Bill Text: NY A06837 | 2009-2010 | General Assembly | Introduced
Bill Title: Establishes the "New Century Railroad Investment Program" to preserve, improve and enhance the state's railroad infrastructure including a credit against the petroleum based tax for certain qualifying railroad capital improvements; provides for the repeal of a certain portion of such tax for railroads commencing January 1, 2012 and provides for the repeal of capital improvement tax credit program on such date.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2010-01-06 - referred to transportation [A06837 Detail]
Download: New_York-2009-A06837-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 6837 2009-2010 Regular Sessions I N A S S E M B L Y March 13, 2009 ___________ Introduced by M. of A. SCOZZAFAVA -- read once and referred to the Committee on Transportation AN ACT to amend the transportation law and the tax law, in relation to establishing the New Century railroad investment program and providing for certain tax credits for rail carriers; and providing for the repeal of certain provisions upon expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. The transportation law is amended by adding a new article 2 18-A to read as follows: 3 ARTICLE 18-A 4 NEW CENTURY RAILROAD INVESTMENT PROGRAM 5 SECTION 435. LEGISLATIVE INTENT. 6 436. PROGRAM OBJECTIVES. 7 437. ELIGIBILITY. 8 438. RAILROAD CAPITAL FACILITY. 9 439. JOINT APPLICATIONS. 10 S 435. LEGISLATIVE INTENT. THE CONTINUATION AND IMPROVEMENT OF THE 11 APPROPRIATE LEVEL OF RAIL FREIGHT AND PASSENGER SERVICE AND THE ENHANCE- 12 MENT OF THE STATE'S RAILROAD INFRASTRUCTURE ARE A NECESSARY COMPONENT IN 13 ESTABLISHING AND MAINTAINING THE ECONOMIC VITALITY OF THE STATE AND ITS 14 COMMUNITIES. THE PURCHASE AND DIVISION OF THE CONRAIL SYSTEM HAS THE 15 POTENTIAL TO INVIGORATE COMPETITION AMONG RAIL CARRIERS IN NEW YORK AND 16 ESTABLISH THE STATE AS AN INCREASINGLY IMPORTANT CROSSROAD FOR FREIGHT 17 ON BOTH THE EAST-WEST AND NORTH-SOUTH CORRIDORS. IN ORDER TO MEET THE 18 ANTICIPATED LEVEL OF RAIL FREIGHT SERVICE IN THE POST-CONRAIL ERA, 19 MODIFICATIONS AND IMPROVEMENTS TO THE STATE'S RAIL INFRASTRUCTURE WILL 20 BE NECESSARY. THE NEW CENTURY RAILROAD INVESTMENT PROGRAM WILL PROVIDE 21 THE STATE'S RAIL CARRIERS WITH A TIMELY PARTNERSHIP THAT WILL STIMULATE 22 INVESTMENT BY THE RAIL CARRIERS INTO THE NEXT CENTURY. THIS PROGRAM WILL 23 PERMIT THE RAILROAD COMPANIES TO IMPROVE THE STATE'S RAIL INFRASTRUCTURE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08520-01-9 A. 6837 2 1 IN A MANNER THAT WILL ENHANCE THEIR ABILITY TO COMPETE FOR BUSINESS. IN 2 TURN, THIS INVESTMENT WILL PROVIDE THE STATE WITH NEW OPPORTUNITIES FOR 3 ECONOMIC DEVELOPMENT AND WILL ENHANCE THE INCREASINGLY IMPORTANT 4 RELATIONSHIPS BETWEEN THE VARIOUS MODES OF TRANSPORTATION. 5 S 436. PROGRAM OBJECTIVES. THE OBJECTIVES OF THE NEW CENTURY RAILROAD 6 INVESTMENT PROGRAM SHALL BE: 7 1. THE PRESERVATION, IMPROVEMENT AND ENHANCEMENT OF THE RAILROAD 8 INFRASTRUCTURE; 9 2. THE IMPROVEMENT OF THE QUALITY AND QUANTITY OF RAILROAD FREIGHT AND 10 PASSENGER SERVICE, INCLUDING THE DEVELOPMENT OF INTERMODAL CONNECTIONS; 11 AND 12 3. THE FACILITATION OF INVESTMENT THAT WILL STIMULATE THE COST-EFFEC- 13 TIVE MOVEMENT OF FREIGHT AND PASSENGERS THROUGHOUT THE STATE, INCLUDING 14 THOSE AREAS THAT WERE PREVIOUSLY UNDERSERVED. 15 S 437. ELIGIBILITY. 1. A RAILROAD COMPANY, AS DEFINED IN SECTION TWO 16 OF THIS CHAPTER, SHALL BE ELIGIBLE FOR A TAX CREDIT AGAINST THE PETROLE- 17 UM BASED TAX IMPOSED PURSUANT TO SECTION THREE HUNDRED ONE-A OF THE TAX 18 LAW FOR QUALIFYING PROJECTS CERTIFIED BY THE COMMISSIONER PURSUANT TO 19 THE REQUIREMENTS SET FORTH IN THIS SECTION. AN INVESTMENT MADE IN NEW 20 YORK SHALL BE DEEMED A QUALIFYING PROJECT IF IT PROVIDES FOR THE ACQUI- 21 SITION, CONSTRUCTION, RECONSTRUCTION, ESTABLISHMENT, IMPROVEMENT OR 22 REHABILITATION OF A RAILROAD CAPITAL FACILITY. STANDARD MAINTENANCE OF 23 RAILROAD FACILITIES WILL NOT BE CONSIDERED A QUALIFYING PROJECT UNDER 24 THIS PROGRAM. 25 2. A RAILROAD MAY SUBMIT AN APPLICATION FOR CERTIFICATION OF A QUALI- 26 FYING PROJECT UNDER THIS PROGRAM IN SUCH FORM AND CONTAINING SUCH INFOR- 27 MATION AS THE COMMISSIONER MAY REQUIRE. IF THE PROJECT MEETS THE STATU- 28 TORY REQUIREMENTS SET FORTH IN THIS SECTION, THE COMMISSIONER SHALL 29 CERTIFY TO ITS ELIGIBILITY FOR THE TAX CREDIT IN A MANNER THAT WILL 30 FACILITATE GRANTING OF THE CREDIT OR REIMBURSEMENT SET FORTH IN SECTION 31 THREE HUNDRED ONE-N OF THE TAX LAW. IF THE COMMISSIONER REJECTS ANY SUCH 32 APPLICATION HE OR SHE SHALL STATE THE REASONS THEREFOR IN WRITING AND 33 MAY MAKE RECOMMENDATIONS FOR MODIFICATION. 34 S 438. RAILROAD CAPITAL FACILITY. FOR THE PURPOSES OF THIS ARTICLE, A 35 RAILROAD CAPITAL FACILITY SHALL MEAN AND INCLUDE RAILROAD RIGHTS OF WAY, 36 AS WELL AS TRACKAGE, RAILS, BRIDGES, CLEARANCES, SIGNALS, STATIONS, 37 TERMINALS, STORAGE YARDS, REPAIR AND MAINTENANCE SHOPS, YARDS, OFFICES 38 AND REAL ESTATE USED OR HELD FOR OR INCIDENTAL TO THE OPERATION, REHA- 39 BILITATION OR IMPROVEMENT OF ANY RAILROAD OPERATING RAIL FREIGHT AND 40 RAIL PASSENGER TRANSPORTATION SERVICES. 41 S 439. JOINT APPLICATIONS. TWO OR MORE RAILROAD COMPANIES MAY SUBMIT 42 JOINT APPLICATIONS TO THE COMMISSIONER FOR QUALIFYING PROJECTS IN WHICH 43 MORE THAN ONE RAILROAD PLANS TO PARTICIPATE. THE TAX CREDIT OR 44 REIMBURSEMENT ALLOWED BY SECTION THREE HUNDRED ONE-N OF THE TAX LAW 45 PURSUANT TO THIS PROGRAM SHALL BE BASED UPON THE AMOUNT OF CAPITAL 46 INVESTED BY EACH RAILROAD IN ANY SUCH PROJECT. 47 S 2. The tax law is amended by adding a new section 301-n to read as 48 follows: 49 S 301-N. CREDIT FOR CAPITAL IMPROVEMENTS BY RAILROADS. A RAILROAD 50 COMPANY, AS DEFINED IN SECTION TWO OF THE TRANSPORTATION LAW, SHALL BE 51 ENTITLED TO A CREDIT AGAINST THAT PORTION OF THE TAX IMPOSED BY SECTION 52 THREE HUNDRED ONE-A OF THIS ARTICLE WHICH IS DEPOSITED PURSUANT TO 53 SECTION ONE HUNDRED SEVENTY-ONE-A OF THIS CHAPTER, OR A REIMBURSEMENT OF 54 SUCH TAX, UP TO THE AMOUNT OF CAPITAL INVESTMENT MADE IN A QUALIFYING 55 PROJECT AS DEFINED IN SECTION FOUR HUNDRED THIRTY-SEVEN OF THE TRANSPOR- 56 TATION LAW. A. 6837 3 1 S 3. Paragraph 4 of subdivision (e) of section 301-a of the tax law, 2 as added by chapter 309 of the laws of 1996, is amended to read as 3 follows: 4 (4) Notwithstanding any other provision of this article, commencing 5 January first, nineteen hundred ninety-seven, the per gallon rate with 6 respect to "railroad diesel" shall be the adjusted motor fuel and auto- 7 motive-type diesel motor fuel rate under paragraphs one through three of 8 this subdivision for the period commencing such January first, nineteen 9 hundred ninety-seven, minus one and three tenths cents per gallon. 10 Commencing on the first day of January each year thereafter, the per 11 gallon rate with respect to "railroad diesel" shall be [determined by 12 taking the then motor fuel and automotive-type diesel motor fuel rate 13 under paragraphs one through three of this subdivision which commences 14 on such first day of January and subtracting one and three tenths] ONE 15 AND FORTY-SIX HUNDREDTHS cents per gallon. 16 S 4. Subdivision (b) of section 312 of the tax law, as amended by 17 section 8 of part EE of chapter 63 of the laws of 2000, is amended to 18 read as follows: 19 (b) Of all of the taxes collected or received by the commissioner on 20 or before March thirty-first, nineteen hundred ninety-one under the 21 taxes imposed by sections three hundred one-a and three hundred one-e of 22 this article, and all interest and penalties relating thereto, eighty- 23 seven and five-hundredths percent of such collections shall be deposited 24 and disposed of pursuant to the provisions of section one hundred seven- 25 ty-one-a of this chapter and the balance thereof shall be deposited in 26 the mass transportation operating assistance fund to the credit of the 27 metropolitan mass transportation operating assistance account and the 28 public transportation systems operating assistance account thereof in 29 the manner provided by subdivision eleven of section one hundred eight- 30 y-two-a of this chapter. Of all taxes, interest and penalties collected 31 or received after March thirty-first, nineteen hundred ninety-one, and 32 before April first, nineteen hundred ninety-three, from the taxes 33 imposed by sections three hundred one-a and three hundred one-e of this 34 article, initially thirty-five percent shall be deposited and disposed 35 of pursuant to such section one hundred seventy-one-a. The balance ther- 36 eof shall then be disposed of as follows: seventy-two and seven-tenths 37 percent shall be deposited and disposed of pursuant to such section one 38 hundred seventy-one-a and twenty-seven and three-tenths percent shall be 39 deposited in such mass transportation operating assistance fund as 40 prescribed in the aforestated manner. Except as otherwise provided, of 41 all taxes, interest and penalties collected or received after March 42 thirty-first, nineteen hundred ninety-three, and before April first, 43 nineteen hundred ninety-four, from the taxes imposed by sections three 44 hundred one-a and three hundred one-e of this article, (i) initially 45 fifty-four percent shall be deposited, as prescribed by subdivision (d) 46 of section three hundred one-j of this [chapter] ARTICLE, (ii) twenty- 47 eight and three-tenths percent shall be deposited and disposed of pursu- 48 ant to such section one hundred seventy-one-a of this chapter in the 49 general fund and (iii) seventeen and seven-tenths percent shall be 50 deposited in such mass transportation operating assistance fund as 51 prescribed in the aforestated manner. Provided, however, that, prior to 52 such deposit, from the amounts so collected or received during the peri- 53 od commencing on January first, nineteen hundred ninety-four and ending 54 on March thirty-first, nineteen hundred ninety-four, an amount equal to 55 the portion of the taxes, interest and penalties so received or 56 collected resulting from the amendments made by sections forty-two, A. 6837 4 1 forty-three and forty-four of chapter fifty-seven of the laws of nine- 2 teen hundred ninety-three shall be deposited and disposed of pursuant to 3 the provisions of subdivision one of section one hundred seventy-one-a 4 of this chapter. Except as otherwise provided, of all taxes, interest 5 and penalties collected or received on or after April first, nineteen 6 hundred ninety-four, from the taxes imposed by sections three hundred 7 one-a and three hundred one-e of this article, (i) initially fifty-four 8 percent shall be deposited, as prescribed by subdivision (d) of section 9 three hundred one-j of this article, (ii) twenty-eight and three-tenths 10 percent shall be deposited and disposed of pursuant to such section one 11 hundred seventy-one-a of this chapter in the general fund, (iii) seven 12 and nine hundred sixty-five thousandths percent shall be deposited in 13 such mass transportation operating assistance fund as prescribed in the 14 aforestated manner and (iv) nine and seven hundred thirty-five thou- 15 sandths percent shall be deposited in the revenue accumulation fund. 16 Except as otherwise provided, of all taxes, interest and penalties 17 collected or received on or after September first, nineteen hundred 18 ninety-four and before September first, nineteen hundred ninety-five, 19 from the taxes imposed by sections three hundred one-a and three hundred 20 one-e of this article, (i) initially fifty-nine percent shall be depos- 21 ited, as prescribed by subdivision (d) of section three hundred one-j of 22 this article, (ii) twenty-two and four-tenths percent shall be deposited 23 and disposed of pursuant to such section one hundred seventy-one-a of 24 this chapter in the general fund, (iii) eight and three hundred seventy 25 thousandths percent shall be deposited in such mass transportation oper- 26 ating assistance fund as prescribed in the aforestated manner and (iv) 27 ten and two hundred thirty thousandths percent shall be deposited in the 28 revenue accumulation fund. Except as otherwise provided, of all taxes, 29 interest and penalties, collected or received on or after September 30 first, nineteen hundred ninety-five and before April first, nineteen 31 hundred ninety-six from the taxes imposed by sections three hundred 32 one-a and three hundred one-e of this article, (i) initially sixty-two 33 and eight-tenths percent shall be deposited as prescribed by subdivision 34 (d) of section three hundred one-j of this article, (ii) eighteen 35 percent shall be deposited and disposed of pursuant to section one 36 hundred seventy-one-a of this chapter in the general fund, (iii) eight 37 and six hundred forty thousandths percent shall be deposited in such 38 mass transportation operating assistance fund as prescribed in the 39 aforestated manner and (iv) ten and five hundred sixty thousandths 40 percent shall be deposited in the revenue accumulation fund. Except as 41 otherwise provided, of all taxes, interest and penalties collected or 42 received on or after April first, nineteen hundred ninety-six, and 43 before January first, nineteen hundred ninety-seven from the taxes 44 imposed by sections three hundred one-a and three hundred one-e of this 45 article, (i) initially sixty-three and three-tenths percent shall be 46 deposited, as prescribed by subdivision (d) of section three hundred 47 one-j of this article, (ii) seventeen and four-tenths percent shall be 48 deposited and disposed of pursuant to such section one hundred seventy- 49 one-a of this chapter in the general fund and (iii) nineteen and three- 50 tenths percent shall be deposited in such mass transportation operating 51 assistance fund as prescribed in the aforestated manner. Except as 52 otherwise provided, of all taxes, interest and penalties collected or 53 received on or after January first, nineteen hundred ninety-seven and 54 before January first, nineteen hundred ninety-eight from the taxes 55 imposed by sections three hundred one-a and three hundred one-e of this 56 article, (i) initially sixty-six and two-tenths percent shall be depos- A. 6837 5 1 ited, as prescribed by subdivision (d) of section three hundred one-j of 2 this article, (ii) fourteen and one-half percent shall be deposited and 3 disposed of pursuant to such section one hundred seventy-one-a of this 4 chapter in the general fund and (iii) nineteen and three-tenths percent 5 shall be deposited in such mass transportation operating assistance fund 6 as prescribed in the aforestated manner. Except as otherwise provided, 7 of all taxes, interest and penalties collected or received on or after 8 January first, nineteen hundred ninety-eight and before April first, 9 nineteen hundred ninety-nine from the taxes imposed by sections three 10 hundred one-a and three hundred one-e of this article, (i) initially 11 sixty-eight and one-tenth percent shall be deposited, as prescribed by 12 subdivision (d) of section three hundred one-j of this article, (ii) 13 twelve and four-tenths percent shall be deposited and disposed of pursu- 14 ant to such section one hundred seventy-one-a of this chapter in the 15 general fund and (iii) nineteen and one-half percent shall be deposited 16 in such mass transportation operating assistance fund as prescribed in 17 the aforestated manner. Except as otherwise provided, of all taxes, 18 interest and penalties collected or received on or after April first, 19 nineteen hundred ninety-nine, from the taxes imposed by sections three 20 hundred one-a and three hundred one-e of this article, (i) initially 21 sixty-nine and eight-tenths percent shall be deposited, as prescribed by 22 subdivision (d) of section three hundred one-j of this article, (ii) ten 23 and seven-tenths percent shall be deposited and disposed of pursuant to 24 such section one hundred seventy-one-a of this chapter in the general 25 fund and (iii) nineteen and one-half percent shall be deposited in such 26 mass transportation operating assistance fund as prescribed in the 27 aforestated manner. Except as otherwise provided, of all taxes, interest 28 and penalties collected or received on or after April first, two thou- 29 sand one, from the taxes imposed by sections three hundred one-a and 30 three hundred one-e of this article, (i) initially eighty and three- 31 tenths percent shall be deposited, as prescribed by subdivision (d) of 32 section three hundred one-j of this article and (ii) nineteen and 33 seven-tenths percent shall be deposited in such mass transportation 34 operating assistance fund as prescribed in the aforestated manner, 35 EXCEPT THAT FOR TAXES COLLECTED FOR RAILROAD DIESEL IMPOSED PURSUANT TO 36 SECTION THREE HUNDRED ONE-A OF THIS ARTICLE ONE HUNDRED PERCENT SHALL BE 37 DEPOSITED INTO SUCH FUND. 38 Provided, further, that on or before the twenty-fifth day of each 39 month commencing with October, nineteen hundred ninety and terminating 40 with the month of March, two thousand one, the comptroller shall deduct 41 the amount of six hundred twenty-five thousand dollars prior to any 42 deposit or disposition of the taxes, interest and penalties collected or 43 received pursuant to such sections three hundred one-a and three hundred 44 one-e and shall pay such amount to the state treasury to the credit of 45 the general fund. Provided, further that on or before the twenty-fifth 46 day of each month commencing with April, two thousand one, the comp- 47 troller shall deduct the amount of six hundred twenty-five thousand 48 dollars prior to any deposit or disposition of the taxes, interest, and 49 penalties collected or received pursuant to such sections three hundred 50 one-a and three hundred one-e and shall deposit such amount in the dedi- 51 cated fund accounts pursuant to subdivision (d) of section three hundred 52 one-j of this article. Provided, further, that commencing January 53 fifteenth, nineteen hundred ninety-one, and on or before the tenth day 54 of March and the fifteenth day of June and September of such year, the 55 commissioner shall, based on information supplied by taxpayers and other 56 appropriate sources, estimate the amount of the utility credit author- A. 6837 6 1 ized by section three hundred one-d of this article which has been 2 accrued to reduce tax liability under section one hundred eighty-six-a 3 of this chapter during the period covered by such estimate and certify 4 to the state comptroller such estimated amount. The comptroller shall 5 forthwith, after receiving such certificate, deduct the amount of such 6 credit so certified by the commissioner prior to any deposit or disposi- 7 tion of the taxes, interest and penalties collected or received pursuant 8 to such sections three hundred one-a and three hundred one-e and shall 9 pay such amount so certified and deducted into the state treasury to the 10 credit of the general fund. As soon as practicable after April first, 11 nineteen hundred ninety-one, nineteen hundred ninety-two and nineteen 12 hundred ninety-three, but before June fifteenth of each such year, the 13 commissioner shall determine the amount of the utility tax credit which 14 has been actually used to reduce tax liability under such section one 15 hundred eighty-six-a and shall certify the difference between such actu- 16 al amount and the earlier estimated amount. Also, subsequently, during 17 the fiscal year when the commissioner becomes aware of changes or 18 modifications with respect to actual credit usage, the commissioner 19 shall, as soon as practicable, issue a certification setting forth the 20 amount of any required adjustment to the amount of actual credit usage 21 previously certified. After receiving the certificate of the commission- 22 er with respect to actual credit usage or modification of the same, the 23 comptroller shall forthwith adjust general fund receipts and the reven- 24 ues to be deposited or disposed of under this article to reflect the 25 difference so certified by the commissioner. The commissioner shall not 26 be liable for any overestimate or underestimate of the amount of the 27 utility credit which has been accrued to reduce tax liability under such 28 section one hundred eighty-six-a. Nor shall the commissioner be liable 29 for any inaccuracy in any certificate with respect to the amount of such 30 credit actually used or any required adjustment with respect to actual 31 credit usage, but the commissioner shall as soon as practicable after 32 discovery of any error adjust the next certification under this section 33 to reflect any such error. 34 On or before July thirty-first, nineteen hundred ninety-two and on or 35 before July thirty-first, nineteen hundred ninety-three, the commission- 36 er shall conduct the following reconciliation with respect to the 37 preceding fiscal year: he shall multiply the total of all taxes, penal- 38 ties and interest, after refunds and reimbursements, which are derived 39 from the motor fuel component, the automotive-type diesel motor fuel 40 component and the aviation gasoline component by twenty fifty-fifths; 41 the total of all taxes, penalties and interest, after refunds and 42 reimbursements, which are derived from the nonautomotive-type diesel 43 motor fuel component (excluding taxes, penalties and interest which are 44 derived from product with respect to which the credit or reimbursement 45 provided by section three hundred one-d is taken) by twenty-fiftieths; 46 and all taxes, penalties and interest, after refunds and reimbursements, 47 which are derived from the residual petroleum product component (exclud- 48 ing taxes, penalties and interest which are derived from product with 49 respect to which the credit or reimbursement provided by section three 50 hundred one-d is taken) by twenty-fortieths. The products of the forego- 51 ing multiplications shall be added together and the resulting sum of 52 such products shall be compared with the total of the amounts initially 53 distributed during such fiscal year with respect to such components 54 (excluding receipts derived from product with respect to which the cred- 55 it or reimbursement provided by section three hundred one-d is taken and 56 excluding any amount which represents a reconciliation adjustment pursu- A. 6837 7 1 ant to this paragraph) pursuant to section one hundred seventy-one-a of 2 this chapter which represented thirty-five percent of the total, after 3 refunds and reimbursements, of all taxes, penalties and interest 4 collected or received during such fiscal year under sections three 5 hundred one-a and three hundred one-e during the months of such fiscal 6 year with respect to such components. The commissioner shall then certi- 7 fy the amount of such difference to the comptroller. If the amounts 8 initially distributed in such fiscal year are greater than the sum of 9 such products, the comptroller shall withhold an amount equal to twen- 10 ty-seven and three-tenths percent of such difference from the first 11 moneys otherwise payable to the general fund pursuant to this subdivi- 12 sion and shall pay such amount to the mass transportation operating 13 assistance fund to the credit of the metropolitan mass transportation 14 operating assistance account and the public transportation systems oper- 15 ating assistance account thereof in the aforestated manner. If the 16 amounts initially distributed in such fiscal year are less than the sum 17 of such products, the comptroller shall withhold an amount equal to 18 twenty-seven and three-tenths percent of such difference from the first 19 moneys otherwise payable to the mass transportation operating assistance 20 fund pursuant to this subdivision and shall pay such amount to the 21 general fund. 22 When the commissioner becomes aware of changes or modifications with 23 respect to the distribution of revenue under this article, the commis- 24 sioner shall, as soon as practicable, issue a certification setting 25 forth the amount of any required adjustment. After receiving the certif- 26 icate of the commissioner with respect to any adjustments, the comp- 27 troller shall forthwith adjust general fund receipts and the revenues to 28 be deposited or disposed of under this article to reflect the difference 29 so certified by the commissioner. The commissioner shall not be liable 30 for any overestimate or underestimate of the amount of the distribution. 31 Nor shall the commissioner be liable for any inaccuracy in any certif- 32 icate with respect to the amount of the distribution or any required 33 adjustment with respect to the distribution, but the commissioner shall 34 as soon as practicable after discovery of any error adjust the next 35 certification under this section to reflect any such error. 36 Prior to making deposits as provided in this subdivision, the comp- 37 troller shall retain such amount as the commissioner may determine to be 38 necessary, subject to the approval of the director of the budget, for 39 reasonable costs of the department in administering and collecting the 40 taxes deposited pursuant to this subdivision and for refunds and 41 reimbursements with respect to such taxes, out of which the comptroller 42 shall pay any refunds or reimbursements of such taxes to which taxpayers 43 shall be entitled. 44 S 5. This act shall take effect October 1, 2009; provided however that 45 sections one and two of this act shall expire and be deemed repealed 46 December 31, 2011, and sections three and four of this act shall take 47 effect January 1, 2012. Effective immediately the commissioner of trans- 48 portation and the commissioner of taxation and finance are authorized to 49 promulgate any rules and regulations necessary for the timely implemen- 50 tation of this act on or before its effective date.