N.Y. Tax Law § 1210-B — Sales and compensating use tax within Suffolk county for purposes of stabilizing property taxes and either paying certain judgments, comp...

§ 1210-B. Sales and compensating use tax within Suffolk county for\npurposes of stabilizing property taxes and either paying certain\njudgments, compromises or settlements or paying debt service on\nobligations of said county issued to pay said judgments, compromises or\nsettlements. (a) In addition to the taxes imposed by section twelve\nhundred ten or any other provision of this article, the county of\nSuffolk is hereby authorized and empowered to adopt and amend a local\nlaw, ordinance or resolution imposing within the territorial limits of\nsaid county an additional sales and compensating use tax at the rate of\none-quarter of one percent for the period beginning December first,\nnineteen hundred ninety-seven and ending November thirtieth, two\nthousand seventeen, which tax shall be identical to the tax imposed by\nsaid county pursuant to section twelve hundred ten of this article.\nExcept as hereinafter provided, all provisions of this article,\nincluding the definition and exemption provisions and the provisions\nrelating to the administration, collection and distribution by the\ncommissioner, shall apply for purposes of the tax imposed by this\nsection in the same manner and with the same force and effect as if the\nlanguage of this article had been incorporated in full in this section\nand had expressly referred to the tax imposed by this section; provided,\nhowever, that any provision relating to a maximum rate shall be\ncalculated without reference to the additional sales and compensating\nuse tax herein authorized. For purposes of part IV of article\ntwenty-nine of this chapter, relating to the disposition of revenues\nresulting from taxes collected and administered by the commissioner, the\nadditional sales and compensating use tax herein provided shall be\ndeemed to be imposed under the authority of section twelve hundred ten\nof this article and all provisions relating to the deposit,\nadministration and disposition of taxes, penalties and interest relating\nto a tax imposed by a county under the authority of section twelve\nhundred ten of this article shall, except as otherwise specifically\nprovided in this section, apply to the additional sales and compensating\nuse tax imposed pursuant to this section.\n (b) Notwithstanding any other provision of this article to the\ncontrary, the net collections from the tax imposed pursuant to\nsubdivision (a) of this section shall be deposited in a special fund, to\nbe designated as the LILCO tax certiorari payment and securitization\nfund to be created by said county therefor separate and apart from any\nother funds and accounts of the county. Moneys in such fund shall be\ndeposited and secured in the manner provided by section ten of the\ngeneral municipal law. Pending expenditure from such fund, moneys\ntherein may be invested in the manner provided in section eleven of the\ngeneral municipal law. Any interest earned or capital gain realized on\nthe moneys so deposited or invested shall accrue to and become part of\nsuch fund. Moneys in said fund may be appropriated from and transferred\nto or expended in any fiscal year only for the purpose of either paying\na tax certiorari judgment, or compromise or settlement thereof, payable\nby said county in a proceeding entitled In the Matter of the Application\nof LONG ISLAND LIGHTING COMPANY, Petitioner, and LONG ISLAND POWER\nAUTHORITY, Intervenor-Petitioner against THE ASSESSOR AND THE BOARD OF\nASSESSMENT REVIEW FOR THE TOWN OF BROOKHAVEN, Respondents, and THE\nSHOREHAM-WADING RIVER CENTRAL SCHOOL DISTRICT AND THE COUNTY OF SUFFOLK,\nIntervenors-Respondents, for Review of the Tax Assessments Under Article\n7 of the Real Property Tax Law for the 1984-85, 1985-86, 1986-87,\n1987-88, 1988-89, 1989-90, 1990-91, and 1991-92 Tax Years (the "LILCO\nphase 2 judgement"), paying any other tax certiorari judgment against or\ncompromise or settlement of a tax certiorari claim or proceeding by said\ncounty resulting from proceedings commenced by the Long Island lighting\ncompany or any successor in interest, paying a judgment against or\ncompromise or settlement resulting from a proceeding entitled LONG\nISLAND POWER AUTHORITY and LONG ISLAND LIGHTING COMPANY, against\nSHOREHAM-WADING RIVER CENTRAL SCHOOL DISTRICT, COUNTY OF SUFFOLK, TOWN\nOF BROOKHAVEN, SHOREHAM WADING RIVER PUBLIC LIBRARY DISTRICT, WADING\nRIVER FIRE DISTRICT, WADING RIVER LIGHTING DISTRICT (the "the "PILOT\npayment judgment"), or paying the principal, interest and premium, if\nany, on bonds or bond anticipation notes hereinafter issued by the\ncounty of Suffolk to pay any such LILCO phase 2 judgment, PILOT payment\njudgment or compromise or settlement thereof, or any other tax\ncertiorari judgment against or compromise or settlement of a tax\ncertiorari claim or proceeding by said county resulting from proceedings\ncommenced by the Long Island lighting company or any successor in\ninterest.\n (c) At the end of the last day of the sales tax quarter in which\nSuffolk county shall have either paid or provided for the payment of all\nsuch judgments or compromises or settlements in full or paid or provided\nfor the payment of the principal, interest and premium, if any, on all\nbonds or bond anticipation notes issued by said county to pay such\njudgments or compromises or settlements, the authorization granted in\nsubdivision (a) of this section shall expire. Despite such expiration,\nthe provisions of this section and any regulations promulgated\nthereunder, including the provisions with respect to assessment,\npayment, termination, collection and refund of such taxes, the\nrequirements for filing returns, preservation of records and disposition\nof revenue shall continue in full force and effect with respect to all\nsuch taxes accrued up to the effective date of such expiration.\n