N.Y. Tax Law § 312: Deposit and disposition of revenue

§ 312. Deposit and disposition of revenue.-- (a) Except as otherwise

provided, of all taxes, interest and penalties collected or received on

or after April first, two thousand one, from the taxes imposed by

section three hundred one-a of this article, (i) initially eighty and

three-tenths percent shall be deposited, as prescribed by subdivision

(d) of section three hundred one-j of this article and (ii) nineteen and

seven-tenths percent shall be deposited in such mass transportation

operating assistance fund to the credit of the metropolitan mass

transportation operating assistance account and the public

transportation systems operating assistance account thereof in the

manner provided by subdivision eleven of section one hundred

eighty-two-a of this chapter. Provided, further that on or before the

twenty-fifth day of each month commencing with April, two thousand one,

the comptroller shall deduct the amount of six hundred twenty-five

thousand dollars prior to any deposit or disposition of the taxes,

interest, and penalties collected or received pursuant to such section

three hundred one-a and shall deposit such amount in the dedicated fund

accounts pursuant to subdivision (d) of section three hundred one-j of

this article. Provided, further, that commencing January fifteenth,

nineteen hundred ninety-one, and on or before the tenth day of March and

the fifteenth day of June and September of such year, the commissioner

shall, based on information supplied by taxpayers and other appropriate

sources, estimate the amount of the utility credit authorized by section

three hundred one-d of this article which has been accrued to reduce tax

liability under section one hundred eighty-six-a of this chapter during

the period covered by such estimate and certify to the state comptroller

such estimated amount. The comptroller shall forthwith, after receiving

such certificate, deduct the amount of such credit so certified by the

commissioner prior to any deposit or disposition of the taxes, interest

and penalties collected or received pursuant to such section three

hundred one-a and shall pay such amount so certified and deducted into

the state treasury to the credit of the general fund. Also,

subsequently, during the fiscal year when the commissioner becomes aware

of changes or modifications with respect to actual credit usage, the

commissioner shall, as soon as practicable, issue a certification

setting forth the amount of any required adjustment to the amount of

actual credit usage previously certified. After receiving the

certificate of the commissioner with respect to actual credit usage or

modification of the same, the comptroller shall forthwith adjust general

fund receipts and the revenues to be deposited or disposed of under this

article to reflect the difference so certified by the commissioner. The

commissioner shall not be liable for any overestimate or underestimate

of the amount of the utility credit which has been accrued to reduce tax

liability under such section one hundred eighty-six-a. Nor shall the

commissioner be liable for any inaccuracy in any certificate with

respect to the amount of such credit actually used or any required

adjustment with respect to actual credit usage, but the commissioner

shall as soon as practicable after discovery of any error adjust the

next certification under this section to reflect any such error.

Prior to making deposits as provided in this section, the comptroller

shall retain such amount as the commissioner may determine to be

necessary, subject to the approval of the director of the budget, for

reasonable costs of the department in administering and collecting the

taxes deposited pursuant to this section and for refunds and

reimbursements with respect to such taxes, out of which the comptroller

shall pay any refunds or reimbursements of such taxes to which taxpayers

shall be entitled.

(b) Notwithstanding any other provision of law, all taxes, interest,

and penalties collected or received on or after December first, two

thousand seventeen from the taxes imposed by section three hundred one-e

of this article shall be deposited in the aviation purpose account of

the dedicated highway and bridge trust fund established by section

eighty-nine-b of the state finance law.