STATE OF NEW YORK
________________________________________________________________________
1528
2017-2018 Regular Sessions
IN SENATE
January 10, 2017
___________
Introduced by Sen. AVELLA -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations
AN ACT to amend the tax law and the state finance 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 eighteen, 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 eighteen.
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-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00615-01-7
S. 1528 2
1 sion 4 as amended by chapter 724 of the laws of 1979, are amended to
2 read as follows:
3 3. The moneys received from such tax and other sources in such fund,
4 after deducting the amount the commissioner of taxation and finance
5 shall determine to be necessary for reasonable costs of the state tax
6 commission in administering, collecting and distributing such tax,
7 commencing with the fiscal year ending March thirty-first, nineteen
8 hundred seventy-seven, shall be appropriated to (i) the municipal
9 assistance corporation for the city of New York created pursuant to
10 title three of article ten of the public authorities law in order to
11 enable such corporation to fulfill the terms of any agreements made with
12 the holders of its notes and bonds and to carry out its corporate
13 purposes including the maintenance of the capital reserve fund and (ii)
14 to the extent such moneys are not required by such corporation as
15 provided in subdivision seven of section ninety-two-d of this [chapter]
16 article and, after deducting the amount such commissioner shall deter-
17 mine to be necessary for reasonable costs of the state tax commission in
18 administering and making distributions in accordance with the provisions
19 of section two hundred eighty-a of the tax law from the stock transfer
20 incentive fund, to the stock transfer incentive fund created pursuant to
21 section ninety-two-i of this [chapter] article to enable rebates to be
22 made from such fund under the provisions of section two hundred eighty-a
23 of the tax law and (iii) to the extent such moneys are not required by
24 such fund, as certified by the commissioner of taxation and finance,
25 twenty-five percent of the balance shall be appropriated to the city of
26 New York, for the support of local government and seventy-five percent
27 of the balance shall be paid into the general fund of the state treasury
28 to the credit of the state purposes fund therein.
29 4. After the deduction of such costs of the state tax commission in
30 administering, collecting and distributing such tax, the balances in the
31 stock transfer tax fund so appropriated shall be distributed and paid on
32 the last business day of September, December, March and June into the
33 special account established for the municipal assistance corporation for
34 the city of New York in the municipal assistance tax fund established
35 pursuant to subdivision one of section ninety-two-d of this [chapter]
36 article, unless and to the extent the balances in such fund on each such
37 payment day are not required by such corporation as provided in said
38 subdivision seven of said section ninety-two-d in which case the balance
39 not so required, if any, after the deduction of such costs of the state
40 tax commission in administering and making distributions in accordance
41 with the provisions of section two hundred eighty-a of the tax law from
42 the stock transfer incentive fund shall be distributed and paid to the
43 stock transfer incentive fund in the custody of the commissioner of
44 taxation and finance established pursuant to section ninety-two-i of
45 this [chapter] article and unless and to the extent that the balances in
46 the stock transfer tax fund on each such payment day are not required by
47 the stock transfer incentive fund as provided in such section ninety-
48 two-i of this [chapter] article in which case twenty-five percent of the
49 balance not so required, if any, shall be distributed and paid to the
50 chief fiscal officer of the city of New York to be paid into the treas-
51 ury of the city to the credit of the general fund [or paid by the
52 commissioner of taxation and finance to such other account or fund as
53 may be designated in writing by such chief fiscal officer at least ten
54 business days prior to such last day and on each such day, the] and
55 seventy-five percent of the balance not so required, shall be paid into
56 the general fund of the state treasury to the credit of the state
S. 1528 3
1 purposes fund therein. The commissioner of taxation and finance shall
2 certify to the comptroller the amount deducted for administering,
3 collecting and distributing such tax during such quarterly period and
4 shall pay such amount into the general fund of the state treasury to the
5 credit of the state purposes fund therein. In no event shall any amount
6 (other than the amount to be deducted for administering, collecting and
7 distributing such tax) be distributed or paid from the stock transfer
8 tax fund to any person other than the municipal assistance corporation
9 for the city of New York unless and until the aggregate of all payments
10 certified to the comptroller as required by such corporation in order to
11 comply with its agreements with the holders of its notes and bonds and
12 to carry out its corporate purposes, including the maintenance of the
13 capital reserve fund, which remain unappropriated or unpaid to such
14 corporation shall have been appropriated to such corporation and shall
15 have been paid in full provided, however, that no person, including such
16 corporation or the holders of its notes or bonds shall have any lien on
17 such tax and such agreements shall be executory only to the extent of
18 the balances available to the state in such fund. If the balances in
19 such fund are not required by such corporation pursuant to the
20 provisions of this subdivision, on each such last business day of
21 September, December, March and June, the commissioner of taxation and
22 finance shall certify to the comptroller the amount deducted for admin-
23 istering and making distributions in accordance with the provisions of
24 section two hundred eighty-a of the tax law from the stock transfer
25 incentive fund during such quarterly period and he shall pay such amount
26 into the general fund of the state treasury to the credit of the state
27 purposes fund therein. To the extent such moneys are not required by
28 such corporation, as provided in subdivision seven of section ninety-
29 two-d of this [chapter] article, no amount thereof (other than such
30 amount to be deducted for administering, collecting and distributing
31 such tax and such costs in administering and making distributions in
32 accordance with the provisions of section two hundred eighty-a of the
33 tax law from the stock transfer incentive fund) shall be distributed or
34 paid from the stock transfer tax fund other than to such stock transfer
35 incentive fund in the custody of the commissioner of taxation and
36 finance unless and until the aggregate of all payments certified to the
37 comptroller by such commissioner pursuant to the provisions of such
38 incentive fund as necessary to provide payments on account of rebates
39 authorized pursuant to section two hundred eighty-a of the tax law which
40 remain unappropriated or unpaid to such fund shall have been appropri-
41 ated to such fund and shall have been paid in full provided, however,
42 that no person, including any taxpayer under article twelve of the tax
43 law or any member or dealer referred to in subdivisions two-a and six of
44 section two hundred eighty-a of such law, shall have any lien on this
45 fund or the stock transfer incentive fund.
46 § 3. This act shall take effect September 1, 2018.