such chapter, the commissioner shall
make and certify the calculations and the comptroller shall, on the
fifteenth day of each month, starting in January, two thousand eight,
intercept and pay monthly amounts of revenue from taxes imposed in such
a city pursuant to the authority of this article, as provided in
subdivision (g) of section twelve hundred sixty-one of this chapter.