N.Y. Tax Law § 1333: Deposit and disposition of revenues

§ 1333. Deposit and disposition of revenues. All revenue collected by

the commissioner of taxation and finance from the tax imposed by any

city pursuant to the authority of this article or article thirty-B of

this chapter shall be deposited daily with such responsible banks,

banking houses or trust companies, as may be designated by the state

comptroller, to the credit of the comptroller, in trust for such city.

Such deposits shall be kept in trust and separate and apart from all

other moneys in the possession of the comptroller. The comptroller shall

require adequate security from all such depositories of such revenue

collected by the commissioner of taxation and finance. The comptroller

shall retain in his hands such amount as the commissioner of taxation

and finance may determine to be necessary for refunds in respect to the

tax imposed by such city pursuant to the authority of this article or

article thirty-B of this chapter and for reasonable costs of the

commissioner of taxation and finance in administering, collecting and

distributing such taxes, out of which the comptroller shall pay any

refunds of such taxes to which the taxpayer shall be entitled under any

law enacted by such city pursuant to the authority of this article or

article thirty-B of this chapter. The comptroller, after reserving such

refund fund and such cost shall, on or before the fifteenth day of each

month, pay to the chief fiscal officer of such city the balance of such

taxes collected, to be paid into the treasury of such city to the credit

of the general fund except that he shall pay to the state department of

social services that amount of overpayments of the tax imposed by such

city pursuant to the authority of this article or article thirty-B of

this chapter and the interest on such amount which is certified to him

by the commissioner of taxation and finance as the amount to be credited

against past-due support pursuant to subdivision six of section one

hundred seventy-one-c of this chapter and except that he shall pay to

the New York state higher education services corporation that amount of

overpayments of the tax imposed by such city pursuant to the authority

of this article or article thirty-B of this chapter and the interest on

such amount which is certified to him by the commissioner of taxation

and finance as the amount to be credited against the amount of defaults

in repayment of guaranteed student loans pursuant to subdivision five of

section one hundred seventy-one-d of this chapter and except that he

shall pay to the state university of New York or the city university of

New York respectively that amount of overpayments of the tax imposed by

such city pursuant to the authority of this article or article thirty-B

of this chapter and the interest on such amount which is certified to

him by the commissioner of taxation and finance as the amount to be

credited against the amount of defaults in repayment of state or city

university loans pursuant to subdivision six of section one hundred

seventy-one-e of this chapter and except that, notwithstanding any other

provision of law, he shall credit to the revenue arrearage account,

pursuant to section ninety-one-a of the state finance law, that amount

of overpayments of the taxes imposed pursuant to the authority of this

article or article thirty-B of this chapter and the interest on such

amount which is certified to him by the commissioner of taxation and

finance as the amount to be credited against a past-due legally

enforceable debt owed to a state agency pursuant to paragraph (a) of

subdivision six of section one hundred seventy-one-f of this chapter,

provided, however, he shall credit to the special offset fiduciary

account, pursuant to section ninety-one-c of the state finance law, any

such amount creditable as a liability as set forth in paragraph (b) of

subdivision six of section one hundred seventy-one-f of this chapter and

except that he shall pay to the city of New York that amount of

overpayments of tax imposed pursuant to the authority of this article or

article thirty-B of this chapter and the interest on such amount which

is certified to him by the commissioner of taxation and finance as the

amount to be credited against city of New York tax warrant judgment debt

pursuant to section one hundred seventy-one-l of this chapter, and

except further that he/she shall pay to a non-obligated spouse that

amount of overpayment of tax imposed by such city pursuant to the

authority of this article or article thirty-B of this chapter and the

interest on such amount which has been credited pursuant to section one

hundred seventy-one-c, one hundred seventy-one-d, one hundred

seventy-one-e, one hundred seventy-one-f or one hundred seventy-one-l of

this chapter and which is certified to him by the commissioner of

taxation and finance as the amount due such non-obligated spouse

pursuant to paragraph six of subsection (b) of section six hundred

fifty-one of this chapter, and he shall deduct a like amount which he

shall pay into the treasury to the credit of the general fund from

amounts subsequently payable to the department of social services, the

state university of New York, the city university of New York, or the

higher education services corporation or to the revenue arrearage

account or special offset fiduciary account pursuant to section

ninety-one-a or ninety-one-c of the state finance law, as the case may

be, whichever had been credited the amount originally withheld from such

overpayment. The amount deducted for administering, collecting and

distributing such taxes during such monthly period shall be paid by the

comptroller into the general fund of the state treasury to the credit of

the state purposes account therein. The first payment to such chief

fiscal officer shall be made on or before March fifteenth, nineteen

hundred eighty-five, which payment shall represent the balance of

revenue after provision for refund and such reasonable costs, with

respect to taxes collected in nineteen hundred eighty-four. Subsequent

payments shall be made on or before April fifteenth, nineteen hundred

eighty-five, and on or before the fifteenth day of each succeeding month

thereafter, and shall represent the balance of revenue with respect to

taxes collected the preceding calendar months. The amounts so payable

shall be certified to the comptroller by the commissioner of taxation

and finance or his delegate, either of whom shall not be held liable for

any inaccuracy in such certificate. Where the amount so paid over to

such chief fiscal officer is more or less than the amount then due such

city, the amount of overpayment or underpayment shall be certified to

the comptroller by the commissioner of taxation and finance or his

delegate, either of whom shall not be held liable for any inaccuracy in

such certificate. The amount of overpayment or underpayment shall be so

certified to the comptroller as soon after the discovery of the

overpayment or underpayment as reasonably possible and subsequent

payments by the comptroller to such chief fiscal officer shall be

adjusted by subtracting the amount of any such overpayment from, or by

adding the amount of any such underpayment to such number of subsequent

payments and distributions as the comptroller and the commissioner of

taxation and finance shall consider reasonable in view of the amount of

the overpayment or underpayment and all other facts and circumstances.