N.Y. State Finance Law § 92-b: Stock transfer tax fund

§ 92-b. Stock transfer tax fund. 1. There is hereby established in the

custody of the commissioner of taxation and finance a special fund, to

be known as the stock transfer tax fund.

2. Such fund shall consist of the revenues derived from the stock

transfer tax imposed by article twelve of the tax law and all other

moneys credited or transferred thereto from any other fund or source

pursuant to law.

3. The moneys received from such tax and other sources in such fund,

after deducting the amount the commissioner of taxation and finance

shall determine to be necessary for reasonable costs of the state tax

commission in administering, collecting and distributing such tax,

commencing with the fiscal year ending March thirty-first, nineteen

hundred seventy-seven, shall be appropriated to (i) the municipal

assistance corporation for the city of New York created pursuant to

title three of article ten of the public authorities law in order to

enable such corporation to fulfill the terms of any agreements made with

the holders of its notes and bonds and to carry out its corporate

purposes including the maintenance of the capital reserve fund and (ii)

to the extent such moneys are not required by such corporation as

provided in subdivision seven of section ninety-two-d of this chapter

and, after deducting the amount such commissioner shall determine to be

necessary for reasonable costs of the state tax commission in

administering and making distributions in accordance with the provisions

of section two hundred eighty-a of the tax law from the stock transfer

incentive fund, to the stock transfer incentive fund created pursuant to

section ninety-two-i of this chapter to enable rebates to be made from

such fund under the provisions of section two hundred eighty-a of the

tax law and (iii) to the extent such moneys are not required by such

fund, as certified by the commissioner of taxation and finance, the

balance shall be appropriated to the city of New York, for the support

of local government.

4. After the deduction of such costs of the state tax commission in

administering, collecting and distributing such tax, the balances in the

stock transfer tax fund so appropriated shall be distributed and paid on

the last business day of September, December, March and June into the

special account established for the municipal assistance corporation for

the city of New York in the municipal assistance tax fund established

pursuant to subdivision one of section ninety-two-d of this chapter,

unless and to the extent the balances in such fund on each such payment

day are not required by such corporation as provided in said subdivision

seven of said section ninety-two-d in which case the balance not so

required, if any, after the deduction of such costs of the state tax

commission in administering and making distributions in accordance with

the provisions of section two hundred eighty-a of the tax law from the

stock transfer incentive fund shall be distributed and paid to the stock

transfer incentive fund in the custody of the commissioner of taxation

and finance established pursuant to section ninety-two-i of this chapter

and unless and to the extent that the balances in the stock transfer tax

fund on each such payment day are not required by the stock transfer

incentive fund as provided in such section ninety-two-i of this chapter

in which case the balance not so required, if any, shall be distributed

and paid to the chief fiscal officer of the city of New York to be paid

into the treasury of the city to the credit of the general fund or paid

by the commissioner of taxation and finance to such other account or

fund as may be designated in writing by such chief fiscal officer at

least ten business days prior to such last day and on each such day, the

commissioner of taxation and finance shall certify to the comptroller

the amount deducted for administering, collecting and distributing such

tax during such quarterly period and shall pay such amount into the

general fund of the state treasury to the credit of the state purposes

fund therein. In no event shall any amount (other than the amount to be

deducted for administering, collecting and distributing such tax) be

distributed or paid from the stock transfer tax fund to any person other

than the municipal assistance corporation for the city of New York

unless and until the aggregate of all payments certified to the

comptroller as required by such corporation in order to comply with its

agreements with the holders of its notes and bonds and to carry out its

corporate purposes, including the maintenance of the capital reserve

fund, which remain unappropriated or unpaid to such corporation shall

have been appropriated to such corporation and shall have been paid in

full provided, however, that no person, including such corporation or

the holders of its notes or bonds shall have any lien on such tax and

such agreements shall be executory only to the extent of the balances

available to the state in such fund. If the balances in such fund are

not required by such corporation pursuant to the provisions of this

subdivision, on each such last business day of September, December,

March and June, the commissioner of taxation and finance shall certify

to the comptroller the amount deducted for administering and making

distributions in accordance with the provisions of section two hundred

eighty-a of the tax law from the stock transfer incentive fund during

such quarterly period and he shall pay such amount into the general fund

of the state treasury to the credit of the state purposes fund therein.

To the extent such moneys are not required by such corporation, as

provided in subdivision seven of section ninety-two-d of this chapter,

no amount thereof (other than such amount to be deducted for

administering, collecting and distributing such tax and such costs in

administering and making distributions in accordance with the provisions

of section two hundred eighty-a of the tax law from the stock transfer

incentive fund) shall be distributed or paid from the stock transfer tax

fund other than to such stock transfer incentive fund in the custody of

the commissioner of taxation and finance unless and until the aggregate

of all payments certified to the comptroller by such commissioner

pursuant to the provisions of such incentive fund as necessary to

provide payments on account of rebates authorized pursuant to section

two hundred eighty-a of the tax law which remain unappropriated or

unpaid to such fund shall have been appropriated to such fund and shall

have been paid in full provided, however, that no person, including any

taxpayer under article twelve of the tax law or any member or dealer

referred to in subdivisions two-a and six of section two hundred

eighty-a of such law, shall have any lien on this fund or the stock

transfer incentive fund.

5. In no fiscal year shall the total amount paid from the fund exceed

the total collections during such fiscal year from the stock transfer

tax pursuant to the provisions of article twelve of the tax law and as

deposited to the credit of the stock transfer tax fund.

6. All payments from the stock transfer tax fund shall be made on the

audit and warrant of the comptroller on vouchers approved by the

commissioner of taxation and finance.

7. When all the notes and bonds of the municipal assistance

corporation for the city of New York have been fully paid and

discharged, together with interest thereon and interest on unpaid

installments of interest, and the chairman of the corporation makes the

final certification required by subdivision seven of section

ninety-two-d of this article, the comptroller must notify the

commissioner of taxation and finance that all remaining funds held in

the stock transfer tax fund must be released to the stock transfer

incentive fund. From that time forward, all funds previously deposited

in the stock transfer tax fund pursuant to subdivision two of this

section will be deposited directly into the stock transfer incentive

fund pursuant to all the rules, regulations or instructions that the

commissioner may prescribe, after deducting the amount the commissioner

determines to be necessary for reasonable costs of the department in

administering, collecting and distributing the tax imposed by article

twelve of the tax law. Notwithstanding any other provisions of this

article, to the extent those moneys are not required by the stock

transfer incentive fund for the purpose of administering and making

distributions in accordance with the provisions of section two hundred

eighty-a of the tax law, as certified by the commissioner of taxation

and finance, the balance will be appropriated to the city of New York

for the support of local government.