N.Y. Public Health Law § 2807-u: Transfers for tax credits

§ 2807-u. Transfers for tax credits. Upon receipt of the report from

the commissioner of taxation and finance required pursuant to

subdivision (i) of section fifteen hundred eleven of the tax law and the

report from the superintendent of financial services required pursuant

to section one thousand one hundred twelve-a of the insurance law, the

director of the budget shall forward such reports to the commissioner of

health. Within ten days of receipt of such reports, the commissioner of

health or the commissioner of health's designee, from funds allocated

for distribution in accordance with paragraphs (a) and (c) of

subdivision seven of section twenty-eight hundred seven-s of this

article, shall pay over to the state comptroller for deposit into the

state's general fund the amounts specified therein as representing (1)

the amount of credits claimed under subdivision (i) of section fifteen

hundred eleven of the tax law and (2) the amount by which taxes due and

owing pursuant to section one thousand one hundred twelve of the

insurance law were reduced because the amounts imposed and required to

be paid pursuant to section twenty-eight hundred seven-t of this article

were allowed as credits in assessing the taxes imposed by such section

one thousand one hundred twelve.