NY Tax L § 1313 (2021)
2021 New York Laws TAX - Tax Article 30 - City Personal Income Tax 1313 - Deposit and Disposition of Revenues.

§ 1313. Deposit and disposition of revenues. (a) All revenue collected by  the commissioner from the taxes imposed pursuant to the authority of this article or former article two-E of the general city  law  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 New York or the New York city transitional finance  authority,  as  their  interests  may  appear pursuant  to  this  section.  Such  deposits  shall be kept in trust and separate and apart from all  other  moneys  in  the  possession  of  the comptroller.  The  comptroller  shall require adequate security from all such depositories of such revenue collected by the commissioner.  (b) The comptroller shall  retain  in  the  comptroller's  hands  such amount  as the commissioner may determine to be necessary for refunds in respect to the taxes imposed pursuant to the authority of  this  article or former article two-E of the general city law and for reasonable costs of  the  commissioner in administering, collecting and distributing such taxes, out of which the comptroller shall pay any refunds of such  taxes to  which  taxpayers shall be entitled under any law enacted pursuant to the authority of this article or former article  two-E  of  the  general city law.  (c)  Subject  to the provisions of subsection (g) of this section, the comptroller, after reserving such refund  fund  and  such  costs  shall, commencing  on or before the fifteenth day of each month, pay to the New York city transitional finance authority on a daily basis the balance of taxes imposed pursuant to  the  authority  of  this  article  or  former article two-E of the general city law to be applied by the authority, in the  following  order  of  priority:  first  pursuant to the authority's contracts with  bondholders,  then  to  pay  the  authority's  operating expenses   not   otherwise  provided  for,  and  then  pursuant  to  the authority's agreements with the city, which agreements shall require the authority to transfer the balance of such taxes  not  required  to  meet contractual  or  other  obligations  of  the  authority  to  the city as frequently as practicable; except that the comptroller shall:  (1) pay to the state department of  social  services  that  amount  of overpayments  of  the  taxes  imposed  pursuant to the authority of this article or former article two-E of the general city law and the interest on such amount which is certified to the comptroller by the commissioner as the amount to  be  credited  against  past-due  support  pursuant  to subdivision six of section one hundred seventy-one-c of this chapter;  (2)  pay  to  the New York state higher education services corporation that amount of  overpayments  of  the  taxes  imposed  pursuant  to  the authority  of  this  article or former article two-E of the general city law  and  the  interest  on  such  amount  which  is  certified  to  the comptroller by the commissioner as the amount to be credited against the amount  of defaults in repayment of guaranteed student loans pursuant to subdivision five of section one hundred seventy-one-d of this chapter;  (3) pay to the state university of New York or the city university  of New  York  respectively that amount of overpayments of the taxes imposed pursuant to the authority of this article or former article two-E of the general city law and the interest on such amount which is  certified  to the comptroller by the commissioner as the amount to be credited against the  amount  of  defaults in repayment of state or city university loans pursuant to subdivision six of section one hundred seventy-one-e of this chapter;  (4) notwithstanding any  provision  of  law,  credit  to  the  revenue arrearage account, pursuant to section ninety-one-a of the state finance law,  that  amount  of overpayments of the taxes imposed pursuant to the authority of this article or former article two-E of  the  general  city  law  and  the  interest  on  such  amount  which  is  certified  to  the comptroller by the commissioner as the amount to be credited  against  a past-due  legally  enforceable  debt  owed to a state agency pursuant to paragraph (a) of subdivision six of section one hundred seventy-one-f of this  chapter,  provided,  however,  the comptroller shall credit to the special offset fiduciary account, pursuant to  section  ninety-one-c  of the  state finance law, any such amount creditable as a liability as set forth in paragraph  (b)  of  subdivision  six  of  section  one  hundred seventy-one-f of this chapter;  (5)  pay  to  the  city of New York that amount of overpayments of tax imposed pursuant to the authority of this article and  the  interest  on such amount which is certified to the comptroller by the commissioner as the  amount to be credited against city of New York tax warrant judgment debt pursuant to section one hundred seventy-one-l of this chapter; and  (6) pay to a non-obligated spouse that amount of  overpayment  of  tax imposed  pursuant  to  the  authority  of this article or former article two-E of the general city law and the interest on such amount which  has been credited pursuant to section one hundred seventy-one-c, one hundred seventy-one-d,  one  hundred seventy-one-e, one hundred seventy-one-f or one hundred seventy-one-l of this chapter and which is certified to  the comptroller  by  the  commissioner  as the amount due such non-obligated spouse pursuant to paragraph  six  of  subsection  (b)  of  section  six hundred  fifty-one  of  this chapter, and the comptroller shall deduct a like amount which, the comptroller shall pay into the  treasury  to  the credit  of  the  general  fund, from amounts subsequently payable to the office of temporary and disability assistance, the state  university  of New York, the city university of New York, the higher education services corporation,   or  the  revenue  arrearage  account  or  special  offset fiduciary account pursuant to section ninety-one-a  or  ninety-one-c  of the  state  finance law, as the case may be, whichever had been credited the amount originally withheld from such overpayment.  (d) The amount deducted under  subsection  (b)  of  this  section  for administering,  collecting  and  distributing  such  taxes  during  such monthly period shall be paid by the comptroller into the general fund of the state treasury to the credit of the state purposes account therein.  (e) The first payment to such chief fiscal officer shall be made on or before March fifteenth,  nineteen  hundred  seventy-six,  which  payment shall  represent  the  balance of revenue after provision for refund and such reasonable costs, with respect  to  taxes  collected  from  January first,  nineteen  hundred  seventy-six  through  February  twenty-ninth, nineteen hundred seventy-six. Subsequent payments shall be  made  on  or before  April  fifteenth, nineteen hundred seventy-six, and on or before the fifteenth  day  of  each  succeeding  month  thereafter,  and  shall represent  the  balance  of  revenue with respect to taxes collected the preceding calendar months.  (f) The amounts so payable under this section shall  be  certified  to the  comptroller  by  the  commissioner  or the commissioner's delegate, either of whom shall not be held  liable  for  any  inaccuracy  in  such certificate.  Where the amount so paid over to such chief fiscal officer is  more  or  less  than  the  amount  then due such city, the amount of overpayment or underpayment shall be certified to the comptroller by the commissioner or the commissioner's 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 chief fiscal officer 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  commissioner shall consider reasonable in view of the amount of the overpayment or underpayment and all  other  facts  and circumstances.  (g)  The  balance  payable  to  the New York city transitional finance authority pursuant to this section shall instead be paid  to  the  chief fiscal  officer of the city of New York unless and until the comptroller has received from such authority a notice, which shall be conclusive and upon which the comptroller may rely without further inquiry,  that  such authority  has  incurred obligations payable by it, whether for borrowed money, operating expenses or otherwise. On and after the  date  of  such notice  and  until  such date as the authority shall have no obligations outstanding, the city shall have no right, title or interest  in  or  to the  taxes,  except  as  provided in the authority's agreements with the city.  (h) Notwithstanding any provision of state or local law, ordinance  or resolution  to  the  contrary,  if  the  commissioner  of  health timely certifies to the commissioner that a city having  a  population  of  one million  or  more  which  imposes  tax pursuant to the authority of this article properly exercised its option pursuant to  section  two  of  the chapter  of  the  laws of two thousand five which added this subdivision that such city be reimbursed  for  medical  assistance  expenditures  as provided  in  such  section  two of such chapter, the commissioner shall make and certify the calculations and  the  comptroller  shall,  on  the fifteenth  day  of  each month, starting in January, two thousand eight, intercept and pay monthly amounts of revenue from taxes imposed in  such a  city  pursuant  to  the  authority  of  this  article, as provided in subdivision (g) of section twelve hundred sixty-one of this chapter.