2020 New York Laws
TAX - Tax
Article 28 - Sales and Compensating Use Taxes
Part 4 - Administrative Provisions
1148 - Deposit and Disposition of Revenue.

Universal Citation: NY Tax L § 1148 (2020)
§  1148.  Deposit  and disposition of revenue. (a) All taxes, interest
and penalties collected or  received  by  the  commissioner  under  this
article shall be deposited and disposed of pursuant to the provisions of
section one hundred seventy-one-a of this chapter; provided however, the
comptroller  shall  on  or before the twelfth day of each month, pay all
such taxes, interest and penalties  collected  under  this  article  and
remaining  to  the comptroller's credit in such banks, banking houses or
trust companies at the  close  of  business  on  the  last  day  of  the
preceding month, into the general fund of the state treasury.

(b) Provided however, before the funds may be distributed pursuant to subdivision (a) of this section, such funds shall be distributed as otherwise provided in sections ninety-two-d, ninety-two-h, and ninety-two-r of the state finance law and sections eleven hundred two, eleven hundred four and eleven hundred nine of this article.

(c) Provided however, after funds are distributed pursuant to subdivision (b) of this section but before such funds are distributed pursuant to subdivision (a) of this section, funds shall be deposited by the comptroller into the New York central business district trust fund established pursuant to section ninety-nine-ff of the state finance law in accordance with the following schedule: (1) in state fiscal year two thousand nineteen - two thousand twenty, one hundred twelve million five hundred thousand dollars; (2) in state fiscal year two thousand twenty - two thousand twenty-one, one hundred fifty million dollars; and (3) in state fiscal year two thousand twenty-one - two thousand twenty-two and every succeeding state fiscal year, an amount equal to one hundred one percent of the amount deposited in the immediately preceding state fiscal year. The funds deposited into the New York central business district trust fund shall be deposited monthly in equal installments.

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