§ 92-I — Stock transfer incentive fund

New York § 92-I

• Jurisdiction: New York
• Law STF: State Finance
• Art. 6: Funds of the State

Text

§ 92-i. Stock transfer incentive fund. 1. There is hereby established\nin the sole custody of the commissioner of taxation and finance a\nspecial fund to be known as the stock transfer incentive fund.\n 2. Such fund shall consist of moneys paid thereto from the stock\ntransfer tax fund as provided in subdivision four of section\nninety-two-b of this chapter and all other moneys appropriated, credited\nor transferred thereto from any other fund or source pursuant to law.\n 3. On the last business day of each of the months of September,\nDecember, March and June of each year commencing December thirty-first,\nnineteen hundred seventy-seven, the commissioner of taxation and finance\nshall determine the sum of (i) the amounts allowable as rebates of the\ntax that is imposed by article twelve of the tax law and is paid on\ntransactions executed or effected during the three calendar months\nending on the next-to-the-last business day of each such month and such\namounts not previously allowed for a preceding period pursuant to\nsubdivision one of section two hundred eighty-a of the tax law and, (ii)\nsuch amounts allowable as rebates pursuant to subdivision two of such\nsection and (iii) on such last business day of June, nineteen hundred\nseventy-nine and on each of such last days occurring after the last\nbusiness day of June, nineteen hundred seventy-nine such amounts\nallowable and payable as rebates for the period April seventeenth,\nnineteen hundred seventy-eight through September thirtieth, nineteen\nhundred seventy-eight and on such last day of June, nineteen hundred\nseventy-nine and on each of such last days occurring after such last day\nof June, nineteen hundred seventy-nine such amounts allowable and\npayable as rebates for the October first to September thirtieth period\npreceding such day by eight or more months pursuant to subdivision two-a\nof such section.\n 4. On the last business day of each such month the commissioner of\ntaxation and finance shall certify to the director of the budget, the\nstate comptroller and the chief fiscal officer of the city of New York\neach of the amount finally determined under clauses (i), (ii) and (iii)\nof subdivision three of this section.\n 5. The amount so certified on such last business day under subdivision\nfour of this section shall constitute the amount required to be paid\ninto the stock transfer incentive fund from the stock transfer tax fund\npursuant to section ninety-two-b of this chapter.\n 6. (a) (1) For the period beginning August first, nineteen hundred\nseventy-eight and ending June thirtieth, nineteen hundred seventy-nine,\non the last business day of each of the months of September, December,\nMarch and June, the commissioner of taxation and finance shall certify\nto the comptroller the amount of the tax imposed by this article\ncollected during the three month period ending on each such last\nbusiness day, except that on September thirtieth, nineteen hundred\nseventy-eight, the commissioner shall certify only the amount of such\ntax collected on and after August first, nineteen hundred seventy-eight.\nThe state comptroller shall pay forthwith an amount equal to one-half of\ntwenty-five percent of the amount so certified from the general fund of\nthe state of New York to the extent that moneys have been appropriated\nand made available therefor; provided, however, that in no event shall\nthe amount so paid exceed sixteen million dollars in the state fiscal\nyear beginning April first, nineteen hundred seventy-eight.\n (2) Upon receipt of each certification of the commissioner of taxation\nand finance provided for in subdivision four of this section, on and\nafter December thirty-first, nineteen hundred seventy-nine and on or\nbefore September thirtieth, nineteen hundred eighty, the state\ncomptroller shall forthwith pay an amount equal to one-half of the\namount certified by such commissioner as rebates allowable under the\nprovisions of clause (i) of subdivision three of this section from the\ngeneral fund of the state of New York to the fund created pursuant to\nthis section, to the extent that moneys have been appropriated and made\navailable therefor. Upon receipt of the certification of the\ncommissioner of taxation and finance provided for in subdivision four of\nthis section, on and after October first, nineteen hundred eighty, the\nstate comptroller shall forthwith pay an amount equal to one-half of the\namounts certified by such commissioner as rebates allowable under the\nprovisions of clauses (i) and (ii) of subdivision three of this section\nfrom the general fund of the state of New York, to the fund created\npursuant to this section to the extent that moneys have been\nappropriated and made available therefor.\n (b) Provided, however, that the amounts paid from the general fund of\nthe state of New York under paragraph (a) of this subdivision in the\nstate fiscal year beginning April first, nineteen hundred seventy-nine\nshall not exceed fifty million dollars; and in the state fiscal year\nbeginning April first, nineteen hundred eighty such amounts shall not\nexceed ninety million dollars and in the state fiscal year beginning\nApril first, nineteen hundred eighty-one and in every state fiscal year\nthereafter such amounts shall not exceed one hundred twenty million\ndollars.\n (c) Notwithstanding the provisions of paragraph (b) of this\nsubdivision, the state comptroller shall, in addition to the payments to\nbe made under paragraph (a) of this subdivision, also pay to the credit\nof the fund created pursuant to this section an amount equal to one-half\nof the costs deducted by such commissioner for the costs of the state\ntax commission in administering and making distributions in accordance\nwith the provisions of subdivision four of section ninety-two-b of this\nchapter.\n 7. If on the day the commissioner of taxation and finance makes the\ndeterminations required under subdivision three of this section, he\ndetermines that, as a result of the payments made into the stock\ntransfer incentive fund pursuant to subdivisions five and six of this\nsection, the amounts in such fund exceed the amounts determined pursuant\nto clauses (i), (ii) and (iii) of subdivision three of this section for\nthe three calendar months ending on the next-to-the-last business day of\nthe month in which such determination is made, the amount of such excess\nshall be paid forthwith to the chief fiscal officer of the city of New\nYork for support of local government.\n 8. Notwithstanding any provision of general or special law to the\ncontrary, all moneys of such fund shall be deposited by the commissioner\nof taxation and finance in any responsible bank, banking house or trust\ncompany as may be approved by the comptroller. All amounts so deposited\nshall be kept separate and apart and shall not be commingled with any\nother moneys in the custody of the commissioner of taxation and finance.\nAll deposits of moneys of such fund shall be secured by obligations of\nthe United States or of the state having a market value equal at all\ntimes to the amount of the deposit and all banks and trust companies are\nauthorized to give security for such deposits. Any such moneys deposited\nin such fund may, in the discretion of the commissioner of taxation and\nfinance, be invested in obligations of the United States or of the state\nor in other obligations, the principal of and interest on which are\nguaranteed by the United States or by the state.\n 9. Out of such moneys deposited in the fund created by this section,\nthe commissioner of taxation and finance shall, except for rebates\npayable in the manner described in subdivision six of section two\nhundred eighty-a of the tax law, make the payments required to be paid\non claims for rebates made pursuant to section two hundred eighty-a of\nthe tax law, but in no event shall such rebates be paid prior to the\nlast business day of each of the months of September, December, March\nand June with respect to taxes paid during the period of three calendar\nmonths ending on each such last business day and in no event shall the\nrebates allowable under subdivision two-a of section two hundred\neighty-a of the tax law, be paid prior to the last day of June with\nrespect to taxes paid during the preceding October first to September\nthirtieth period except with respect to the period April seventeenth,\nnineteen hundred seventy-eight through September thirtieth, nineteen\nhundred seventy-eight such rebates allowable under such subdivision\ntwo-a shall not be paid prior to the last day of June, nineteen hundred\nseventy-nine preceding such last day. Out of moneys deposited in the\nfund created by this section, the commissioner of taxation and finance\nshall pay to each exchange, affiliated clearing corporation or\nauthorized agency which shall have remitted amounts to the tax\ncommission, in the manner set forth in subdivision six of section two\nhundred eighty-a of the tax law, the rebate payable pursuant to\nsubdivisions one and two of such section, the rebates payable in the\nmanner described in subdivision six of section two hundred eighty-a of\nthe tax law not later than the day after the day the tax equal to the\namount of such rebates is remitted to the tax commission under such\nsubdivision and paid to the fund created by this section from the stock\ntransfer tax fund pursuant to section ninety-two-b of this chapter. Upon\nsuch payment the liability of the state therefor shall be fully\ndischarged.\n 10. In the event that moneys deposited in the fund created by this\nsection are insufficient to pay such rebates, the city of New York shall\npay any such deficiency to such fund in accordance with local law.\n 11. The commissioner of taxation and finance shall not be held liable\nfor any inaccuracy in any certification under this section.\n