N.Y. TAX Law § 312 — New York Code / Act TAX / Article 13-A / Section 312
Deposit and disposition of revenue
Status: in_force

§ 312. Deposit and disposition of revenue.-- (a) Except as otherwise\nprovided, of all taxes, interest and penalties collected or received on\nor after April first, two thousand one, from the taxes imposed by\nsection three hundred one-a of this article, (i) initially eighty and\nthree-tenths percent shall be deposited, as prescribed by subdivision\n(d) of section three hundred one-j of this article and (ii) nineteen and\nseven-tenths percent shall be deposited in such mass transportation\noperating assistance fund to the credit of the metropolitan mass\ntransportation operating assistance account and the public\ntransportation systems operating assistance account thereof in the\nmanner provided by subdivision eleven of section one hundred\neighty-two-a of this chapter. Provided, further that on or before the\ntwenty-fifth day of each month commencing with April, two thousand one,\nthe comptroller shall deduct the amount of six hundred twenty-five\nthousand dollars prior to any deposit or disposition of the taxes,\ninterest, and penalties collected or received pursuant to such section\nthree hundred one-a and shall deposit such amount in the dedicated fund\naccounts pursuant to subdivision (d) of section three hundred one-j of\nthis article. Provided, further, that commencing January fifteenth,\nnineteen hundred ninety-one, and on or before the tenth day of March and\nthe fifteenth day of June and September of such year, the commissioner\nshall, based on information supplied by taxpayers and other appropriate\nsources, estimate the amount of the utility credit authorized by section\nthree hundred one-d of this article which has been accrued to reduce tax\nliability under section one hundred eighty-six-a of this chapter during\nthe period covered by such estimate and certify to the state comptroller\nsuch estimated amount. The comptroller shall forthwith, after receiving\nsuch certificate, deduct the amount of such credit so certified by the\ncommissioner prior to any deposit or disposition of the taxes, interest\nand penalties collected or received pursuant to such section three\nhundred one-a and shall pay such amount so certified and deducted into\nthe state treasury to the credit of the general fund. Also,\nsubsequently, during the fiscal year when the commissioner becomes aware\nof changes or modifications with respect to actual credit usage, the\ncommissioner shall, as soon as practicable, issue a certification\nsetting forth the amount of any required adjustment to the amount of\nactual credit usage previously certified. After receiving the\ncertificate of the commissioner with respect to actual credit usage or\nmodification of the same, the comptroller shall forthwith adjust general\nfund receipts and the revenues to be deposited or disposed of under this\narticle to reflect the difference so certified by the commissioner. The\ncommissioner shall not be liable for any overestimate or underestimate\nof the amount of the utility credit which has been accrued to reduce tax\nliability under such section one hundred eighty-six-a. Nor shall the\ncommissioner be liable for any inaccuracy in any certificate with\nrespect to the amount of such credit actually used or any required\nadjustment with respect to actual credit usage, but the commissioner\nshall as soon as practicable after discovery of any error adjust the\nnext certification under this section to reflect any such error.\n  Prior to making deposits as provided in this section, the comptroller\nshall retain such amount as the commissioner may determine to be\nnecessary, subject to the approval of the director of the budget, for\nreasonable costs of the department in administering and collecting the\ntaxes deposited pursuant to this section and for refunds and\nreimbursements with respect to such taxes, out of which the comptroller\nshall pay any refunds or reimbursements of such taxes to which taxpayers\nshall be entitled.\n  (b) Notwithstanding any other provision of law, all taxes, interest,\nand penalties collected or received on or after December first, two\nthousand seventeen from the taxes imposed by section three hundred one-e\nof this article shall be deposited in the aviation purpose account of\nthe dedicated highway and bridge trust fund established by section\neighty-nine-b of the state finance law.\n