N.Y. Tax Law § 805: Deposit and disposition of revenue

§ 805. Deposit and disposition of revenue. (a) The taxes, interest,

and penalties imposed by 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. The commissioner is

authorized and directed to deduct from the amounts it receives under

this article, before deposit into the trust accounts designated by the

comptroller, a reasonable amount necessary to effectuate refunds of

appropriations of the department to reimburse the department for the

costs incurred to administer, collect and distribute the taxes imposed

by this article.

(b) On or before the twelfth and twenty-sixth day of each succeeding

month, after reserving such amount for such refunds and deducting such

amounts for such costs, as provided for in subsection (a) of this

section, 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 metropolitan transportation authority finance fund established

pursuant to section twelve hundred seventy-h of the public authorities

law, provided, however, that the comptroller shall ensure that any

payments to the metropolitan transportation authority finance fund which

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

pursuant to this subsection shall be received by the metropolitan

transportation authority finance fund on the same business day in which

it is paid.