N.Y. Tax Law § 1421 — Deposit and dispositions of revenues

§ 1421. Deposit and dispositions of revenues. (a) From the taxes,\ninterest and penalties attributable to the tax imposed pursuant to\nsection fourteen hundred two of this article, the amount of one hundred\nninety-nine million three hundred thousand dollars shall be deposited by\nthe comptroller in the environmental protection fund established\npursuant to section ninety-two-s of the state finance law for the fiscal\nyear beginning April first, two thousand nine; the amount of one hundred\nnineteen million one hundred thousand dollars shall be deposited in such\nfund for the fiscal year beginning April first, two thousand ten; the\namount of two hundred fifty-seven million three hundred fifty thousand\ndollars shall be deposited into such fund for the fiscal year beginning\nApril first, two thousand twenty-two; and for each fiscal year\nthereafter. On or before June twelfth, nineteen hundred ninety-five and\non or before the twelfth day of each month thereafter (excepting the\nfirst and second months of each fiscal year), the comptroller shall\ndeposit into such fund from the taxes, interest and penalties collected\npursuant to such section fourteen hundred two of this article which have\nbeen deposited and remain to the comptroller's credit in the banks,\nbanking houses or trust companies referred to in section one hundred\nseventy-one-a of this chapter at the close of business on the last day\nof the preceding month, an amount equal to one-tenth of the annual\namount required to be deposited in such fund pursuant to this section\nfor the fiscal year in which such deposit is required to be made. In the\nevent such amount of taxes, interest and penalties so remaining to the\ncomptroller's credit is less than the amount required to be deposited in\nsuch fund by the comptroller, an amount equal to the shortfall shall be\ndeposited in such fund by the comptroller with subsequent deposits, as\nsoon as the revenue is available. Beginning April first, nineteen\nhundred ninety-seven, the comptroller shall transfer monthly to the\nclean water/clean air fund established pursuant to section\nninety-seven-bbb of the state finance law, all moneys remaining from\nsuch taxes, interest and penalties collected that are not required for\ndeposit in the environmental protection fund.\n (b) Notwithstanding subdivision (a) of this section, the taxes,\ninterest and penalties attributable to (i) the tax imposed under section\nfourteen hundred two of this article at the rate specified in paragraph\ntwo of subdivision (a) of such section, and (ii) the tax imposed under\nsection fourteen hundred two-b of this article, and collected or\nreceived by the commissioner shall be deposited daily with such\nresponsible banks, banking houses or trust companies, as may be\ndesignated by the comptroller, to the credit of the comptroller in trust\nfor the metropolitan transportation authority. An account may be\nestablished in one or more of such depositories. Such deposits will be\nkept separate and apart from all other money in the possession of the\ncomptroller. The comptroller shall require adequate security from all\nsuch depositories. Of the total revenue collected or received under\nthis article, the comptroller shall retain such amount as the\ncommissioner may determine to be necessary for refunds under this\narticle. On or before the twelfth and twenty-sixth day of each\nsucceeding month, after reserving such amount for such refunds, the\ncommissioner shall certify to the comptroller the amount of all revenues\nso received during the prior month as a result of the taxes, interest\nand penalties so imposed. The amount of revenues so certified shall be\npaid over by the fifteenth and the final business day of each succeeding\nmonth from such account without appropriation into the central business\ndistrict tolling capital lockbox fund established pursuant to section\nfive hundred fifty-three-j of the public authorities law, provided,\nhowever, that the comptroller shall ensure that any payments to the\ncentral business district tolling capital lockbox fund established that\nare due to be paid by the final business day in the month of December\npursuant to this subdivision shall be received by the central business\ndistrict tolling capital lockbox fund on the same business day in which\nit is paid.\n