§ 457 — Regional distribution of petroleum business tax obligations from the dedicated highway and bridge trust fund

New York § 457

• Jurisdiction: New York
• Law TRA: Transportation
• Art. 20: Implementation of the Accelerated Capacity and Transportation Improvements of the Nineties Bond Act

Text

§ 457. Regional distribution of petroleum business tax obligations\nfrom the dedicated highway and bridge trust fund. For the period April\nfirst, nineteen hundred ninety-three through March thirty-first,\nnineteen hundred ninety-seven, the amount of three billion nine hundred\nseventy-five million dollars in projected obligations from the dedicated\nhighway and bridge trust fund related to deposits made in accordance\nwith section three hundred one-j of the tax law shall be utilized within\nthe regions of the state in accordance with the following allocations:\n (i) Hudson Valley Region, consisting of the counties of Westchester,\nRockland, Putnam, Dutchess, Columbia, Orange and Ulster Counties;\nfourteen percent or up to five hundred fifty-six million five hundred\nthousand dollars ($556,500,000);\n (ii) Long Island Region, consisting of Nassau and Suffolk Counties;\ntwenty-three percent or up to nine hundred fourteen million two hundred\nfifty thousand dollars ($914,250,000);\n (iii) New York City Region, consisting of Richmond, Kings, Queens, New\nYork and Bronx Counties; twenty-three percent or up to nine hundred\nfourteen million two hundred fifty thousand dollars ($914,250,000);\n (iv) Upstate region, consisting of all counties of New York state not\nincluded in subparagraphs (i), (ii), and (iii); forty percent or up to\none billion five hundred ninety million dollars; ($1,590,000,000).\n In addition, it is the intent of the governor of the state of New\nYork, the temporary president of the senate and the speaker of the\nassembly, on or before June fifteenth, nineteen hundred ninety-three, to\nenter into a memorandum of understanding with respect to the\nimplementation of state and local highway projects to be supported by\ndedicated funding pursuant to this chapter. The minority leaders of the\nsenate and assembly may also enter into such memorandum of\nunderstanding. This memorandum of understanding will be based upon the\ndedicated funding provided under the dedicated highway and bridge trust\nfund, less required state matches to federal funds.\n