NY Tax L § 1438-K (2021)
2021 New York Laws TAX - Tax Article 31-A-1 - Tax on Real Estate Transfers in the Town of Red Hook 1438-K - Deposit and Disposition of Revenue.

* §  1438-k.  Deposit  and  disposition  of  revenue.  1.  All  taxes,   penalties and interest imposed  by  the  town  under  the  authority  of   section  fourteen  hundred  thirty-eight-b  of  this  article, which are   collected by the treasurer or his or her agents, shall be deposited in a   single trust fund for the town and shall be kept in trust  and  separate   and  apart  from all other monies in possession of the treasurer. Moneys   in such fund shall be deposited and secured in the  manner  provided  by   section  ten of the general municipal law. Pending expenditure from such   fund, 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 fund.2. The treasurer shall retain such amount as he or she  may  determine   to be necessary for refunds with respect to the tax imposed by the town,   under  the  authority of section fourteen hundred thirty-eight-b of this   article, out of which the treasurer shall pay any refunds of such  taxes   to  those  taxpayers  entitled to a refund pursuant to the provisions of   this article.3. The treasurer, after reserving such refunds, shall on or before the   twelfth day of  each  month  pay  to  the  town  supervisor  the  taxes,   penalties  and  interest  imposed  by  the  town  under the authority of   section fourteen hundred thirty-eight-b of this  article,  collected  by   the  treasurer,  pursuant  to  this  article  during  the next preceding   calendar month. The amount so payable shall be  certified  to  the  town   supervisor  by  the  treasurer,  who  shall  not  be held liable for any   inaccuracy  in  such  certification.   Provided,   however,   any   such   certification  may  be  based on such information as may be available to   the treasurer at the time such certification must  be  made  under  this   section.  Where  the  amount  so  paid  over  to  the  town  in any such   distribution is more or less than the amount due to the town, the amount   of the overpayment or  underpayment  shall  be  certified  to  the  town   supervisor  by  the  treasurer,  who  shall  not  be held liable for any   inaccuracy in such certification.  The  amount  of  the  overpayment  or   underpayment  shall be so certified to the town supervisor as soon after   the discovery of the overpayment or underpayment as reasonably  possible   and  subsequent  payments and distributions by the treasurer to the town   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  treasurer  and  town   supervisor shall consider reasonable  in  view  of  the  overpayment  or   underpayment and all other facts and circumstances.4.  All  monies  received from the treasurer shall be deposited in the   fund of the town, pursuant to section sixty-four-h of the town law.* NB Repealed December 31, 2026