Legislation
SECTION 1450-K
Deposit and disposition of revenue
Tax (TAX) CHAPTER 60, ARTICLE 31-J
* § 1450-k. Deposit and disposition of revenue. 1. All taxes,
penalties and interest imposed by the town under the authority of
section fourteen hundred fifty-b of this article, which are collected by
the treasurer or their agents, shall be deposited in a single trust fund
for the town and shall be kept in trust and separate and apart from all
other monies in possession of the treasurer. Moneys in such fund shall
be deposited and secured in the manner provided by section ten of the
general municipal law. Pending expenditure from such fund, moneys
therein may be invested in the manner provided in section eleven of the
general municipal law. Any interest earned or capital gain realized on
the moneys so deposited or invested shall accrue to and become part of
such fund.
2. The treasurer shall retain such amount as they may determine to be
necessary for refunds with respect to the tax imposed by the town, under
the authority of section fourteen hundred fifty-b of this article, out
of which the treasurer shall pay any refunds of such taxes to those
taxpayers entitled to a refund pursuant to the provisions of this
article.
3. The treasurer, after reserving such refunds, shall on or before the
twelfth day of each month pay to the town supervisor the taxes,
penalties and interest imposed by the town under the authority of
section fourteen hundred fifty-b of this article, collected by the
treasurer, pursuant to this article during the next preceding calendar
month. The amount so payable shall be certified to the town supervisor
by the treasurer, who shall not be held liable for any inaccuracy in
such certification. Provided, however, any such certification may be
based on such information as may be available to the treasurer at the
time such certification must be made under this section. Where the
amount so paid over to the town in any such distribution is more or less
than the amount due to the town, the amount of the overpayment or
underpayment shall be certified to the town supervisor by the treasurer,
who shall not be held liable for any inaccuracy in such certification.
The amount of the overpayment or underpayment shall be so certified to
the town supervisor as soon after the discovery of the overpayment or
underpayment as reasonably possible and subsequent payments and
distributions by the treasurer to the town 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 treasurer and town supervisor shall consider
reasonable in view of the overpayment or underpayment and all other
facts and circumstances.
4. All monies received from the treasurer shall be deposited in the
fund of the town, pursuant to section sixty-four-l of the town law.
* NB Effective February 19, 2026
* NB Repealed December 31, 2045
penalties and interest imposed by the town under the authority of
section fourteen hundred fifty-b of this article, which are collected by
the treasurer or their agents, shall be deposited in a single trust fund
for the town and shall be kept in trust and separate and apart from all
other monies in possession of the treasurer. Moneys in such fund shall
be deposited and secured in the manner provided by section ten of the
general municipal law. Pending expenditure from such fund, moneys
therein may be invested in the manner provided in section eleven of the
general municipal law. Any interest earned or capital gain realized on
the moneys so deposited or invested shall accrue to and become part of
such fund.
2. The treasurer shall retain such amount as they may determine to be
necessary for refunds with respect to the tax imposed by the town, under
the authority of section fourteen hundred fifty-b of this article, out
of which the treasurer shall pay any refunds of such taxes to those
taxpayers entitled to a refund pursuant to the provisions of this
article.
3. The treasurer, after reserving such refunds, shall on or before the
twelfth day of each month pay to the town supervisor the taxes,
penalties and interest imposed by the town under the authority of
section fourteen hundred fifty-b of this article, collected by the
treasurer, pursuant to this article during the next preceding calendar
month. The amount so payable shall be certified to the town supervisor
by the treasurer, who shall not be held liable for any inaccuracy in
such certification. Provided, however, any such certification may be
based on such information as may be available to the treasurer at the
time such certification must be made under this section. Where the
amount so paid over to the town in any such distribution is more or less
than the amount due to the town, the amount of the overpayment or
underpayment shall be certified to the town supervisor by the treasurer,
who shall not be held liable for any inaccuracy in such certification.
The amount of the overpayment or underpayment shall be so certified to
the town supervisor as soon after the discovery of the overpayment or
underpayment as reasonably possible and subsequent payments and
distributions by the treasurer to the town 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 treasurer and town supervisor shall consider
reasonable in view of the overpayment or underpayment and all other
facts and circumstances.
4. All monies received from the treasurer shall be deposited in the
fund of the town, pursuant to section sixty-four-l of the town law.
* NB Effective February 19, 2026
* NB Repealed December 31, 2045