NY Tax L § 1210-C (2021)
2021 New York Laws TAX - Tax Article 29 - Taxes Authorized for Cities, Counties and School Districts Part 1 - Authority to Impose Taxes Sub Part B - Taxes Administered by State Tax Commission 1210-C - Sales and Compensating Use Tax for Purposes of the Schenectady County Metroplex Development Authority.

§  1210-C.  Sales  and  compensating  use  tax  for  purposes  of  the Schenectady county metroplex development authority. (a) In  addition  to the taxes authorized to be imposed by section twelve hundred ten of this article   or  any  other  provision  of  this  article,  the  county  of Schenectady is hereby authorized and empowered  to  adopt  and  amend  a local  law,  ordinance  or  resolution  imposing  within the territorial limits of said county sales and compensating use taxes at a  rate  which is  one-half  of  one  percent  additional  to  the  three  percent rate authorized in section twelve hundred ten of this article for the  period beginning on or after September first, nineteen hundred ninety-eight and ending August thirty-first, two thousand thirty-eight, which taxes shall be  identical  to  the  taxes imposed by said county pursuant to section twelve hundred ten of this article. Except as hereinafter provided,  all provisions  of  this  article,  including  the  definition and exemption provisions and the provisions relating to the administration, collection and distribution by the commissioner, shall apply for  purposes  of  the taxes  authorized  to  be imposed by this section in the same manner and with the same force and effect as if the language of  this  article  had been  incorporated in full in this section and had expressly referred to the taxes authorized to be imposed by this section;  provided,  however, that  any  provision of this article relating to a maximum rate shall be calculated without reference to the additional rate authorized  by  this section.  For  purposes  of  part  IV  of  this article, relating to the disposition of revenues resulting from taxes collected and  administered by  the  commissioner,  the  additional sales and compensating use taxes authorized by this section shall be  deemed  to  be  imposed  under  the authority  of  section  twelve  hundred  ten  of  this  article  and all provisions relating to the deposit, administration  and  disposition  of taxes,  penalties  and  interest  relating  to taxes imposed by a county under the authority of section twelve hundred ten of this article shall, except as otherwise specifically provided in this section, apply to  the additional  sales  and  compensating  use  tax  imposed  pursuant to the authority of this section.  (b) Notwithstanding  any  other  provision  of  this  article  to  the contrary,   the  net  collections  from  the  tax  imposed  pursuant  to subdivision (a) of this section for the period  beginning  on  or  after September   first,  nineteen  hundred  ninety-eight  and  ending  August thirty-first, two thousand  thirty-eight  shall,  upon  payment  to  the county  of  Schenectady,  be  deposited  in  the  Schenectady  metroplex development authority support fund,  pursuant  to  subdivision  nine  of section twenty-six hundred sixty-one of the public authorities law, with such  fund  to  be designated as a special dedicated support fund, to be created by said county therefor separate and apart from any other  funds and  accounts  of  the  county.  Pending  deposit  from such Schenectady metroplex development authority support fund into the  general  fund  of the  Schenectady metroplex development authority, all moneys therein may be invested in the manner provided in  section  eleven  of  the  general municipal  law.  Any  interest  earned  or  capital gain realized on the moneys so deposited or invested shall accrue to and become part of  such Schenectady metroplex development authority support fund.  (c)  If  the county of Schenectady does not impose the one-half of one percent rate of taxes authorized by  subdivision  (a)  of  this  section during   the   period   beginning   September  first,  nineteen  hundred ninety-eight and ending August thirty-first, two thousand  thirty-eight, the  county  shall  dedicate net collections from sales and compensating use taxes imposed during  such  period  pursuant  to  the  authority  of section  twelve  hundred  ten of this article at the rate of one-half of one percent and shall quarterly deposit  such  net  collections  in  the  Schenectady  metroplex development authority support fund established in accordance with subdivision (b) of this section.  (d) On January first, nineteen hundred ninety-nine, and then quarterly thereafter, the director of finance of Schenectady county shall transfer seventy  percent of all net collections from the one-half of one percent sales  and  compensating  use  tax  and  deposited  in  the  Schenectady metroplex  development  authority  support  fund  to  the  authority for deposit in the authority's general fund.  The  authority  may  use  such portion  of  such  dedicated  net  collections  received  for any lawful purpose or power of the authority. On January  first,  nineteen  hundred ninety-nine,  and  then quarterly thereafter, the director of finance of Schenectady county, after  transferring  seventy  percent  of  such  net collections  to  the  authority  for  deposit in the authority's general fund, shall transfer all remaining monies in the  Schenectady  metroplex development  authority  support  fund  to  the  Schenectady  county real property tax abatement and economic development fund.