STATE OF NEW YORK ________________________________________________________________________ 2613 2023-2024 Regular Sessions IN ASSEMBLY January 26, 2023 ___________ 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 twenty-three, and eighty 20 percent of the tax incurred and paid shall be allowed as a rebate on 21 such transactions occurring on and after October first, two thousand 22 twenty-three. 23 § 2. Subdivisions 3 and 4 of section 92-b of the state finance law, 24 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. LBD03181-01-3

A. 2613 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, the 25 balance shall be appropriated to the [~~city of New York, for the support~~ 26 ~~of local government~~] metropolitan transportation authority special 27 assistance fund pursuant to subdivision one of section twelve hundred 28 seventy-a of the public authorities law. 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 the balance not so 49 required, if any, shall be distributed and paid to the [~~chief fiscal~~ 50 ~~officer of the city of New York to be paid into the treasury of the city~~ 51 ~~to the credit of the general fund or paid by the commissioner of taxa-~~ 52 ~~tion and finance to such other account or fund as may be designated in~~ 53 ~~writing by such chief fiscal officer at least ten business days prior to~~ 54 ~~such last day and on each such day, the~~] metropolitan transportation 55 authority special assistance fund pursuant to subdivision one of section 56 twelve hundred seventy-a of the public authorities law. The commissioner

A. 2613 3 1 of taxation and finance shall certify to the comptroller the amount 2 deducted for administering, collecting and distributing such tax during 3 such quarterly period and shall pay such amount into the general fund of 4 the state treasury to the credit of the state purposes fund therein. In 5 no event shall any amount (other than the amount to be deducted for 6 administering, collecting and distributing such tax) be distributed or 7 paid from the stock transfer tax fund to any person other than the 8 municipal assistance corporation for the city of New York unless and 9 until the aggregate of all payments certified to the comptroller as 10 required by such corporation in order to comply with its agreements with 11 the holders of its notes and bonds and to carry out its corporate 12 purposes, including the maintenance of the capital reserve fund, which 13 remain unappropriated or unpaid to such corporation shall have been 14 appropriated to such corporation and shall have been paid in full 15 provided, however, that no person, including such corporation or the 16 holders of its notes or bonds shall have any lien on such tax and such 17 agreements shall be executory only to the extent of the balances avail- 18 able to the state in such fund. If the balances in such fund are not 19 required by such corporation pursuant to the provisions of this subdivi- 20 sion, on each such last business day of September, December, March and 21 June, the commissioner of taxation and finance shall certify to the 22 comptroller the amount deducted for administering and making distrib- 23 utions in accordance with the provisions of section two hundred eighty-a 24 of the tax law from the stock transfer incentive fund during such quar- 25 terly period and he shall pay such amount into the general fund of the 26 state treasury to the credit of the state purposes fund therein. To the 27 extent such moneys are not required by such corporation, as provided in 28 subdivision seven of section ninety-two-d of this [~~chapter~~] article, no 29 amount thereof (other than such amount to be deducted for administering, 30 collecting and distributing such tax and such costs in administering and 31 making distributions in accordance with the provisions of section two 32 hundred eighty-a of the tax law from the stock transfer incentive fund) 33 shall be distributed or paid from the stock transfer tax fund other than 34 to such stock transfer incentive fund in the custody of the commissioner 35 of taxation and finance unless and until the aggregate of all payments 36 certified to the comptroller by such commissioner pursuant to the 37 provisions of such incentive fund as necessary to provide payments on 38 account of rebates authorized pursuant to section two hundred eighty-a 39 of the tax law which remain unappropriated or unpaid to such fund shall 40 have been appropriated to such fund and shall have been paid in full 41 provided, however, that no person, including any taxpayer under article 42 twelve of the tax law or any member or dealer referred to in subdivi- 43 sions two-a and six of section two hundred eighty-a of such law, shall 44 have any lien on this fund or the stock transfer incentive fund. 45 § 3. Subdivision 1 of section 1270-a of the public authorities law, as 46 amended by section 7 of part FF of chapter 58 of the laws of 2019, is 47 amended to read as follows: 48 1. The authority shall create and establish a fund to be known as the 49 "metropolitan transportation authority special assistance fund" which 50 shall be kept separate from and shall not be commingled with any other 51 moneys of the authority. The special assistance fund shall consist of 52 three separate accounts: (i) the "transit account", (ii) the "commuter 53 railroad account" and (iii) the "corporate transportation account". 54 The authority shall make deposits in the transit account and the 55 commuter railroad account of the moneys received by it pursuant to the 56 provisions of subdivision one of section two hundred eighty-a of the tax

A. 2613 4 1 law, subdivisions three and four of section ninety-two-b of the state 2 finance law, and subdivision one of section two hundred sixty-one of the 3 tax law in accordance with the provisions thereof, and shall make depos- 4 its in the corporate transportation account of the moneys received by it 5 pursuant to the provisions of subdivision two of section two hundred 6 sixty-one of the tax law and section ninety-two-ff of the state finance 7 law. The comptroller shall deposit, without appropriation, into the 8 corporate transportation account the revenue fees, taxes, interest and 9 penalties collected in accordance with paragraph (b-1) of subdivision 10 two of section five hundred three of the vehicle and traffic law, para- 11 graph (c-3) of subdivision two of section five hundred three of the 12 vehicle and traffic law, article seventeen-C of the vehicle and traffic 13 law, article twenty-nine-A of the tax law and section eleven hundred 14 sixty-six-a of the tax law. 15 § 4. This act shall take effect September 1, 2023.

Relates to the stock transfer tax

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