N.Y. Tax Law § 1438-k: Deposit and disposition of revenue

* § 1438-k. Deposit and disposition of revenue. 1. All taxes,

penalties and interest imposed by the town under the authority of

section fourteen hundred thirty-eight-b of this article, which are

collected by the treasurer or his or her agents, shall be deposited in a

single trust fund for the town and shall be kept in trust and separate

and apart from all other monies in possession of the treasurer. Moneys

in such fund shall be deposited and secured in the manner provided by

section ten of the general municipal law. Pending expenditure from such

fund, 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 fund.

2. The treasurer shall retain such amount as he or she may determine

to be necessary for refunds with respect to the tax imposed by the town,

under the authority of section fourteen hundred thirty-eight-b of this

article, out of which the treasurer shall pay any refunds of such taxes

to those taxpayers entitled to a refund pursuant to the provisions of

this article.

3. The treasurer, after reserving such refunds, shall on or before the

twelfth day of each month pay to the town supervisor the taxes,

penalties and interest imposed by the town under the authority of

section fourteen hundred thirty-eight-b of this article, collected by

the treasurer, pursuant to this article during the next preceding

calendar month. The amount so payable shall be certified to the town

supervisor by the treasurer, who shall not be held liable for any

inaccuracy in such certification. Provided, however, any such

certification may be based on such information as may be available to

the treasurer at the time such certification must be made under this

section. Where the amount so paid over to the town in any such

distribution is more or less than the amount due to the town, the amount

of the overpayment or underpayment shall be certified to the town

supervisor by the treasurer, who shall not be held liable for any

inaccuracy in such certification. The amount of the overpayment or

underpayment shall be so certified to the town supervisor as soon after

the discovery of the overpayment or underpayment as reasonably possible

and subsequent payments and distributions by the treasurer to the town

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 treasurer and town

supervisor shall consider reasonable in view of the overpayment or

underpayment and all other facts and circumstances.

4. All monies received from the treasurer shall be deposited in the

fund of the town, pursuant to section sixty-four-h of the town law.

* NB Repealed December 31, 2026