N.Y. Yonkers income tax surcharge § 15-110: Deposit and disposition of revenues

§ 15-110. Deposit and disposition of revenues.

All revenue collected by the State Tax Commission from the tax imposed

by this Article IX or any tax imposed by Article X 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 the City of Yonkers. Such deposits

shall be kept in trust and separate and apart from all other moneys in

the possession of the Comptroller. The State Comptroller shall require

adequate security from all such depositories of such revenue collected

by the State Tax Commission. The State Comptroller shall retain in

his/her hands such amount as the State Commissioner of Taxation and

Finance may determine to be necessary for refunds in respect to the tax

imposed by the City of Yonkers pursuant to this Article IX or Article X

of this chapter imposing a nonresident earnings tax and for reasonable

costs of the State Tax Commission in administering, collecting and

distributing such taxes, out of which the State Comptroller shall pay

any refunds of such taxes to which taxpayers shall be entitled under

this Article IX or Article X of this chapter imposing a nonresident

earnings tax. The State Comptroller, after reserving such refund and

such cost shall, on or before the 15th day of each month, pay to the

Comptroller of the City of Yonkers the balance of such taxes collected,

to be paid into the Treasury of the City of Yonkers to the credit of the

general fund, except that he/she shall pay to the State Department of

Social Services that amount of overpayments of the tax imposed by the

City of Yonkers pursuant to this Article IX or Article X of this chapter

imposing a tax on nonresident earnings and the interest on such amount

which is certified to him/her by the State Tax Commission as the amount

to be credited against past-due support pursuant to § 171-c, Subdivision

(6), of the New York State Tax Law and except that he/she shall pay to

the New York State Higher Education Services Corporation that amount of

overpayments of the tax imposed by the City of Yonkers pursuant to this

Article IX or Article X of this chapter imposing a nonresident earnings

tax and the interest on such amount which is certified to him/her by the

State Tax Commission as the amount to be credited against the amount of

defaults in repayment of guaranteed student loans pursuant to § 171-d,

Subdivision (5) of the New York State Tax Law; and except that he shall

pay to the State University of New York that amount of overpayments of

tax imposed by this Article IX or Article X of this chapter and the

interest on such amount which is certified to him by the Tax Commission

as the amount to be credited against the amount of default in repayment

of state university loans pursuant to Subdivision 6 of § 171-e of the

New York State Tax Law. The amount deducted for administering,

collecting and distributing such taxes during such monthly period shall

be paid by the State Comptroller into the general fund of the state

treasury to the credit of the state purposes account therein. The first

payment to the Comptroller of the City of Yonkers shall be made on or

before March 15, 1985, which payment shall represent the balance of

revenue after provision for refund and such reasonable costs, with

respect to taxes collected in 1984. Subsequent payments shall be made on

or before April 15, 1985, and on or before the 15th 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 State Comptroller by the

President of the State Tax Commission or his/her delegate, either of

whom shall not be held liable for any inaccuracy in such certificate.

Where the amount so paid over to the Comptroller of the City of Yonkers

is more or less than the amount due the City of Yonkers, the amount of

overpayment or underpayment shall be certified to the Comptroller by the

President of the State Tax Commission or his/her 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 Comptroller 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 President of the State Tax Commission shall

consider reasonable in view of the amount of the overpayment or

underpayment and all other facts and circumstances.