Bill Text: NY A09666 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to rebates on stock transfer tax paid; decreases amount to sixty percent; dedicates funds of the stock transfer tax fund to the dedicated infrastructure investment fund.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-01-31 - referred to ways and means [A09666 Detail]

Download: New_York-2017-A09666-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9666
                   IN ASSEMBLY
                                    January 31, 2018
                                       ___________
        Introduced  by M. of A. STECK -- read once and referred to the Committee
          on Ways and Means
        AN ACT to amend the tax law, in relation to rebates  on  stock  transfer
          tax  paid; to amend the state finance law, in relation to the funds of
          the stock transfer tax fund and the dedicated  infrastructure  invest-
          ment fund
          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 nineteen and  sixty  percent
    20  of  the  amount of tax incurred and paid shall be allowed as a rebate on
    21  transactions subject to the stock transfer tax occurring  on  and  after
    22  October first, two thousand nineteen.
    23    §  2. Section 92-b of the state finance law, as added by chapter 91 of
    24  the laws of 1965 and as renumbered and subdivision 5 as added by chapter
    25  3 of the laws of 1966, subdivision 3 as amended by chapter  878  of  the
    26  laws  of  1977,  subdivision  4 as amended by chapter 724 of the laws of
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14428-03-8
        A. 9666                             2
     1  1979 and subdivision 7 as added by section 10 of part SS1 of chapter  57
     2  of the laws of 2008, is amended to read as follows:
     3    § 92-b. Stock transfer tax fund. 1. There is hereby established in the
     4  custody  of  the commissioner of taxation and finance a special fund, to
     5  be known as the stock transfer tax fund.
     6    2. Such fund shall consist of the  revenues  derived  from  the  stock
     7  transfer  tax  imposed  by  article  twelve of the tax law and all other
     8  moneys credited or transferred thereto from any  other  fund  or  source
     9  pursuant to law.
    10    3.  The moneys received from such tax and other sources in such fund[,
    11  after deducting the amount the  commissioner  of  taxation  and  finance
    12  shall  determine to be necessary for] shall be used to cover the reason-
    13  able costs of the state tax commission in administering, collecting  and
    14  distributing  [such]  the stock transfer tax, commencing with the fiscal
    15  year ending March thirty-first,  [nineteen  hundred  seventy-seven]  two
    16  thousand  nineteen,  [shall be appropriated to (i) the municipal assist-
    17  ance corporation for the city of New  York  created  pursuant  to  title
    18  three  of  article  ten of the public authorities law in order to enable
    19  such corporation to fulfill the terms of any agreements  made  with  the
    20  holders  of  its notes and bonds and to carry out its corporate purposes
    21  including the maintenance of the capital reserve fund and  (ii)  to  the
    22  extent  such  moneys are not required by such corporation as provided in
    23  subdivision seven of section ninety-two-d of  this  chapter  and,  after
    24  deducting  the  amount such commissioner shall determine to be necessary
    25  for reasonable costs of the state tax commission  in  administering  and
    26  making  distributions  in  accordance with the provisions of section two
    27  hundred eighty-a of the tax law from the stock transfer incentive  fund,
    28  to  the  stock transfer incentive fund created pursuant to section nine-
    29  ty-two-i of this chapter to enable rebates to be  made  from  such  fund
    30  under  the provisions of section two hundred eighty-a of the tax law and
    31  (iii) to the extent such moneys are not required by such fund, as certi-
    32  fied by the commissioner of taxation and finance, the balance  shall  be
    33  appropriated  to  the city of New York, for the support of local govern-
    34  ment] and the remainder shall be deposited  into  the  account  for  the
    35  dedicated infrastructure investment fund as established by section nine-
    36  ty-three-b of this article.
    37    4.  [After  the deduction of such costs of the state tax commission in
    38  administering, collecting and distributing such tax, the balances in the
    39  stock transfer tax fund so appropriated shall be distributed and paid on
    40  the last business day of September, December, March and  June  into  the
    41  special account established for the municipal assistance corporation for
    42  the  city  of  New York in the municipal assistance tax fund established
    43  pursuant to subdivision one of section  ninety-two-d  of  this  chapter,
    44  unless  and to the extent the balances in such fund on each such payment
    45  day are not required by such corporation as provided in said subdivision
    46  seven of said section ninety-two-d in which  case  the  balance  not  so
    47  required,  if  any,  after  the deduction of such costs of the state tax
    48  commission in administering and making distributions in accordance  with
    49  the  provisions  of section two hundred eighty-a of the tax law from the
    50  stock transfer incentive fund shall be distributed and paid to the stock
    51  transfer incentive fund in the custody of the commissioner  of  taxation
    52  and finance established pursuant to section ninety-two-i of this chapter
    53  and unless and to the extent that the balances in the stock transfer tax
    54  fund  on  each  such  payment day are not required by the stock transfer
    55  incentive fund as provided in such section ninety-two-i of this  chapter
    56  in  which case the balance not so required, if any, shall be distributed
        A. 9666                             3

     1  and paid to the chief fiscal officer of the city of New York to be  paid
     2  into  the treasury of the city to the credit of the general fund or paid
     3  by the commissioner of taxation and finance to  such  other  account  or
     4  fund  as  may  be  designated in writing by such chief fiscal officer at
     5  least ten business days prior to such last day and on each such day, the
     6  commissioner of taxation and finance shall certify  to  the  comptroller
     7  the  amount deducted for administering, collecting and distributing such
     8  tax during such quarterly period and shall  pay  such  amount  into  the
     9  general  fund  of the state treasury to the credit of the state purposes
    10  fund therein. In no event shall any amount (other than the amount to  be
    11  deducted  for  administering,  collecting  and distributing such tax) be
    12  distributed or paid from the stock transfer tax fund to any person other
    13  than the municipal assistance corporation  for  the  city  of  New  York
    14  unless  and  until  the aggregate of all payments certified to the comp-
    15  troller as required by such corporation in  order  to  comply  with  its
    16  agreements  with the holders of its notes and bonds and to carry out its
    17  corporate purposes, including the maintenance  of  the  capital  reserve
    18  fund,  which  remain  unappropriated or unpaid to such corporation shall
    19  have been appropriated to such corporation and shall have been  paid  in
    20  full  provided,  however,  that no person, including such corporation or
    21  the holders of its notes or bonds shall have any lien on  such  tax  and
    22  such  agreements  shall  be executory only to the extent of the balances
    23  available to the state in such fund. If the balances in  such  fund  are
    24  not  required  by  such  corporation  pursuant to the provisions of this
    25  subdivision, on each such last  business  day  of  September,  December,
    26  March  and  June, the commissioner of taxation and finance shall certify
    27  to the comptroller the amount  deducted  for  administering  and  making
    28  distributions  in  accordance with the provisions of section two hundred
    29  eighty-a of the tax law from the stock transfer  incentive  fund  during
    30  such quarterly period and he shall pay such amount into the general fund
    31  of  the state treasury to the credit of the state purposes fund therein.
    32  To the extent such moneys are  not  required  by  such  corporation,  as
    33  provided  in  subdivision seven of section ninety-two-d of this chapter,
    34  no amount thereof (other than such amount to be deducted for administer-
    35  ing, collecting and distributing such tax and such costs in  administer-
    36  ing  and  making  distributions  in  accordance  with  the provisions of
    37  section two hundred eighty-a of the tax  law  from  the  stock  transfer
    38  incentive fund) shall be distributed or paid from the stock transfer tax
    39  fund  other than to such stock transfer incentive fund in the custody of
    40  the commissioner of taxation and finance unless and until the  aggregate
    41  of all payments certified to the comptroller by such commissioner pursu-
    42  ant  to  the  provisions  of such incentive fund as necessary to provide
    43  payments on account  of  rebates  authorized  pursuant  to  section  two
    44  hundred eighty-a of the tax law which remain unappropriated or unpaid to
    45  such  fund shall have been appropriated to such fund and shall have been
    46  paid in full provided, however, that no person, including  any  taxpayer
    47  under  article twelve of the tax law or any member or dealer referred to
    48  in subdivisions two-a and six of section two hundred  eighty-a  of  such
    49  law,  shall  have  any lien on this fund or the stock transfer incentive
    50  fund.
    51    5. In no fiscal year shall the total amount paid from the fund  exceed
    52  the  total  collections  during such fiscal year from the stock transfer
    53  tax pursuant to the provisions of article twelve of the tax law  and  as
    54  deposited to the credit of the stock transfer tax fund.
        A. 9666                             4

     1    6.] All payments from the stock transfer tax fund shall be made on the
     2  audit and warrant of the comptroller on vouchers approved by the commis-
     3  sioner of taxation and finance.
     4    [7.  When  all  the notes and bonds of the municipal assistance corpo-
     5  ration for the city of New York have been  fully  paid  and  discharged,
     6  together  with  interest  thereon and interest on unpaid installments of
     7  interest, and the chairman of the corporation makes  the  final  certif-
     8  ication  required  by  subdivision seven of section ninety-two-d of this
     9  article, the comptroller must notify the commissioner  of  taxation  and
    10  finance  that  all  remaining  funds held in the stock transfer tax fund
    11  must be released to the stock transfer incentive fund.  From  that  time
    12  forward,  all  funds previously deposited in the stock transfer tax fund
    13  pursuant to subdivision two of this section will be  deposited  directly
    14  into  the stock transfer incentive fund pursuant to all the rules, regu-
    15  lations or instructions  that  the  commissioner  may  prescribe,  after
    16  deducting  the  amount  the  commissioner determines to be necessary for
    17  reasonable costs of the  department  in  administering,  collecting  and
    18  distributing  the tax imposed by article twelve of the tax law. Notwith-
    19  standing any other provisions of  this  article,  to  the  extent  those
    20  moneys  are  not  required  by the stock transfer incentive fund for the
    21  purpose of administering and making distributions in accordance with the
    22  provisions of section two hundred eighty-a of the tax law, as  certified
    23  by  the commissioner of taxation and finance, the balance will be appro-
    24  priated to the city of New York for the support of local government.]
    25    § 3. Paragraph (c) of subdivision 1  of  section  93-b  of  the  state
    26  finance  law,  as added by section 1 of part H of chapter 60 of the laws
    27  of 2015, is amended to read as follows:
    28    (c) Sources of funds. The sources of funds shall consist of all moneys
    29  collected therefor, or  moneys  credited,  appropriated  or  transferred
    30  thereto  from  any  other  fund  or  source pursuant to law or any other
    31  moneys made available for the purposes of the fund,  including  but  not
    32  limited  to  funds transferred from the stock transfer tax fund pursuant
    33  to subdivision three of section ninety-two-b of this article. Any inter-
    34  est received by the comptroller on moneys on deposit shall  be  retained
    35  and become part of the fund, unless otherwise directed by law.
    36    § 4. This act shall take effect immediately.