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This entry was published on 2022-04-22
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SECTION 1421
Deposit and dispositions of revenues
Tax (TAX) CHAPTER 60, ARTICLE 31
§ 1421. Deposit and dispositions of revenues. (a) From the taxes,
interest and penalties attributable to the tax imposed pursuant to
section fourteen hundred two of this article, the amount of one hundred
ninety-nine million three hundred thousand dollars shall be deposited by
the comptroller in the environmental protection fund established
pursuant to section ninety-two-s of the state finance law for the fiscal
year beginning April first, two thousand nine; the amount of one hundred
nineteen million one hundred thousand dollars shall be deposited in such
fund for the fiscal year beginning April first, two thousand ten; the
amount of two hundred fifty-seven million three hundred fifty thousand
dollars shall be deposited into such fund for the fiscal year beginning
April first, two thousand twenty-two; and for each fiscal year
thereafter. On or before June twelfth, nineteen hundred ninety-five and
on or before the twelfth day of each month thereafter (excepting the
first and second months of each fiscal year), the comptroller shall
deposit into such fund from the taxes, interest and penalties collected
pursuant to such section fourteen hundred two of this article which have
been deposited and remain to the comptroller's credit in the banks,
banking houses or trust companies referred to in section one hundred
seventy-one-a of this chapter at the close of business on the last day
of the preceding month, an amount equal to one-tenth of the annual
amount required to be deposited in such fund pursuant to this section
for the fiscal year in which such deposit is required to be made. In the
event such amount of taxes, interest and penalties so remaining to the
comptroller's credit is less than the amount required to be deposited in
such fund by the comptroller, an amount equal to the shortfall shall be
deposited in such fund by the comptroller with subsequent deposits, as
soon as the revenue is available. Beginning April first, nineteen
hundred ninety-seven, the comptroller shall transfer monthly to the
clean water/clean air fund established pursuant to section
ninety-seven-bbb of the state finance law, all moneys remaining from
such taxes, interest and penalties collected that are not required for
deposit in the environmental protection fund.

(b) Notwithstanding subdivision (a) of this section, the taxes,
interest and penalties attributable to (i) the tax imposed under section
fourteen hundred two of this article at the rate specified in paragraph
two of subdivision (a) of such section, and (ii) the tax imposed under
section fourteen hundred two-b of this article, and collected or
received by the commissioner shall be deposited daily with such
responsible banks, banking houses or trust companies, as may be
designated by the comptroller, to the credit of the comptroller in trust
for the metropolitan transportation authority. An account may be
established in one or more of such depositories. Such deposits will be
kept separate and apart from all other money in the possession of the
comptroller. The comptroller shall require adequate security from all
such depositories. Of the total revenue collected or received under
this article, the comptroller shall retain such amount as the
commissioner may determine to be necessary for refunds under this
article. On or before the twelfth and twenty-sixth day of each
succeeding month, after reserving such amount for such refunds, the
commissioner shall certify to the comptroller the amount of all revenues
so received during the prior month as a result of the taxes, interest
and penalties so imposed. The amount of revenues so certified shall be
paid over by the fifteenth and the final business day of each succeeding
month from such account without appropriation into the central business
district tolling capital lockbox fund established pursuant to section
five hundred fifty-three-j of the public authorities law, provided,
however, that the comptroller shall ensure that any payments to the
central business district tolling capital lockbox fund established that
are due to be paid by the final business day in the month of December
pursuant to this subdivision shall be received by the central business
district tolling capital lockbox fund on the same business day in which
it is paid.