Bill Text: NY S02402 | 2023-2024 | General Assembly | Introduced
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 4-0)
Status: (Introduced) 2024-01-03 - REFERRED TO BUDGET AND REVENUE [S02402 Detail]
Download: New_York-2023-S02402-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2402 2023-2024 Regular Sessions IN SENATE January 20, 2023 ___________ Introduced by Sens. MYRIE, COMRIE, JACKSON, RIVERA -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to rebates on stock transfer tax paid; and to amend the state finance law, in relation to the funds of the stock transfer tax fund and the dedicated infrastructure investment 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 twenty-four and sixty 20 percent of the amount of tax incurred and paid shall be allowed as a 21 rebate on transactions subject to the stock transfer tax occurring on 22 and after October first, two thousand twenty-four. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00876-01-3S. 2402 2 1 § 2. Section 92-b of the state finance law, as added by chapter 91 of 2 the laws of 1965 and as renumbered and subdivision 5 as added by chapter 3 3 of the laws of 1966, subdivision 3 as amended by chapter 878 of the 4 laws of 1977, subdivision 4 as amended by chapter 724 of the laws of 5 1979 and subdivision 7 as added by section 10 of part SS1 of chapter 57 6 of the laws of 2008, is amended to read as follows: 7 § 92-b. Stock transfer tax fund. 1. There is hereby established in the 8 custody of the commissioner of taxation and finance a special fund, to 9 be known as the stock transfer tax fund. 10 2. Such fund shall consist of the revenues derived from the stock 11 transfer tax imposed by article twelve of the tax law and all other 12 moneys credited or transferred thereto from any other fund or source 13 pursuant to law. 14 3. The moneys received from such tax and other sources in such fund[,15after deducting the amount the commissioner of taxation and finance16shall determine to be necessary for] shall be used to cover the reason- 17 able costs of the state tax commission in administering, collecting and 18 distributing [such] the stock transfer tax, commencing with the fiscal 19 year ending March thirty-first, [nineteen hundred seventy-seven] two 20 thousand twenty-four, [shall be appropriated to (i) the municipal21assistance corporation for the city of New York created pursuant to22title three of article ten of the public authorities law in order to23enable such corporation to fulfill the terms of any agreements made with24the holders of its notes and bonds and to carry out its corporate25purposes including the maintenance of the capital reserve fund and (ii)26to the extent such moneys are not required by such corporation as27provided in subdivision seven of section ninety-two-d of this chapter28and, after deducting the amount such commissioner shall determine to be29necessary for reasonable costs of the state tax commission in adminis-30tering and making distributions in accordance with the provisions of31section two hundred eighty-a of the tax law from the stock transfer32incentive fund, to the stock transfer incentive fund created pursuant to33section ninety-two-i of this chapter to enable rebates to be made from34such fund under the provisions of section two hundred eighty-a of the35tax law and (iii) to the extent such moneys are not required by such36fund, as certified by the commissioner of taxation and finance, the37balance shall be appropriated to the city of New York, for the support38of local government] and the remainder shall be deposited into the 39 account for the dedicated infrastructure investment fund as established 40 by section ninety-three-b of this article. 41 4. [After the deduction of such costs of the state tax commission in42administering, collecting and distributing such tax, the balances in the43stock transfer tax fund so appropriated shall be distributed and paid on44the last business day of September, December, March and June into the45special account established for the municipal assistance corporation for46the city of New York in the municipal assistance tax fund established47pursuant to subdivision one of section ninety-two-d of this chapter,48unless and to the extent the balances in such fund on each such payment49day are not required by such corporation as provided in said subdivision50seven of said section ninety-two-d in which case the balance not so51required, if any, after the deduction of such costs of the state tax52commission in administering and making distributions in accordance with53the provisions of section two hundred eighty-a of the tax law from the54stock transfer incentive fund shall be distributed and paid to the stock55transfer incentive fund in the custody of the commissioner of taxation56and finance established pursuant to section ninety-two-i of this chapterS. 2402 3 1and unless and to the extent that the balances in the stock transfer tax2fund on each such payment day are not required by the stock transfer3incentive fund as provided in such section ninety-two-i of this chapter4in which case the balance not so required, if any, shall be distributed5and paid to the chief fiscal officer of the city of New York to be paid6into the treasury of the city to the credit of the general fund or paid7by the commissioner of taxation and finance to such other account or8fund as may be designated in writing by such chief fiscal officer at9least ten business days prior to such last day and on each such day, the10commissioner of taxation and finance shall certify to the comptroller11the amount deducted for administering, collecting and distributing such12tax during such quarterly period and shall pay such amount into the13general fund of the state treasury to the credit of the state purposes14fund therein. In no event shall any amount (other than the amount to be15deducted for administering, collecting and distributing such tax) be16distributed or paid from the stock transfer tax fund to any person other17than the municipal assistance corporation for the city of New York18unless and until the aggregate of all payments certified to the comp-19troller as required by such corporation in order to comply with its20agreements with the holders of its notes and bonds and to carry out its21corporate purposes, including the maintenance of the capital reserve22fund, which remain unappropriated or unpaid to such corporation shall23have been appropriated to such corporation and shall have been paid in24full provided, however, that no person, including such corporation or25the holders of its notes or bonds shall have any lien on such tax and26such agreements shall be executory only to the extent of the balances27available to the state in such fund. If the balances in such fund are28not required by such corporation pursuant to the provisions of this29subdivision, on each such last business day of September, December,30March and June, the commissioner of taxation and finance shall certify31to the comptroller the amount deducted for administering and making32distributions in accordance with the provisions of section two hundred33eighty-a of the tax law from the stock transfer incentive fund during34such quarterly period and he shall pay such amount into the general fund35of the state treasury to the credit of the state purposes fund therein.36To the extent such moneys are not required by such corporation, as37provided in subdivision seven of section ninety-two-d of this chapter,38no amount thereof (other than such amount to be deducted for administer-39ing, collecting and distributing such tax and such costs in administer-40ing and making distributions in accordance with the provisions of41section two hundred eighty-a of the tax law from the stock transfer42incentive fund) shall be distributed or paid from the stock transfer tax43fund other than to such stock transfer incentive fund in the custody of44the commissioner of taxation and finance unless and until the aggregate45of all payments certified to the comptroller by such commissioner pursu-46ant to the provisions of such incentive fund as necessary to provide47payments on account of rebates authorized pursuant to section two48hundred eighty-a of the tax law which remain unappropriated or unpaid to49such fund shall have been appropriated to such fund and shall have been50paid in full provided, however, that no person, including any taxpayer51under article twelve of the tax law or any member or dealer referred to52in subdivisions two-a and six of section two hundred eighty-a of such53law, shall have any lien on this fund or the stock transfer incentive54fund.555. In no fiscal year shall the total amount paid from the fund exceed56the total collections during such fiscal year from the stock transferS. 2402 4 1tax pursuant to the provisions of article twelve of the tax law and as2deposited to the credit of the stock transfer tax fund.36.] All payments from the stock transfer tax fund shall be made on the 4 audit and warrant of the comptroller on vouchers approved by the commis- 5 sioner of taxation and finance. 6 [7. When all the notes and bonds of the municipal assistance corpo-7ration for the city of New York have been fully paid and discharged,8together with interest thereon and interest on unpaid installments of9interest, and the chairman of the corporation makes the final certif-10ication required by subdivision seven of section ninety-two-d of this11article, the comptroller must notify the commissioner of taxation and12finance that all remaining funds held in the stock transfer tax fund13must be released to the stock transfer incentive fund. From that time14forward, all funds previously deposited in the stock transfer tax fund15pursuant to subdivision two of this section will be deposited directly16into the stock transfer incentive fund pursuant to all the rules, regu-17lations or instructions that the commissioner may prescribe, after18deducting the amount the commissioner determines to be necessary for19reasonable costs of the department in administering, collecting and20distributing the tax imposed by article twelve of the tax law. Notwith-21standing any other provisions of this article, to the extent those22moneys are not required by the stock transfer incentive fund for the23purpose of administering and making distributions in accordance with the24provisions of section two hundred eighty-a of the tax law, as certified25by the commissioner of taxation and finance, the balance will be appro-26priated to the city of New York for the support of local government.] 27 § 3. Paragraph (c) of subdivision 1 of section 93-b of the state 28 finance law, as added by section 1 of part H of chapter 60 of the laws 29 of 2015, is amended to read as follows: 30 (c) Sources of funds. The sources of funds shall consist of all moneys 31 collected therefor, or moneys credited, appropriated or transferred 32 thereto from any other fund or source pursuant to law or any other 33 moneys made available for the purposes of the fund, including but not 34 limited to funds transferred from the stock transfer tax fund pursuant 35 to subdivision three of section ninety-two-b of this article. Any inter- 36 est received by the comptroller on moneys on deposit shall be retained 37 and become part of the fund, unless otherwise directed by law. 38 § 4. This act shall take effect immediately.