N.Y. Tax Law § 1288: Deposit and disposition of revenue

§ 1288. Deposit and disposition of revenue. Notwithstanding any

provision of law to the contrary: (a) All taxes, interest and penalties

collected or received by the commissioner pursuant to this article shall

be deposited daily with such responsible banks, banking houses or trust

companies, as may be designated by the comptroller, in trust for the

credit of the metropolitan transportation authority. An account may be

established in one or more of such depositories. Such deposits shall be

kept separate and apart from all other money in the possession of the

comptroller. The comptroller shall require adequate security from all

such depositories. Of the total revenue collected or received under this

section, the comptroller shall retain in the comptroller's hands such

amount as the commissioner may determine to be necessary for refunds

under this article. The commissioner is authorized and directed to

deduct from such amounts collected or received under this article,

before deposit into the accounts specified by the comptroller, a

reasonable amount necessary to effectuate refunds of appropriations of

the department to reimburse the department for the costs to administer,

collect and distribute the taxes imposed by this article.

(b) On or before the twelfth day following the end of each month,

after reserving such amount for such refunds and such costs, the

commissioner shall certify to the comptroller the amount of all revenues

so received pursuant to this article during the prior month as a result

of the taxes, interest and penalties so imposed.

(c) By the fifteenth day of the last month of each calendar quarter

the comptroller shall pay over the amount of revenues from the prior

three months in total so certified by the commissioner, without

appropriation, into the corporate transportation account of the

metropolitan transportation authority special assistance fund

established by section twelve hundred seventy-a of the public

authorities law to be applied as provided in paragraph (e) of

subdivision four of such section twelve hundred seventy-a. Any money

collected pursuant to this article that is deposited by the comptroller

in the corporate transportation account of the metropolitan

transportation authority special assistance fund shall be held in such

fund free and clear of any claim by any person or entity paying the tax

pursuant to this article, including, without limiting the generality of

the foregoing, any right or claim against the metropolitan

transportation authority, any of its bondholders, or any subsidiary or

affiliate of the metropolitan transportation authority.