N.Y. Tax Law § 1421: Deposit and dispositions of revenues

§ 1421. Deposit and dispositions of revenues. (a) From the taxes,

interest and penalties attributable to the tax imposed pursuant to

section fourteen hundred two of this article, the amount of one hundred

ninety-nine million three hundred thousand dollars shall be deposited by

the comptroller in the environmental protection fund established

pursuant to section ninety-two-s of the state finance law for the fiscal

year beginning April first, two thousand nine; the amount of one hundred

nineteen million one hundred thousand dollars shall be deposited in such

fund for the fiscal year beginning April first, two thousand ten; the

amount of two hundred fifty-seven million three hundred fifty thousand

dollars shall be deposited into such fund for the fiscal year beginning

April first, two thousand twenty-two; and for each fiscal year

thereafter. On or before June twelfth, nineteen hundred ninety-five and

on or before the twelfth day of each month thereafter (excepting the

first and second months of each fiscal year), the comptroller shall

deposit into such fund from the taxes, interest and penalties collected

pursuant to such section fourteen hundred two of this article which have

been deposited and remain to the comptroller's credit in the banks,

banking houses or trust companies referred to in section one hundred

seventy-one-a of this chapter at the close of business on the last day

of the preceding month, an amount equal to one-tenth of the annual

amount required to be deposited in such fund pursuant to this section

for the fiscal year in which such deposit is required to be made. In the

event such amount of taxes, interest and penalties so remaining to the

comptroller's credit is less than the amount required to be deposited in

such fund by the comptroller, an amount equal to the shortfall shall be

deposited in such fund by the comptroller with subsequent deposits, as

soon as the revenue is available. Beginning April first, nineteen

hundred ninety-seven, the comptroller shall transfer monthly to the

clean water/clean air fund established pursuant to section

ninety-seven-bbb of the state finance law, all moneys remaining from

such taxes, interest and penalties collected that are not required for

deposit in the environmental protection fund.

(b) Notwithstanding subdivision (a) of this section, the taxes,

interest and penalties attributable to (i) the tax imposed under section

fourteen hundred two of this article at the rate specified in paragraph

two of subdivision (a) of such section, and (ii) the tax imposed under

section fourteen hundred two-b of this article, and collected or

received by the commissioner shall be deposited daily with such

responsible banks, banking houses or trust companies, as may be

designated by the comptroller, to the credit of the comptroller in trust

for the metropolitan transportation authority. An account may be

established in one or more of such depositories. Such deposits will 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 article, the comptroller shall retain such amount as the

commissioner may determine to be necessary for refunds under this

article. On or before the twelfth and twenty-sixth day of each

succeeding month, after reserving such amount for such refunds, the

commissioner shall certify to the comptroller the amount of all revenues

so received during the prior month as a result of the taxes, interest

and penalties so imposed. The amount of revenues so certified shall be

paid over by the fifteenth and the final business day of each succeeding

month from such account without appropriation into the central business

district tolling capital lockbox fund established pursuant to section

five hundred fifty-three-j of the public authorities law, provided,

however, that the comptroller shall ensure that any payments to the

central business district tolling capital lockbox fund established that

are due to be paid by the final business day in the month of December

pursuant to this subdivision shall be received by the central business

district tolling capital lockbox fund on the same business day in which

it is paid.