N.Y. Tax Law § 1210-c: Sales and compensating use tax for purposes of the Schenectady county metroplex development authority

§ 1210-C. Sales and compensating use tax for purposes of the

Schenectady county metroplex development authority. (a) In addition to

the taxes authorized to be imposed by section twelve hundred ten of this

article or any other provision of this article, the county of

Schenectady is hereby authorized and empowered to adopt and amend a

local law, ordinance or resolution imposing within the territorial

limits of said county sales and compensating use taxes at a rate which

is one-half of one percent additional to the three percent rate

authorized in section twelve hundred ten of this article for the period

beginning on or after September first, nineteen hundred ninety-eight and

ending August thirty-first, two thousand thirty-eight, which taxes shall

be identical to the taxes imposed by said county pursuant to section

twelve hundred ten of this article. Except as hereinafter provided, all

provisions of this article, including the definition and exemption

provisions and the provisions relating to the administration, collection

and distribution by the commissioner, shall apply for purposes of the

taxes authorized to be imposed by this section in the same manner and

with the same force and effect as if the language of this article had

been incorporated in full in this section and had expressly referred to

the taxes authorized to be imposed by this section; provided, however,

that any provision of this article relating to a maximum rate shall be

calculated without reference to the additional rate authorized by this

section. For purposes of part IV of this article, relating to the

disposition of revenues resulting from taxes collected and administered

by the commissioner, the additional sales and compensating use taxes

authorized by this section shall be deemed to be imposed under the

authority of section twelve hundred ten of this article and all

provisions relating to the deposit, administration and disposition of

taxes, penalties and interest relating to taxes imposed by a county

under the authority of section twelve hundred ten of this article shall,

except as otherwise specifically provided in this section, apply to the

additional sales and compensating use tax imposed pursuant to the

authority of this section.

(b) Notwithstanding any other provision of this article to the

contrary, the net collections from the tax imposed pursuant to

subdivision (a) of this section for the period beginning on or after

September first, nineteen hundred ninety-eight and ending August

thirty-first, two thousand thirty-eight shall, upon payment to the

county of Schenectady, be deposited in the Schenectady metroplex

development authority support fund, pursuant to subdivision nine of

section twenty-six hundred sixty-one of the public authorities law, with

such fund to be designated as a special dedicated support fund, to be

created by said county therefor separate and apart from any other funds

and accounts of the county. Pending deposit from such Schenectady

metroplex development authority support fund into the general fund of

the Schenectady metroplex development authority, all moneys therein may

be invested in the manner provided in section eleven of the general

municipal law. Any interest earned or capital gain realized on the

moneys so deposited or invested shall accrue to and become part of such

Schenectady metroplex development authority support fund.

(c) If the county of Schenectady does not impose the one-half of one

percent rate of taxes authorized by subdivision (a) of this section

during the period beginning September first, nineteen hundred

ninety-eight and ending August thirty-first, two thousand thirty-eight,

the county shall dedicate net collections from sales and compensating

use taxes imposed during such period pursuant to the authority of

section twelve hundred ten of this article at the rate of one-half of

one percent and shall quarterly deposit such net collections in the

Schenectady metroplex development authority support fund established in

accordance with subdivision (b) of this section.

(d) On January first, nineteen hundred ninety-nine, and then quarterly

thereafter, the director of finance of Schenectady county shall transfer

seventy percent of all net collections from the one-half of one percent

sales and compensating use tax and deposited in the Schenectady

metroplex development authority support fund to the authority for

deposit in the authority's general fund. The authority may use such

portion of such dedicated net collections received for any lawful

purpose or power of the authority. On January first, nineteen hundred

ninety-nine, and then quarterly thereafter, the director of finance of

Schenectady county, after transferring seventy percent of such net

collections to the authority for deposit in the authority's general

fund, shall transfer all remaining monies in the Schenectady metroplex

development authority support fund to the Schenectady county real

property tax abatement and economic development fund.