NY Tax L § 1421 (2021)
2021 New York Laws TAX - Tax Article 31 - Real Estate Transfer Tax 1421 - Deposit and Dispositions of Revenues.

§  1421.  Deposit  and  dispositions  of revenues. (a) From the taxes, interest and penalties attributable  to  the  tax  imposed  pursuant  to section  fourteen hundred two of this article, the amount of one hundred ninety-nine million three hundred thousand dollars shall be deposited by the  comptroller  in  the  environmental  protection  fund   established pursuant to section ninety-two-s of the state finance law for the fiscal year beginning April first, two thousand nine; the amount of one hundred nineteen million one hundred thousand dollars shall be deposited in such fund  for  the  fiscal year beginning April first, two thousand ten; and for each fiscal year thereafter. On or  before  June  twelfth,  nineteen hundred  ninety-five  and  on  or  before  the twelfth day of each month thereafter (excepting the first and second months of each fiscal  year), the  comptroller  shall  deposit into such fund from the taxes, interest and penalties collected pursuant to such section fourteen hundred two of this article which have been deposited and remain to  the  comptroller's credit  in  the  banks, banking houses or trust companies referred to in section one hundred seventy-one-a  of  this  chapter  at  the  close  of business  on  the  last  day  of the preceding month, an amount equal to one-tenth of the annual amount required to be  deposited  in  such  fund pursuant  to  this  section for the fiscal year in which such deposit is required to be made. In the event such amount  of  taxes,  interest  and penalties  so  remaining  to  the  comptroller's credit is less than the amount required to be deposited in such  fund  by  the  comptroller,  an amount  equal  to  the  shortfall shall be deposited in such fund by the comptroller  with  subsequent  deposits,  as  soon  as  the  revenue  is available.  Beginning  April  first,  nineteen hundred ninety-seven, the comptroller shall transfer monthly to the  clean  water/clean  air  fund established  pursuant  to  section ninety-seven-bbb of the state finance law, all moneys  remaining  from  such  taxes,  interest  and  penalties collected  that  are  not  required  for  deposit  in  the environmental protection fund.  (b) Notwithstanding  subdivision  (a)  of  this  section,  the  taxes, interest and penalties attributable to (i) the tax imposed under section fourteen  hundred two of this article at the rate specified in paragraph two of subdivision (a) of such section, and (ii) the tax  imposed  under section  fourteen  hundred  two-b  of  this  article,  and  collected or received  by  the  commissioner  shall  be  deposited  daily  with  such responsible  banks,  banking  houses  or  trust  companies,  as  may  be designated by the comptroller, to the credit of the comptroller in trust for  the  metropolitan  transportation  authority.  An  account  may  be established  in  one or more of such depositories. Such deposits will be kept separate and apart from all other money in the  possession  of  the comptroller.  The  comptroller  shall require adequate security from all such depositories.  Of the total revenue  collected  or  received  under this   article,   the  comptroller  shall  retain  such  amount  as  the commissioner may determine  to  be  necessary  for  refunds  under  this article.  On  or  before  the  twelfth  and  twenty-sixth  day  of  each succeeding month, after reserving such  amount  for  such  refunds,  the commissioner shall certify to the comptroller the amount of all revenues so  received  during  the prior month as a result of the taxes, interest and penalties so imposed. The amount of revenues so certified  shall  be paid over by the fifteenth and the final business day of each succeeding month  from such account without appropriation into the central business district tolling capital lockbox fund established  pursuant  to  section five  hundred  fifty-three-j  of  the  public authorities law, provided, however, that the comptroller shall ensure  that  any  payments  to  the central  business district tolling capital lockbox fund established that are due to be paid by the final business day in the  month  of  December  pursuant  to  this subdivision shall be received by the central business district tolling capital lockbox fund on the same business day in  which it is paid.