Bill Text: NY A07086 | 2019-2020 | General Assembly | Introduced

---

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 - Dead) 2020-01-08 - referred to ways and means [A07086 Detail]

Download: New_York-2019-A07086-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                          7086
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                      April 5, 2019
                                       ___________
        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 nineteen, and eighty percent
    20  of the tax incurred and paid shall be allowed as a rebate on such trans-
    21  actions occurring on and after October first, two thousand nineteen.
    22    § 2. Subdivisions 3 and 4 of section 92-b of the  state  finance  law,
    23  subdivision 3 as amended by chapter 878 of the laws of 1977 and subdivi-
    24  sion  4  as  amended  by chapter 724 of the laws of 1979, are amended to
    25  read as follows:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09820-02-9
        A. 7086                             2
     1    3. The moneys received from such tax and other sources in  such  fund,
     2  after  deducting  the  amount  the  commissioner of taxation and finance
     3  shall determine to be necessary for reasonable costs of  the  state  tax
     4  commission  in  administering,  collecting  and  distributing  such tax,
     5  commencing  with  the  fiscal  year  ending March thirty-first, nineteen
     6  hundred seventy-seven,  shall  be  appropriated  to  (i)  the  municipal
     7  assistance  corporation  for  the  city  of New York created pursuant to
     8  title three of article ten of the public authorities  law  in  order  to
     9  enable such corporation to fulfill the terms of any agreements made with
    10  the  holders  of  its  notes  and  bonds  and to carry out its corporate
    11  purposes including the maintenance of the capital reserve fund and  (ii)
    12  to  the  extent  such  moneys  are  not  required by such corporation as
    13  provided in subdivision seven of section ninety-two-d of this  [chapter]
    14  article  and,  after deducting the amount such commissioner shall deter-
    15  mine to be necessary for reasonable costs of the state tax commission in
    16  administering and making distributions in accordance with the provisions
    17  of section two hundred eighty-a of the tax law from the  stock  transfer
    18  incentive fund, to the stock transfer incentive fund created pursuant to
    19  section  ninety-two-i  of this [chapter] article to enable rebates to be
    20  made from such fund under the provisions of section two hundred eighty-a
    21  of the tax law and (iii) to the extent such moneys are not  required  by
    22  such fund, as certified by the commissioner of taxation and finance, the
    23  balance  shall be appropriated to the [city of New York, for the support
    24  of  local  government]  metropolitan  transportation  authority  special
    25  assistance  fund  pursuant  to subdivision one of section twelve hundred
    26  seventy-a of the public authorities law.
    27    4. After the deduction of such costs of the state  tax  commission  in
    28  administering, collecting and distributing such tax, the balances in the
    29  stock transfer tax fund so appropriated shall be distributed and paid on
    30  the  last  business  day of September, December, March and June into the
    31  special account established for the municipal assistance corporation for
    32  the city of New York in the municipal assistance  tax  fund  established
    33  pursuant  to  subdivision  one of section ninety-two-d of this [chapter]
    34  article, unless and to the extent the balances in such fund on each such
    35  payment day are not required by such corporation  as  provided  in  said
    36  subdivision seven of said section ninety-two-d in which case the balance
    37  not  so required, if any, after the deduction of such costs of the state
    38  tax commission in administering and making distributions  in  accordance
    39  with  the provisions of section two hundred eighty-a of the tax law from
    40  the stock transfer incentive fund shall be distributed and paid  to  the
    41  stock  transfer  incentive  fund  in  the custody of the commissioner of
    42  taxation and finance established pursuant  to  section  ninety-two-i  of
    43  this [chapter] article and unless and to the extent that the balances in
    44  the stock transfer tax fund on each such payment day are not required by
    45  the  stock  transfer  incentive fund as provided in such section ninety-
    46  two-i of this [chapter]  article  in  which  case  the  balance  not  so
    47  required,  if  any,  shall  be distributed and paid to the [chief fiscal
    48  officer of the city of New York to be paid into the treasury of the city
    49  to the credit of the general fund or paid by the commissioner  of  taxa-
    50  tion  and  finance to such other account or fund as may be designated in
    51  writing by such chief fiscal officer at least ten business days prior to
    52  such last day and on each such  day,  the]  metropolitan  transportation
    53  authority special assistance fund pursuant to subdivision one of section
    54  twelve hundred seventy-a of the public authorities law. The commissioner
    55  of  taxation  and  finance  shall  certify to the comptroller the amount
    56  deducted for administering, collecting and distributing such tax  during
        A. 7086                             3
     1  such quarterly period and shall pay such amount into the general fund of
     2  the  state treasury to the credit of the state purposes fund therein. In
     3  no event shall any amount (other than the  amount  to  be  deducted  for
     4  administering,  collecting  and distributing such tax) be distributed or
     5  paid from the stock transfer tax fund  to  any  person  other  than  the
     6  municipal  assistance  corporation  for  the city of New York unless and
     7  until the aggregate of all payments  certified  to  the  comptroller  as
     8  required by such corporation in order to comply with its agreements with
     9  the  holders  of  its  notes  and  bonds  and to carry out its corporate
    10  purposes, including the maintenance of the capital reserve  fund,  which
    11  remain  unappropriated  or  unpaid  to  such corporation shall have been
    12  appropriated to such corporation  and  shall  have  been  paid  in  full
    13  provided,  however,  that  no  person, including such corporation or the
    14  holders of its notes or bonds shall have any lien on such tax  and  such
    15  agreements  shall be executory only to the extent of the balances avail-
    16  able to the state in such fund. If the balances in  such  fund  are  not
    17  required by such corporation pursuant to the provisions of this subdivi-
    18  sion,  on  each such last business day of September, December, March and
    19  June, the commissioner of taxation and  finance  shall  certify  to  the
    20  comptroller  the  amount  deducted for administering and making distrib-
    21  utions in accordance with the provisions of section two hundred eighty-a
    22  of the tax law from the stock transfer incentive fund during such  quar-
    23  terly  period  and he shall pay such amount into the general fund of the
    24  state treasury to the credit of the state purposes fund therein.  To the
    25  extent such moneys are not required by such corporation, as provided  in
    26  subdivision  seven of section ninety-two-d of this [chapter] article, no
    27  amount thereof (other than such amount to be deducted for administering,
    28  collecting and distributing such tax and such costs in administering and
    29  making distributions in accordance with the provisions  of  section  two
    30  hundred  eighty-a of the tax law from the stock transfer incentive fund)
    31  shall be distributed or paid from the stock transfer tax fund other than
    32  to such stock transfer incentive fund in the custody of the commissioner
    33  of taxation and finance unless and until the aggregate of  all  payments
    34  certified  to  the  comptroller  by  such  commissioner  pursuant to the
    35  provisions of such incentive fund as necessary to  provide  payments  on
    36  account  of  rebates authorized pursuant to section two hundred eighty-a
    37  of the tax law which remain unappropriated or unpaid to such fund  shall
    38  have  been  appropriated  to  such fund and shall have been paid in full
    39  provided, however, that no person, including any taxpayer under  article
    40  twelve  of  the  tax law or any member or dealer referred to in subdivi-
    41  sions two-a and six of section two hundred eighty-a of such  law,  shall
    42  have any lien on this fund or the stock transfer incentive fund.
    43    § 3. Subdivision 1 of section 1270-a of the public authorities law, as
    44  amended  by  section  14 of part H of chapter 25 of the laws of 2009, is
    45  amended to read as follows:
    46    1. The authority shall create and establish a fund to be known as  the
    47  "metropolitan  transportation  authority  special assistance fund" which
    48  shall be kept separate from and shall not be commingled with  any  other
    49  moneys  of  the  authority. The special assistance fund shall consist of
    50  three separate accounts: (i) the "transit account", (ii)  the  "commuter
    51  railroad account" and (iii) the "corporate transportation account".
    52    The  authority  shall  make  deposits  in  the transit account and the
    53  commuter railroad account of the moneys received by it pursuant  to  the
    54  provisions of subdivision one of section two hundred eighty-a of the tax
    55  law,  subdivisions  three  and four of section ninety-two-b of the state
    56  finance law, and subdivision one of section two hundred sixty-one of the
        A. 7086                             4
     1  tax law in accordance with the provisions thereof, and shall make depos-
     2  its in the corporate transportation account of the moneys received by it
     3  pursuant to the provisions of subdivision two  of  section  two  hundred
     4  sixty-one  of the tax law and section ninety-two-ff of the state finance
     5  law.
     6    § 4. This act shall take effect September 1, 2019.