Bill Text: NY A01501 | 2009-2010 | General Assembly | Introduced
Bill Title: An act to amend the tax law and the state finance law, in relation to the stock transfer tax and to creating the children's ounce of prevention fund
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2010-01-06 - referred to ways and means [A01501 Detail]
Download: New_York-2009-A01501-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
1501
2009-2010 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 7, 2009
___________
Introduced by M. of A. WRIGHT -- Multi-Sponsored by -- M. of A.
J. RIVERA -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law and the state finance law, in relation to
the stock transfer tax and to creating the children's ounce of
prevention fund
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. This act shall be known and may be cited as "the children's
2 ounce of prevention act".
3 S 2. Subdivision 1 of section 280-a of the tax law, as amended by
4 chapter 578 of the laws of 1981, is amended to read as follows:
5 1. Except as otherwise provided in subdivision fifteen of this
6 section, where a tax shall have been paid under this article a portion
7 of the amount paid shall be allowed as a rebate and such portion shall
8 be paid to the taxpayer but only to the extent that moneys are available
9 for the payment of such rebates in the stock transfer incentive fund
10 established pursuant to section ninety-two-i of the state finance law.
11 The portion of the amount of tax paid which is to be allowed as a rebate
12 shall be thirty percent of the tax incurred and paid on transactions
13 subject to the stock transfer tax occurring on and after October first,
14 nineteen hundred seventy-nine and on or before September thirtieth,
15 nineteen hundred eighty and sixty percent of the tax incurred and paid
16 on such transactions occurring on and after October first, nineteen
17 hundred eighty and on or before September thirtieth, nineteen hundred
18 eighty-one and all of the amount of tax incurred and paid shall be
19 allowed as a rebate on transactions subject to the stock transfer tax
20 occurring on and after October first, nineteen hundred eighty-one AND ON
21 OR BEFORE SEPTEMBER THIRTIETH, TWO THOUSAND NINE, AND NINETY-THREE AND
22 THREE-QUARTERS PERCENT OF THE TAX INCURRED AND PAID SHALL BE ALLOWED AS
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00050-01-9
A. 1501 2
1 A REBATE ON SUCH TRANSACTIONS OCCURRING ON AND AFTER OCTOBER FIRST, TWO
2 THOUSAND NINE.
3 S 3. Subdivisions 3 and 4 of section 92-b of the state finance law,
4 subdivision 3 as amended by chapter 878 of the laws of 1977, subdivision
5 4 as amended by chapter 724 of the laws of 1979, are amended to read as
6 follows:
7 3. The moneys received from such tax and other sources in such fund,
8 after deducting the amount the commissioner of taxation and finance
9 shall determine to be necessary for reasonable costs of the state tax
10 commission in administering, collecting and distributing such tax,
11 commencing with the fiscal year ending March thirty-first, nineteen
12 hundred seventy-seven, shall be appropriated to (i) the municipal
13 assistance corporation for the city of New York created pursuant to
14 title three of article ten of the public authorities law in order to
15 enable such corporation to fulfill the terms of any agreements made with
16 the holders of its notes and bonds and to carry out its corporate
17 purposes including the maintenance of the capital reserve fund and (ii)
18 to the extent such moneys are not required by such corporation as
19 provided in subdivision seven of section ninety-two-d of this [chapter]
20 ARTICLE and, after deducting the amount such commissioner shall deter-
21 mine to be necessary for reasonable costs of the state tax commission in
22 administering and making distributions in accordance with the provisions
23 of section two hundred eighty-a of the tax law from the stock transfer
24 incentive fund, to the stock transfer incentive fund created pursuant to
25 section ninety-two-i of this [chapter] ARTICLE to enable rebates to be
26 made from such fund under the provisions of section two hundred eighty-a
27 of the tax law and (iii) to the extent such moneys are not required by
28 such fund, as certified by the commissioner of taxation and finance, the
29 balance shall be appropriated to the [city of New York, for the support
30 of local government] CHILDREN'S OUNCE OF PREVENTION FUND ESTABLISHED
31 PURSUANT TO SECTION NINETY-TWO-O OF THIS ARTICLE.
32 4. After the deduction of such costs of the state tax commission in
33 administering, collecting and distributing such tax, the balances in the
34 stock transfer tax fund so appropriated shall be distributed and paid on
35 the last business day of September, December, March and June into the
36 special account established for the municipal assistance corporation for
37 the city of New York in the municipal assistance tax fund established
38 pursuant to subdivision one of section ninety-two-d of this [chapter]
39 ARTICLE, unless and to the extent the balances in such fund on each such
40 payment day are not required by such corporation as provided in said
41 subdivision seven of said section ninety-two-d in which case the balance
42 not so required, if any, after the deduction of such costs of the state
43 tax commission in administering and making distributions in accordance
44 with the provisions of section two hundred eighty-a of the tax law from
45 the stock transfer incentive fund shall be distributed and paid to the
46 stock transfer incentive fund in the custody of the commissioner of
47 taxation and finance established pursuant to section ninety-two-i of
48 this [chapter] ARTICLE and unless and to the extent that the balances in
49 the stock transfer tax fund on each such payment day are not required by
50 the stock transfer incentive fund as provided in such section ninety-
51 two-i of this [chapter] ARTICLE in which case the balance not so
52 required, if any, shall be distributed and paid to the [chief fiscal
53 officer of the city of New York to be paid into the treasury of the city
54 to the credit of the general fund or paid by the commissioner of taxa-
55 tion and finance to such other account or fund as may be designated in
56 writing by such chief fiscal officer at least ten business days prior to
A. 1501 3
1 such last day and on each such day, the] CHILDREN'S OUNCE OF PREVENTION
2 FUND ESTABLISHED PURSUANT TO SECTION NINETY-TWO-O OF THIS ARTICLE. THE
3 commissioner of taxation and finance shall certify to the comptroller
4 the amount deducted for administering, collecting and distributing such
5 tax during such quarterly period and shall pay such amount into the
6 general fund of the state treasury to the credit of the state purposes
7 fund therein. In no event shall any amount (other than the amount to be
8 deducted for administering, collecting and distributing such tax) be
9 distributed or paid from the stock transfer tax fund to any person other
10 than the municipal assistance corporation for the city of New York
11 unless and until the aggregate of all payments certified to the comp-
12 troller as required by such corporation in order to comply with its
13 agreements with the holders of its notes and bonds and to carry out its
14 corporate purposes, including the maintenance of the capital reserve
15 fund, which remain unappropriated or unpaid to such corporation shall
16 have been appropriated to such corporation and shall have been paid in
17 full provided, however, that no person, including such corporation or
18 the holders of its notes or bonds shall have any lien on such tax and
19 such agreements shall be executory only to the extent of the balances
20 available to the state in such fund. If the balances in such fund are
21 not required by such corporation pursuant to the provisions of this
22 subdivision, on each such last business day of September, December,
23 March and June, the commissioner of taxation and finance shall certify
24 to the comptroller the amount deducted for administering and making
25 distributions in accordance with the provisions of section two hundred
26 eighty-a of the tax law from the stock transfer incentive fund during
27 such quarterly period and he shall pay such amount into the general fund
28 of the state treasury to the credit of the state purposes fund therein.
29 To the extent such moneys are not required by such corporation, as
30 provided in subdivision seven of section ninety-two-d of this [chapter]
31 ARTICLE, no amount thereof (other than such amount to be deducted for
32 administering, collecting and distributing such tax and such costs in
33 administering and making distributions in accordance with the provisions
34 of section two hundred eighty-a of the tax law from the stock transfer
35 incentive fund) shall be distributed or paid from the stock transfer tax
36 fund other than to such stock transfer incentive fund OR THE CHILDREN'S
37 OUNCE OF PREVENTION FUND in the custody of the commissioner of taxation
38 and finance unless and until the aggregate of all payments certified to
39 the comptroller by such commissioner pursuant to the provisions of such
40 incentive fund as necessary to provide payments on account of rebates
41 authorized pursuant to section two hundred eighty-a of the tax law which
42 remain unappropriated or unpaid to such fund shall have been appropri-
43 ated to such fund and shall have been paid in full provided, however,
44 that no person, including any taxpayer under article twelve of the tax
45 law or any member or dealer referred to in subdivisions two-a and six of
46 section two hundred eighty-a of such law, shall have any lien on this
47 fund or the stock transfer incentive fund.
48 S 4. The state finance law is amended by adding a new section 92-o to
49 read as follows:
50 S 92-O. THE CHILDREN'S OUNCE OF PREVENTION FUND. 1. THERE IS HEREBY
51 ESTABLISHED IN THE JOINT CUSTODY OF THE COMMISSIONER OF TAXATION AND
52 FINANCE AND THE COMMISSIONER OF EDUCATION A SPECIAL FUND TO BE KNOWN AS
53 THE CHILDREN'S OUNCE OF PREVENTION FUND.
54 2. SUCH FUND SHALL CONSIST OF MONEYS PAID THERETO FROM THE STOCK
55 TRANSFER TAX FUND AS PROVIDED IN SUBDIVISION FOUR OF SECTION
A. 1501 4
1 NINETY-TWO-B OF THIS ARTICLE AND ALL OTHER MONEYS APPROPRIATED, CREDITED
2 OR TRANSFERRED THERETO FROM ANY OTHER FUND OR SOURCE PURSUANT TO LAW.
3 3. THE MONEYS IN THIS FUND SHALL BE DIRECTED TO SCHOOL DISTRICTS WHICH
4 RECEIVE EXTRAORDINARY NEEDS AID PURSUANT TO SECTION THIRTY-SIX HUNDRED
5 TWO OF THE EDUCATION LAW, FOR SERVICES AND EXPENSES ASSOCIATED WITH
6 PROGRAMS DESIGNED TO HELP STUDENTS IMPROVE ACHIEVEMENT IN ORDER TO MEET
7 THE NEW HIGH LEARNING STANDARDS AND ASSESSMENTS ESTABLISHED BY THE BOARD
8 OF REGENTS IN ACCORDANCE WITH A DISTRICT PLAN TO ASSIST STUDENTS
9 THROUGH: (A) THE PROVISION OF DIRECT INSTRUCTIONAL SERVICES TO STUDENTS;
10 (B) THE PROVISION OF APPROPRIATE PROFESSIONAL DEVELOPMENT SERVICES TO
11 TEACHERS; (C) THE DEVELOPMENT AND SHARING OF INNOVATIVE EDUCATIONAL
12 PRACTICES; AND (D) THE REDUCTION OF CLASS SIZE. THE COMMISSIONER OF
13 EDUCATION SHALL PROVIDE FOR THE APPORTIONMENT OF MONEYS FROM THIS FUND
14 DIRECTLY TO QUALIFYING SCHOOL DISTRICTS AS SHALL BE DETERMINED BY SUCH
15 COMMISSIONER.
16 4. MONIES SHALL BE PAYABLE FROM THE FUND ON THE AUDIT AND WARRANT OF
17 THE COMPTROLLER ON VOUCHERS APPROVED AND CERTIFIED BY THE COMMISSIONER
18 OF EDUCATION.
19 5. TO THE EXTENT PRACTICABLE, THE COMMISSIONER OF EDUCATION SHALL
20 ENSURE THAT ALL MONIES RECEIVED DURING A FISCAL YEAR ARE EXPENDED PRIOR
21 TO THE END OF THAT FISCAL YEAR.
22 S 5. This act shall take effect September 1, 2009.
