§ 92-B — Stock transfer tax fund

§ 92-b. Stock transfer tax fund. 1. There is hereby established in the\ncustody of the commissioner of taxation and finance a special fund, to\nbe known as the stock transfer tax fund.\n 2. Such fund shall consist of the revenues derived from the stock\ntransfer tax imposed by article twelve of the tax law and all other\nmoneys credited or transferred thereto from any other fund or source\npursuant to law.\n 3. The moneys received from such tax and other sources in such fund,\nafter deducting the amount the commissioner of taxation and finance\nshall determine to be necessary for reasonable costs of the state tax\ncommission in administering, collecting and distributing such tax,\ncommencing with the fiscal year ending March thirty-first, nineteen\nhundred seventy-seven, shall be appropriated to (i) the municipal\nassistance corporation for the city of New York created pursuant to\ntitle three of article ten of the public authorities law in order to\nenable such corporation to fulfill the terms of any agreements made with\nthe holders of its notes and bonds and to carry out its corporate\npurposes including the maintenance of the capital reserve fund and (ii)\nto the extent such moneys are not required by such corporation as\nprovided in subdivision seven of section ninety-two-d of this chapter\nand, after deducting the amount such commissioner shall determine to be\nnecessary for reasonable costs of the state tax commission in\nadministering and making distributions in accordance with the provisions\nof section two hundred eighty-a of the tax law from the stock transfer\nincentive fund, to the stock transfer incentive fund created pursuant to\nsection ninety-two-i of this chapter to enable rebates to be made from\nsuch fund under the provisions of section two hundred eighty-a of the\ntax law and (iii) to the extent such moneys are not required by such\nfund, as certified by the commissioner of taxation and finance, the\nbalance shall be appropriated to the city of New York, for the support\nof local government.\n 4. After the deduction of such costs of the state tax commission in\nadministering, collecting and distributing such tax, the balances in the\nstock transfer tax fund so appropriated shall be distributed and paid on\nthe last business day of September, December, March and June into the\nspecial account established for the municipal assistance corporation for\nthe city of New York in the municipal assistance tax fund established\npursuant to subdivision one of section ninety-two-d of this chapter,\nunless and to the extent the balances in such fund on each such payment\nday are not required by such corporation as provided in said subdivision\nseven of said section ninety-two-d in which case the balance not so\nrequired, if any, after the deduction of such costs of the state tax\ncommission in administering and making distributions in accordance with\nthe provisions of section two hundred eighty-a of the tax law from the\nstock transfer incentive fund shall be distributed and paid to the stock\ntransfer incentive fund in the custody of the commissioner of taxation\nand finance established pursuant to section ninety-two-i of this chapter\nand unless and to the extent that the balances in the stock transfer tax\nfund on each such payment day are not required by the stock transfer\nincentive fund as provided in such section ninety-two-i of this chapter\nin which case the balance not so required, if any, shall be distributed\nand paid to the chief fiscal officer of the city of New York to be paid\ninto the treasury of the city to the credit of the general fund or paid\nby the commissioner of taxation and finance to such other account or\nfund as may be designated in writing by such chief fiscal officer at\nleast ten business days prior to such last day and on each such day, the\ncommissioner of taxation and finance shall certify to the comptroller\nthe amount deducted for administering, collecting and distributing such\ntax during such quarterly period and shall pay such amount into the\ngeneral fund of the state treasury to the credit of the state purposes\nfund therein. In no event shall any amount (other than the amount to be\ndeducted for administering, collecting and distributing such tax) be\ndistributed or paid from the stock transfer tax fund to any person other\nthan the municipal assistance corporation for the city of New York\nunless and until the aggregate of all payments certified to the\ncomptroller as required by such corporation in order to comply with its\nagreements with the holders of its notes and bonds and to carry out its\ncorporate purposes, including the maintenance of the capital reserve\nfund, which remain unappropriated or unpaid to such corporation shall\nhave been appropriated to such corporation and shall have been paid in\nfull provided, however, that no person, including such corporation or\nthe holders of its notes or bonds shall have any lien on such tax and\nsuch agreements shall be executory only to the extent of the balances\navailable to the state in such fund. If the balances in such fund are\nnot required by such corporation pursuant to the provisions of this\nsubdivision, on each such last business day of September, December,\nMarch and June, the commissioner of taxation and finance shall certify\nto the comptroller the amount deducted for administering and making\ndistributions in accordance with the provisions of section two hundred\neighty-a of the tax law from the stock transfer incentive fund during\nsuch quarterly period and he shall pay such amount into the general fund\nof the state treasury to the credit of the state purposes fund therein.\nTo the extent such moneys are not required by such corporation, as\nprovided in subdivision seven of section ninety-two-d of this chapter,\nno amount thereof (other than such amount to be deducted for\nadministering, collecting and distributing such tax and such costs in\nadministering and making distributions in accordance with the provisions\nof section two hundred eighty-a of the tax law from the stock transfer\nincentive fund) shall be distributed or paid from the stock transfer tax\nfund other than to such stock transfer incentive fund in the custody of\nthe commissioner of taxation and finance unless and until the aggregate\nof all payments certified to the comptroller by such commissioner\npursuant to the provisions of such incentive fund as necessary to\nprovide payments on account of rebates authorized pursuant to section\ntwo hundred eighty-a of the tax law which remain unappropriated or\nunpaid to such fund shall have been appropriated to such fund and shall\nhave been paid in full provided, however, that no person, including any\ntaxpayer under article twelve of the tax law or any member or dealer\nreferred to in subdivisions two-a and six of section two hundred\neighty-a of such law, shall have any lien on this fund or the stock\ntransfer incentive fund.\n 5. In no fiscal year shall the total amount paid from the fund exceed\nthe total collections during such fiscal year from the stock transfer\ntax pursuant to the provisions of article twelve of the tax law and as\ndeposited to the credit of the stock transfer tax fund.\n 6. All payments from the stock transfer tax fund shall be made on the\naudit and warrant of the comptroller on vouchers approved by the\ncommissioner of taxation and finance.\n 7. When all the notes and bonds of the municipal assistance\ncorporation for the city of New York have been fully paid and\ndischarged, together with interest thereon and interest on unpaid\ninstallments of interest, and the chairman of the corporation makes the\nfinal certification required by subdivision seven of section\nninety-two-d of this article, the comptroller must notify the\ncommissioner of taxation and finance that all remaining funds held in\nthe stock transfer tax fund must be released to the stock transfer\nincentive fund. From that time forward, all funds previously deposited\nin the stock transfer tax fund pursuant to subdivision two of this\nsection will be deposited directly into the stock transfer incentive\nfund pursuant to all the rules, regulations or instructions that the\ncommissioner may prescribe, after deducting the amount the commissioner\ndetermines to be necessary for reasonable costs of the department in\nadministering, collecting and distributing the tax imposed by article\ntwelve of the tax law. Notwithstanding any other provisions of this\narticle, to the extent those moneys are not required by the stock\ntransfer incentive fund for the purpose of administering and making\ndistributions in accordance with the provisions of section two hundred\neighty-a of the tax law, as certified by the commissioner of taxation\nand finance, the balance will be appropriated to the city of New York\nfor the support of local government.\n