§ 15-110 — Deposit and disposition of revenues

§ 15-110. Deposit and disposition of revenues.\n All revenue collected by the State Tax Commission from the tax imposed\nby this Article IX or any tax imposed by Article X of this chapter shall\nbe deposited daily with such responsible banks, banking houses or trust\ncompanies, as may be designated by the State Comptroller, to the credit\nof the Comptroller, in trust for the City of Yonkers. Such deposits\nshall be kept in trust and separate and apart from all other moneys in\nthe possession of the Comptroller. The State Comptroller shall require\nadequate security from all such depositories of such revenue collected\nby the State Tax Commission. The State Comptroller shall retain in\nhis/her hands such amount as the State Commissioner of Taxation and\nFinance may determine to be necessary for refunds in respect to the tax\nimposed by the City of Yonkers pursuant to this Article IX or Article X\nof this chapter imposing a nonresident earnings tax and for reasonable\ncosts of the State Tax Commission in administering, collecting and\ndistributing such taxes, out of which the State Comptroller shall pay\nany refunds of such taxes to which taxpayers shall be entitled under\nthis Article IX or Article X of this chapter imposing a nonresident\nearnings tax. The State Comptroller, after reserving such refund and\nsuch cost shall, on or before the 15th day of each month, pay to the\nComptroller of the City of Yonkers the balance of such taxes collected,\nto be paid into the Treasury of the City of Yonkers to the credit of the\ngeneral fund, except that he/she shall pay to the State Department of\nSocial Services that amount of overpayments of the tax imposed by the\nCity of Yonkers pursuant to this Article IX or Article X of this chapter\nimposing a tax on nonresident earnings and the interest on such amount\nwhich is certified to him/her by the State Tax Commission as the amount\nto be credited against past-due support pursuant to § 171-c, Subdivision\n(6), of the New York State Tax Law and except that he/she shall pay to\nthe New York State Higher Education Services Corporation that amount of\noverpayments of the tax imposed by the City of Yonkers pursuant to this\nArticle IX or Article X of this chapter imposing a nonresident earnings\ntax and the interest on such amount which is certified to him/her by the\nState Tax Commission as the amount to be credited against the amount of\ndefaults in repayment of guaranteed student loans pursuant to § 171-d,\nSubdivision (5) of the New York State Tax Law; and except that he shall\npay to the State University of New York that amount of overpayments of\ntax imposed by this Article IX or Article X of this chapter and the\ninterest on such amount which is certified to him by the Tax Commission\nas the amount to be credited against the amount of default in repayment\nof state university loans pursuant to Subdivision 6 of § 171-e of the\nNew York State Tax Law. The amount deducted for administering,\ncollecting and distributing such taxes during such monthly period shall\nbe paid by the State Comptroller into the general fund of the state\ntreasury to the credit of the state purposes account therein. The first\npayment to the Comptroller of the City of Yonkers shall be made on or\nbefore March 15, 1985, which payment shall represent the balance of\nrevenue after provision for refund and such reasonable costs, with\nrespect to taxes collected in 1984. Subsequent payments shall be made on\nor before April 15, 1985, and on or before the 15th day of each\nsucceeding month thereafter and shall represent the balance of revenue\nwith respect to taxes collected the preceding calendar months. The\namounts so payable shall be certified to the State Comptroller by the\nPresident of the State Tax Commission or his/her delegate, either of\nwhom shall not be held liable for any inaccuracy in such certificate.\nWhere the amount so paid over to the Comptroller of the City of Yonkers\nis more or less than the amount due the City of Yonkers, the amount of\noverpayment or underpayment shall be certified to the Comptroller by the\nPresident of the State Tax Commission or his/her delegate, either of\nwhom shall not be held liable for any inaccuracy in such certificate.\nThe amount of overpayment or underpayment shall be so certified to the\nComptroller as soon after the discovery of the overpayment or\nunderpayment as reasonably possible, and subsequent payments by the\nComptroller to such Comptroller shall be adjusted by subtracting the\namount of any such overpayment from or by adding the amount of any such\nunderpayment to such number of subsequent payments and distributions as\nthe Comptroller and the President of the State Tax Commission shall\nconsider reasonable in view of the amount of the overpayment or\nunderpayment and all other facts and circumstances.\n