2022 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; the
amount of two hundred fifty-seven million three hundred  fifty  thousand
dollars  shall be deposited into such fund for the fiscal year beginning
April  first,  two  thousand  twenty-two;  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.