Bill Text: NY A02613 | 2023-2024 | General Assembly | Introduced

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Bill Title: Directs a percentage of the stock transfer tax to the metropolitan transportation authority special assistance fund.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A02613 Detail]

Download: New_York-2023-A02613-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2613

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 26, 2023
                                       ___________

        Introduced  by M. of A. DILAN -- read once and referred to the Committee
          on Ways and Means

        AN ACT to amend the tax law,  the  state  finance  law  and  the  public
          authorities law, in relation to the stock transfer tax

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 1 of section 280-a of the tax law,  as  amended
     2  by chapter 578 of the laws of 1981, is amended to read as follows:
     3    1.  Except  as  otherwise  provided  in  subdivision  fifteen  of this
     4  section, where a tax shall have been paid under this article  a  portion
     5  of  the  amount paid shall be allowed as a rebate and such portion shall
     6  be paid to the taxpayer but only to the extent that moneys are available
     7  for the payment of such rebates in the  stock  transfer  incentive  fund
     8  established  pursuant  to section ninety-two-i of the state finance law.
     9  The portion of the amount of tax paid which is to be allowed as a rebate
    10  shall be thirty percent of the tax incurred  and  paid  on  transactions
    11  subject  to the stock transfer tax occurring on and after October first,
    12  nineteen hundred seventy-nine and  on  or  before  September  thirtieth,
    13  nineteen  hundred  eighty and sixty percent of the tax incurred and paid
    14  on such transactions occurring on  and  after  October  first,  nineteen
    15  hundred  eighty  and  on or before September thirtieth, nineteen hundred
    16  eighty-one and all of the amount of  tax  incurred  and  paid  shall  be
    17  allowed  as  a  rebate on transactions subject to the stock transfer tax
    18  occurring on and after October first, nineteen hundred eighty-one and on
    19  or before September thirtieth, two  thousand  twenty-three,  and  eighty
    20  percent  of  the  tax  incurred and paid shall be allowed as a rebate on
    21  such transactions occurring on and after  October  first,  two  thousand
    22  twenty-three.
    23    §  2.  Subdivisions  3 and 4 of section 92-b of the state finance law,
    24  subdivision 3 as amended by chapter 878 of the laws of 1977 and subdivi-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03181-01-3
        A. 2613                             2

     1  sion 4 as amended by chapter 724 of the laws of  1979,  are  amended  to
     2  read as follows:
     3    3.  The  moneys received from such tax and other sources in such fund,
     4  after deducting the amount the  commissioner  of  taxation  and  finance
     5  shall  determine  to  be necessary for reasonable costs of the state tax
     6  commission in  administering,  collecting  and  distributing  such  tax,
     7  commencing  with  the  fiscal  year  ending March thirty-first, nineteen
     8  hundred seventy-seven,  shall  be  appropriated  to  (i)  the  municipal
     9  assistance  corporation  for  the  city  of New York created pursuant to
    10  title three of article ten of the public authorities  law  in  order  to
    11  enable such corporation to fulfill the terms of any agreements made with
    12  the  holders  of  its  notes  and  bonds  and to carry out its corporate
    13  purposes including the maintenance of the capital reserve fund and  (ii)
    14  to  the  extent  such  moneys  are  not  required by such corporation as
    15  provided in subdivision seven of section ninety-two-d of this  [chapter]
    16  article  and,  after deducting the amount such commissioner shall deter-
    17  mine to be necessary for reasonable costs of the state tax commission in
    18  administering and making distributions in accordance with the provisions
    19  of section two hundred eighty-a of the tax law from the  stock  transfer
    20  incentive fund, to the stock transfer incentive fund created pursuant to
    21  section  ninety-two-i  of this [chapter] article to enable rebates to be
    22  made from such fund under the provisions of section two hundred eighty-a
    23  of the tax law and (iii) to the extent such moneys are not  required  by
    24  such fund, as certified by the commissioner of taxation and finance, the
    25  balance  shall be appropriated to the [city of New York, for the support
    26  of  local  government]  metropolitan  transportation  authority  special
    27  assistance  fund  pursuant  to subdivision one of section twelve hundred
    28  seventy-a of the public authorities law.
    29    4. After the deduction of such costs of the state  tax  commission  in
    30  administering, collecting and distributing such tax, the balances in the
    31  stock transfer tax fund so appropriated shall be distributed and paid on
    32  the  last  business  day of September, December, March and June into the
    33  special account established for the municipal assistance corporation for
    34  the city of New York in the municipal assistance  tax  fund  established
    35  pursuant  to  subdivision  one of section ninety-two-d of this [chapter]
    36  article, unless and to the extent the balances in such fund on each such
    37  payment day are not required by such corporation  as  provided  in  said
    38  subdivision seven of said section ninety-two-d in which case the balance
    39  not  so required, if any, after the deduction of such costs of the state
    40  tax commission in administering and making distributions  in  accordance
    41  with  the provisions of section two hundred eighty-a of the tax law from
    42  the stock transfer incentive fund shall be distributed and paid  to  the
    43  stock  transfer  incentive  fund  in  the custody of the commissioner of
    44  taxation and finance established pursuant  to  section  ninety-two-i  of
    45  this [chapter] article and unless and to the extent that the balances in
    46  the stock transfer tax fund on each such payment day are not required by
    47  the  stock  transfer  incentive fund as provided in such section ninety-
    48  two-i of this [chapter]  article  in  which  case  the  balance  not  so
    49  required,  if  any,  shall  be distributed and paid to the [chief fiscal
    50  officer of the city of New York to be paid into the treasury of the city
    51  to the credit of the general fund or paid by the commissioner  of  taxa-
    52  tion  and  finance to such other account or fund as may be designated in
    53  writing by such chief fiscal officer at least ten business days prior to
    54  such last day and on each such  day,  the]  metropolitan  transportation
    55  authority special assistance fund pursuant to subdivision one of section
    56  twelve hundred seventy-a of the public authorities law. The commissioner
        A. 2613                             3

     1  of  taxation  and  finance  shall  certify to the comptroller the amount
     2  deducted for administering, collecting and distributing such tax  during
     3  such quarterly period and shall pay such amount into the general fund of
     4  the  state treasury to the credit of the state purposes fund therein. In
     5  no event shall any amount (other than the  amount  to  be  deducted  for
     6  administering,  collecting  and distributing such tax) be distributed or
     7  paid from the stock transfer tax fund  to  any  person  other  than  the
     8  municipal  assistance  corporation  for  the city of New York unless and
     9  until the aggregate of all payments  certified  to  the  comptroller  as
    10  required by such corporation in order to comply with its agreements with
    11  the  holders  of  its  notes  and  bonds  and to carry out its corporate
    12  purposes, including the maintenance of the capital reserve  fund,  which
    13  remain  unappropriated  or  unpaid  to  such corporation shall have been
    14  appropriated to such corporation  and  shall  have  been  paid  in  full
    15  provided,  however,  that  no  person, including such corporation or the
    16  holders of its notes or bonds shall have any lien on such tax  and  such
    17  agreements  shall be executory only to the extent of the balances avail-
    18  able to the state in such fund. If the balances in  such  fund  are  not
    19  required by such corporation pursuant to the provisions of this subdivi-
    20  sion,  on  each such last business day of September, December, March and
    21  June, the commissioner of taxation and  finance  shall  certify  to  the
    22  comptroller  the  amount  deducted for administering and making distrib-
    23  utions in accordance with the provisions of section two hundred eighty-a
    24  of the tax law from the stock transfer incentive fund during such  quar-
    25  terly  period  and he shall pay such amount into the general fund of the
    26  state treasury to the credit of the state purposes fund therein.  To the
    27  extent such moneys are not required by such corporation, as provided  in
    28  subdivision  seven of section ninety-two-d of this [chapter] article, no
    29  amount thereof (other than such amount to be deducted for administering,
    30  collecting and distributing such tax and such costs in administering and
    31  making distributions in accordance with the provisions  of  section  two
    32  hundred  eighty-a of the tax law from the stock transfer incentive fund)
    33  shall be distributed or paid from the stock transfer tax fund other than
    34  to such stock transfer incentive fund in the custody of the commissioner
    35  of taxation and finance unless and until the aggregate of  all  payments
    36  certified  to  the  comptroller  by  such  commissioner  pursuant to the
    37  provisions of such incentive fund as necessary to  provide  payments  on
    38  account  of  rebates authorized pursuant to section two hundred eighty-a
    39  of the tax law which remain unappropriated or unpaid to such fund  shall
    40  have  been  appropriated  to  such fund and shall have been paid in full
    41  provided, however, that no person, including any taxpayer under  article
    42  twelve  of  the  tax law or any member or dealer referred to in subdivi-
    43  sions two-a and six of section two hundred eighty-a of such  law,  shall
    44  have any lien on this fund or the stock transfer incentive fund.
    45    § 3. Subdivision 1 of section 1270-a of the public authorities law, as
    46  amended  by  section  7 of part FF of chapter 58 of the laws of 2019, is
    47  amended to read as follows:
    48    1. The authority shall create and establish a fund to be known as  the
    49  "metropolitan  transportation  authority  special assistance fund" which
    50  shall be kept separate from and shall not be commingled with  any  other
    51  moneys  of  the  authority. The special assistance fund shall consist of
    52  three separate accounts: (i) the "transit account", (ii)  the  "commuter
    53  railroad account" and (iii) the "corporate transportation account".
    54    The  authority  shall  make  deposits  in  the transit account and the
    55  commuter railroad account of the moneys received by it pursuant  to  the
    56  provisions of subdivision one of section two hundred eighty-a of the tax
        A. 2613                             4

     1  law,  subdivisions  three  and four of section ninety-two-b of the state
     2  finance law, and subdivision one of section two hundred sixty-one of the
     3  tax law in accordance with the provisions thereof, and shall make depos-
     4  its in the corporate transportation account of the moneys received by it
     5  pursuant  to  the  provisions  of subdivision two of section two hundred
     6  sixty-one of the tax law and section ninety-two-ff of the state  finance
     7  law.  The  comptroller  shall  deposit,  without appropriation, into the
     8  corporate transportation account the revenue fees, taxes,  interest  and
     9  penalties  collected  in  accordance with paragraph (b-1) of subdivision
    10  two of section five hundred three of the vehicle and traffic law,  para-
    11  graph  (c-3)  of  subdivision  two  of section five hundred three of the
    12  vehicle and traffic law, article seventeen-C of the vehicle and  traffic
    13  law,  article  twenty-nine-A  of  the tax law and section eleven hundred
    14  sixty-six-a of the tax law.
    15    § 4. This act shall take effect September 1, 2023.