2023 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.