S T A T E O F N E W Y O R K
________________________________________________________________________
6755
2013-2014 Regular Sessions
I N A S S E M B L Y
April 17, 2013
___________
Introduced by M. of A. BARRON, ROBERTS, GIBSON -- Multi-Sponsored by --
M. of A. ROBINSON -- 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
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 1 of section 280-a of the tax law, as amended
by chapter 578 of the laws of 1981, is amended to read as follows:
1. Except as otherwise provided in subdivision fifteen of this
section, where a tax shall have been paid under this article a portion
of the amount paid shall be allowed as a rebate and such portion shall
be paid to the taxpayer but only to the extent that moneys are available
for the payment of such rebates in the stock transfer incentive fund
established pursuant to section ninety-two-i of the state finance law.
The portion of the amount of tax paid which is to be allowed as a rebate
shall be thirty percent of the tax incurred and paid on transactions
subject to the stock transfer tax occurring on and after October first,
nineteen hundred seventy-nine and on or before September thirtieth,
nineteen hundred eighty and sixty percent of the tax incurred and paid
on such transactions occurring on and after October first, nineteen
hundred eighty and on or before September thirtieth, nineteen hundred
eighty-one and all of the amount of tax incurred and paid shall be
allowed as a rebate on transactions subject to the stock transfer tax
occurring on and after October first, nineteen hundred eighty-one AND ON
OR BEFORE SEPTEMBER THIRTIETH, TWO THOUSAND FOURTEEN, AND EIGHTY PERCENT
OF THE TAX INCURRED AND PAID SHALL BE ALLOWED AS A REBATE ON SUCH TRANS-
ACTIONS OCCURRING ON AND AFTER OCTOBER FIRST, TWO THOUSAND FOURTEEN.
S 2. Subdivisions 3 and 4 of section 92-b of the state finance law,
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.
LBD03419-01-3
A. 6755 2
sion 4 as amended by chapter 724 of the laws of 1979, are amended to
read as follows:
3. The moneys received from such tax and other sources in such fund,
after deducting the amount the commissioner of taxation and finance
shall determine to be necessary for reasonable costs of the state tax
commission in administering, collecting and distributing such tax,
commencing with the fiscal year ending March thirty-first, nineteen
hundred seventy-seven, shall be appropriated to (i) the municipal
assistance corporation for the city of New York created pursuant to
title three of article ten of the public authorities law in order to
enable such corporation to fulfill the terms of any agreements made with
the holders of its notes and bonds and to carry out its corporate
purposes including the maintenance of the capital reserve fund and (ii)
to the extent such moneys are not required by such corporation as
provided in subdivision seven of section ninety-two-d of this [chapter]
ARTICLE and, after deducting the amount such commissioner shall deter-
mine to be necessary for reasonable costs of the state tax commission in
administering and making distributions in accordance with the provisions
of section two hundred eighty-a of the tax law from the stock transfer
incentive fund, to the stock transfer incentive fund created pursuant to
section ninety-two-i of this [chapter] ARTICLE to enable rebates to be
made from such fund under the provisions of section two hundred eighty-a
of the tax law and (iii) to the extent such moneys are not required by
such fund, as certified by the commissioner of taxation and finance,
TWENTY-FIVE PERCENT OF the balance shall be appropriated to the city of
New York, for the support of local government AND SEVENTY-FIVE PERCENT
OF THE BALANCE SHALL BE PAID INTO THE GENERAL FUND OF THE STATE TREASURY
TO THE CREDIT OF THE STATE PURPOSES FUND THEREIN.
4. After the deduction of such costs of the state tax commission in
administering, collecting and distributing such tax, the balances in the
stock transfer tax fund so appropriated shall be distributed and paid on
the last business day of September, December, March and June into the
special account established for the municipal assistance corporation for
the city of New York in the municipal assistance tax fund established
pursuant to subdivision one of section ninety-two-d of this [chapter]
ARTICLE, unless and to the extent the balances in such fund on each such
payment day are not required by such corporation as provided in said
subdivision seven of said section ninety-two-d in which case the balance
not so required, if any, after the deduction of such costs of the state
tax commission in administering and making distributions in accordance
with the provisions of section two hundred eighty-a of the tax law from
the stock transfer incentive fund shall be distributed and paid to the
stock transfer incentive fund in the custody of the commissioner of
taxation and finance established pursuant to section ninety-two-i of
this [chapter] ARTICLE and unless and to the extent that the balances in
the stock transfer tax fund on each such payment day are not required by
the stock transfer incentive fund as provided in such section ninety-
two-i of this [chapter] ARTICLE in which case TWENTY-FIVE PERCENT OF the
balance not so required, if any, shall be distributed and paid to the
chief fiscal officer of the city of New York to be paid into the treas-
ury of the city to the credit of the general fund [or paid by the
commissioner of taxation and finance to such other account or fund as
may be designated in writing by such chief fiscal officer at least ten
business days prior to such last day and on each such day, the] AND
SEVENTY-FIVE PERCENT OF THE BALANCE NOT SO REQUIRED, SHALL BE PAID INTO
THE GENERAL FUND OF THE STATE TREASURY TO THE CREDIT OF THE STATE
A. 6755 3
PURPOSES FUND THEREIN. THE commissioner of taxation and finance shall
certify to the comptroller the amount deducted for administering,
collecting and distributing such tax during such quarterly period and
shall pay such amount into the general fund of the state treasury to the
credit of the state purposes fund therein. In no event shall any amount
(other than the amount to be deducted for administering, collecting and
distributing such tax) be distributed or paid from the stock transfer
tax fund to any person other than the municipal assistance corporation
for the city of New York unless and until the aggregate of all payments
certified to the comptroller as required by such corporation in order to
comply with its agreements with the holders of its notes and bonds and
to carry out its corporate purposes, including the maintenance of the
capital reserve fund, which remain unappropriated or unpaid to such
corporation shall have been appropriated to such corporation and shall
have been paid in full provided, however, that no person, including such
corporation or the holders of its notes or bonds shall have any lien on
such tax and such agreements shall be executory only to the extent of
the balances available to the state in such fund. If the balances in
such fund are not required by such corporation pursuant to the
provisions of this subdivision, on each such last business day of
September, December, March and June, the commissioner of taxation and
finance shall certify to the comptroller the amount deducted for admin-
istering and making distributions in accordance with the provisions of
section two hundred eighty-a of the tax law from the stock transfer
incentive fund during such quarterly period and he shall pay such amount
into the general fund of the state treasury to the credit of the state
purposes fund therein. To the extent such moneys are not required by
such corporation, as provided in subdivision seven of section ninety-
two-d of this [chapter] ARTICLE, no amount thereof (other than such
amount to be deducted for administering, collecting and distributing
such tax and such costs in administering and making distributions in
accordance with the provisions of section two hundred eighty-a of the
tax law from the stock transfer incentive fund) shall be distributed or
paid from the stock transfer tax fund other than to such stock transfer
incentive fund in the custody of the commissioner of taxation and
finance unless and until the aggregate of all payments certified to the
comptroller by such commissioner pursuant to the provisions of such
incentive fund as necessary to provide payments on account of rebates
authorized pursuant to section two hundred eighty-a of the tax law which
remain unappropriated or unpaid to such fund shall have been appropri-
ated to such fund and shall have been paid in full provided, however,
that no person, including any taxpayer under article twelve of the tax
law or any member or dealer referred to in subdivisions two-a and six of
section two hundred eighty-a of such law, shall have any lien on this
fund or the stock transfer incentive fund.
S 3. This act shall take effect September 1, 2014.