NY State Fin L § 92-B (2021)
2021 New York Laws STF - State Finance Article 6 - Funds of the State 92-B - Stock Transfer Tax Fund.

§ 92-b. Stock transfer tax fund. 1. There is hereby established in the   custody  of  the commissioner of taxation and finance a special fund, to   be known as the stock transfer tax fund.2. Such fund shall consist of the  revenues  derived  from  the  stock   transfer  tax  imposed  by  article  twelve of the tax law and all other   moneys credited or transferred thereto from any  other  fund  or  source   pursuant to law.3.  The  moneys received from such tax and other sources in such fund,   after deducting the amount the  commissioner  of  taxation  and  finance   shall  determine  to  be necessary for reasonable costs of the state tax   commission in  administering,  collecting  and  distributing  such  tax,   commencing  with  the  fiscal  year  ending March thirty-first, nineteen   hundred seventy-seven,  shall  be  appropriated  to  (i)  the  municipal   assistance  corporation  for  the  city  of New York created pursuant to   title three of article ten of the public authorities  law  in  order  to   enable such corporation to fulfill the terms of any agreements made with   the  holders  of  its  notes  and  bonds  and to carry out its corporate   purposes including the maintenance of the capital reserve fund and  (ii)   to  the  extent  such  moneys  are  not  required by such corporation as   provided in subdivision seven of section ninety-two-d  of  this  chapter   and,  after deducting the amount such commissioner shall determine to be   necessary  for  reasonable  costs  of  the  state  tax   commission   in   administering and making distributions in accordance with the provisions   of  section  two hundred eighty-a of the tax law from the stock transfer   incentive fund, to the stock transfer incentive fund created pursuant to   section ninety-two-i of this chapter to enable rebates to be  made  from   such  fund  under  the provisions of section two hundred eighty-a of the   tax law and (iii) to the extent such moneys are  not  required  by  such   fund,  as  certified  by  the  commissioner of taxation and finance, the   balance shall be appropriated to the city of New York, for  the  support   of local government.4.  After  the  deduction of such costs of the state tax commission in   administering, collecting and distributing such tax, the balances in the   stock transfer tax fund so appropriated shall be distributed and paid on   the last business day of September, December, March and  June  into  the   special account established for the municipal assistance corporation for   the  city  of  New York in the municipal assistance tax fund established   pursuant to subdivision one of section  ninety-two-d  of  this  chapter,   unless  and to the extent the balances in such fund on each such payment   day are not required by such corporation as provided in said subdivision   seven of said section ninety-two-d in which  case  the  balance  not  so   required,  if  any,  after  the deduction of such costs of the state tax   commission in administering and making distributions in accordance  with   the  provisions  of section two hundred eighty-a of the tax law from the   stock transfer incentive fund shall be distributed and paid to the stock   transfer incentive fund in the custody of the commissioner  of  taxation   and finance established pursuant to section ninety-two-i of this chapter   and unless and to the extent that the balances in the stock transfer tax   fund  on  each  such  payment day are not required by the stock transfer   incentive fund as provided in such section ninety-two-i of this  chapter   in  which case the balance not so required, if any, shall be distributed   and paid to the chief fiscal officer of the city of New York to be  paid   into  the treasury of the city to the credit of the general fund or paid   by the commissioner of taxation and finance to  such  other  account  or   fund  as  may  be  designated in writing by such chief fiscal officer at   least ten business days prior to such last day and on each such day, the   commissioner of taxation and finance shall certify  to  the  comptroller   the  amount deducted for administering, collecting and distributing such    tax during such quarterly period and shall  pay  such  amount  into  the   general  fund  of the state treasury to the credit of the state purposes   fund therein. In no event shall any amount (other than the amount to  be   deducted  for  administering,  collecting  and distributing such tax) be   distributed or paid from the stock transfer tax fund to any person other   than the municipal assistance corporation  for  the  city  of  New  York   unless  and  until  the  aggregate  of  all  payments  certified  to the   comptroller as required by such corporation in order to comply with  its   agreements  with the holders of its notes and bonds and to carry out its   corporate purposes, including the maintenance  of  the  capital  reserve   fund,  which  remain  unappropriated or unpaid to such corporation shall   have been appropriated to such corporation and shall have been  paid  in   full  provided,  however,  that no person, including such corporation or   the holders of its notes or bonds shall have any lien on  such  tax  and   such  agreements  shall  be executory only to the extent of the balances   available to the state in such fund. If the balances in  such  fund  are   not  required  by  such  corporation  pursuant to the provisions of this   subdivision, on each such last  business  day  of  September,  December,   March  and  June, the commissioner of taxation and finance shall certify   to the comptroller the amount  deducted  for  administering  and  making   distributions  in  accordance with the provisions of section two hundred   eighty-a of the tax law from the stock transfer  incentive  fund  during   such quarterly period and he shall pay such amount into the general fund   of  the state treasury to the credit of the state purposes fund therein.   To the extent such moneys are  not  required  by  such  corporation,  as   provided  in  subdivision seven of section ninety-two-d of this chapter,   no  amount  thereof  (other  than  such  amount  to  be   deducted   for   administering,  collecting  and  distributing such tax and such costs in   administering and making distributions in accordance with the provisions   of section two hundred eighty-a of the tax law from the  stock  transfer   incentive fund) shall be distributed or paid from the stock transfer tax   fund  other than to such stock transfer incentive fund in the custody of   the commissioner of taxation and finance unless and until the  aggregate   of  all  payments  certified  to  the  comptroller  by such commissioner   pursuant to the provisions  of  such  incentive  fund  as  necessary  to   provide  payments  on  account of rebates authorized pursuant to section   two hundred eighty-a of the  tax  law  which  remain  unappropriated  or   unpaid  to such fund shall have been appropriated to such fund and shall   have been paid in full provided, however, that no person, including  any   taxpayer  under  article  twelve  of the tax law or any member or dealer   referred to in  subdivisions  two-a  and  six  of  section  two  hundred   eighty-a  of  such  law,  shall  have any lien on this fund or the stock   transfer incentive fund.5. In no fiscal year shall the total amount paid from the fund  exceed   the  total  collections  during such fiscal year from the stock transfer   tax pursuant to the provisions of article twelve of the tax law  and  as   deposited to the credit of the stock transfer tax fund.6.  All payments from the stock transfer tax fund shall be made on the   audit and warrant  of  the  comptroller  on  vouchers  approved  by  the   commissioner of taxation and finance.7.   When  all  the  notes  and  bonds  of  the  municipal  assistance   corporation  for  the  city  of  New  York  have  been  fully  paid  and   discharged,  together  with  interest  thereon  and  interest  on unpaid   installments of interest, and the chairman of the corporation makes  the   final   certification   required   by   subdivision   seven  of  section   ninety-two-d  of  this  article,  the  comptroller   must   notify   the   commissioner  of  taxation  and finance that all remaining funds held in   the stock transfer tax fund must  be  released  to  the  stock  transfer    incentive  fund.  From that time forward, all funds previously deposited   in the stock transfer tax fund  pursuant  to  subdivision  two  of  this   section  will  be  deposited  directly into the stock transfer incentive   fund  pursuant  to  all  the rules, regulations or instructions that the   commissioner may prescribe, after deducting the amount the  commissioner   determines  to  be  necessary  for reasonable costs of the department in   administering, collecting and distributing the tax  imposed  by  article   twelve  of  the  tax  law.  Notwithstanding any other provisions of this   article, to the extent those  moneys  are  not  required  by  the  stock   transfer  incentive  fund  for  the  purpose of administering and making   distributions in accordance with the provisions of section  two  hundred   eighty-a  of  the  tax law, as certified by the commissioner of taxation   and finance, the balance will be appropriated to the city  of  New  York   for the support of local government.