NY State Assembly Bill 2019-A7791B

Assembly Bill A7791B

2019-2020 Legislative Session

Repeals the rebates for stock transfer tax paid; dedicates funds of the stock transfer tax fund and stock transfer incentive fund to various funds

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Archive: Last Bill Status - In Assembly Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jul 01, 2020	print number 7791b
Jul 01, 2020	amend and recommit to ways and means
Jan 08, 2020	referred to ways and means
Sep 06, 2019	print number 7791a
Sep 06, 2019	amend and recommit to ways and means
May 22, 2019	referred to ways and means

Bill Amendments

Original

B (Active)

2019-A7791 - Details

See Senate Version of this Bill:: S6203
Current Committee:: Assembly Ways And Means
Law Section:: State Finance Law
Laws Affected:: Rpld §280-a, amd §270, Tax L; rpld §92-i, amd §§92-b & 93-b, St Fin L; rpld §11-503 sub (c), §11-604 sub 12, NYC Ad Cd; add §3-0323, En Con L
Versions Introduced in Other Legislative Sessions:: 2021-2022: S1406
2023-2024: S1297

2019-A7791 - Summary

Repeals the rebates for stock transfer tax paid; dedicates funds of the stock transfer tax fund and stock transfer incentive fund to various funds; establishes the safe water and infrastructure action program.

2019-A7791 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7791
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 22, 2019
                                ___________
 
 Introduced  by M. of A. STECK -- read once and referred to the Committee
   on Ways and Means
 
 AN ACT to amend the state finance law, in relation to the repeal of  the
   rebate for stock transfer tax paid and the funds of the stock transfer
   tax  fund  and  the dedicated infrastructure investment fund; to amend
   the environmental conservation law, in relation  to  establishing  the
   safe  water  infrastructure  action  program for the purpose of making
   payments toward the replacement and rehabilitation of  existing  local
   municipally-owned  and funded drinking water, storm water and sanitary
   sewer systems; to amend the tax law, in relation to taxes  imposed  in
   certain  transactions; to repeal section 280-a of the tax law relating
   to the rebate for stock transfer tax paid; to repeal section  92-i  of
   the  state  finance law relating to the stock transfer incentive fund;
   and to repeal certain provisions of the  administrative  code  of  the
   city of New York relating thereto
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 280-a of the tax law is REPEALED.
   § 2. Section 92-i of the state finance law is REPEALED.
   § 3. Section 92-b of the state finance law, as added by chapter 91  of
 the laws of 1965, subdivision 3 as amended by chapter 878 of the laws of
 1977,  subdivision  4  as  amended  by  chapter 724 of the laws of 1979,
 subdivision 5 as added and subdivision 6 as renumbered by section  2  of
 chapter  3  of the laws of 1966, subdivision 7 as added by section 10 of
 part SS1 of chapter 57 of the laws of 2008 and such  section  as  renum-
 bered  by section 1 of chapter 3 of the laws of 1966, is amended to read
 as follows:
   § 92-b. Stock transfer tax fund. 1. There is hereby established in the
 custody of the commissioner of taxation and finance a special  fund,  to
 be known as the stock transfer tax fund.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09894-04-9

 A. 7791                             2
 
   2.  Such  fund  shall  consist  of the revenues derived from the stock
 transfer tax imposed by article twelve of the  tax  law  and  all  other
 moneys  credited  or  transferred  thereto from any other fund or source
 pursuant to law.
   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] SHALL BE USED TO COVER THE reason-
 able costs of the state tax commission in administering, collecting  and
 distributing  [such]  THE STOCK TRANSFER tax, commencing with the fiscal
 year ending March thirty-first,  [nineteen  hundred  seventy-seven]  TWO
 THOUSAND TWENTY-ONE, [shall be appropriated to (i) the municipal assist-
 ance  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 and, after
 deducting the amount such commissioner shall determine 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  nine-
 ty-two-i  of  this  chapter  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 certi-
 fied  by  the commissioner of taxation and finance, the balance shall be
 appropriated to the city of New York, for the support of  local  govern-
 ment.] AND THE REMAINDER SHALL BE DEPOSITED INTO THE FOLLOWING FUNDS:
   (I)  TWENTY-FIVE  PERCENT SHALL BE DIRECTED TO THE METROPOLITAN TRANS-
 PORTATION AUTHORITY FINANCIAL ASSISTANCE FUND  ESTABLISHED  PURSUANT  TO
 SECTION NINETY-TWO-FF OF THIS ARTICLE;
   (II)  TEN  PERCENT  SHALL  BE  DIRECTED TO THE DIVISION OF HOUSING AND
 COMMUNITY RENEWAL FOR THE PURPOSE OF CAPITAL PROJECTS AND OTHER IMPROVE-
 MENTS TO ADDRESS ISSUES RELATING TO CONDITIONS OF GOVERNANCE AND HABITA-
 BILITY, INCLUDING BUT NOT LIMITED TO, HEATING, MOLD, OR LEAD, AND  OTHER
 SUCH  CONDITIONS  AFFECTING  THE HEALTH AND SAFETY OF TENANTS AT HOUSING
 DEVELOPMENTS OWNED OR OPERATED BY THE NEW YORK CITY HOUSING AUTHORITY;
   (III) FIFTEEN PERCENT SHALL BE DIRECTED  TO  THE  HIGHWAY  AND  BRIDGE
 CAPITAL  ACCOUNT  IN  THE DEDICATED HIGHWAY AND BRIDGE TRUST FUND ESTAB-
 LISHED PURSUANT TO SECTION EIGHTY-NINE-B OF THIS ARTICLE;
   (IV) TEN PERCENT SHALL BE DIRECTED TO THE DEDICATED HIGHWAY AND BRIDGE
 TRUST FUND ESTABLISHED PURSUANT TO SECTION EIGHTY-NINE-B OF  THIS  ARTI-
 CLE, TO BE DIRECTED TOWARDS THE INFRASTRUCTURE, MAINTENANCE AND DEVELOP-
 MENT OF RAIL LINES FOR AMTRAK IN THE NORTHEAST CORRIDOR;
   (V) FIVE PERCENT SHALL BE DIRECTED TO THE LOCAL INFRASTRUCTURE ACCOUNT
 OF  THE GENERAL FUND ESTABLISHED PURSUANT TO SECTION SEVENTY-TWO OF THIS
 ARTICLE TO BE DIRECTED TO THE  CONSOLIDATED  LOCAL  STREET  AND  HIGHWAY
 IMPROVEMENT PROGRAM (CHIPS);
   (VI)  FIVE  PERCENT  SHALL  BE  DIRECTED  TO  THE LOCAL INFRASTRUCTURE
 ACCOUNT OF THE GENERAL FUND TO  BE  DEDICATED  TO  THE  SAFE  WATER  AND
 INFRASTRUCTURE  ACTION  PROGRAM  AS ESTABLISHED BY SECTION 3-0321 OF THE
 ENVIRONMENTAL CONSERVATION LAW;
   (VII) FIVE PERCENT SHALL BE DIRECTED TO THE MUNICIPAL ASSISTANCE STATE
 AID FUND ESTABLISHED PURSUANT TO SECTION NINETY-TWO-E OF THIS ARTICLE;

 A. 7791                             3
 
   (VIII) FIVE PERCENT SHALL BE DIRECTED TO THE DEDICATED MASS  TRANSPOR-
 TATION  TRUST  FUND  TO THE CREDIT OF THE NON-MTA ACCOUNT FOR PAYMENT TO
 DOWNSTATE TRANSIT SYSTEMS OTHER THAN THOSE TRANSIT SYSTEMS  OPERATED  BY
 THE METROPOLITAN TRANSPORTATION AUTHORITY;
   (IX)  FIVE PERCENT SHALL BE DIRECTED TO THE DEDICATED MASS TRANSPORTA-
 TION TRUST FUND TO THE CREDIT OF THE  NON-MTA  ACCOUNT  FOR  PAYMENT  TO
 UPSTATE TRANSIT SYSTEMS; AND
   (X)  FIFTEEN  PERCENT  SHALL  BE  DIRECTED  TO THE ENERGY RESEARCH AND
 DEVELOPMENT OPERATING FUND PURSUANT TO THE PROVISIONS OF  SECTION  EIGH-
 TEEN HUNDRED FIFTY-NINE OF THE PUBLIC AUTHORITIES LAW, TO BE DIRECTED TO
 THE  CLEAN  ENERGY  FUND  AND  SHALL  BE  DIVIDED EQUALLY AMONG THE FOUR
 INVESTMENT PORTFOLIOS THAT MAKE UP SUCH FUND.
   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,
 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
 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
 in which case 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 treasury 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
 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  comp-
 troller  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

 A. 7791                             4

 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 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  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,
 no amount thereof (other than such amount to be deducted for administer-
 ing, collecting and distributing such tax and such costs in  administer-
 ing  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 pursu-
 ant  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 appropriated 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.
   5. In no fiscal year shall the total amount paid from the fund  exceed
 the  total  collections  during such fiscal year from the stock transfer
 tax pursuant to the provisions of article twelve of the tax law  and  as
 deposited to the credit of the stock transfer tax fund.
   6.] All payments from the stock transfer tax fund shall be made on the
 audit and warrant of the comptroller on vouchers approved by the commis-
 sioner of taxation and finance.
   [7.  When  all  the notes and bonds of the municipal assistance corpo-
 ration for the city of New York have been  fully  paid  and  discharged,
 together  with  interest  thereon and interest on unpaid installments of
 interest, and the chairman of the corporation makes  the  final  certif-
 ication  required  by  subdivision seven of section ninety-two-d of this
 article, the comptroller must notify the commissioner  of  taxation  and
 finance  that  all  remaining  funds held in the stock transfer tax fund
 must be released to the stock transfer incentive fund.  From  that  time
 forward,  all  funds previously deposited in the stock transfer tax fund
 pursuant to subdivision two of this section will be  deposited  directly
 into  the stock transfer incentive fund pursuant to all the rules, regu-
 lations or instructions  that  the  commissioner  may  prescribe,  after
 deducting  the  amount  the  commissioner determines to be necessary for
 reasonable costs of the  department  in  administering,  collecting  and
 distributing  the tax imposed by article twelve of the tax law. Notwith-
 standing any other provisions of  this  article,  to  the  extent  those
 moneys  are  not  required  by the stock transfer incentive fund for the
 purpose of administering and making distributions in accordance with the
 provisions of section two hundred eighty-a of the tax law, as  certified
 by  the commissioner of taxation and finance, the balance will be appro-
 priated to the city of New York for the support of local government.]

 A. 7791                             5
 
   § 4. Paragraph (c) of subdivision 1  of  section  93-b  of  the  state
 finance  law,  as added by section 1 of part H of chapter 60 of the laws
 of 2015, is amended to read as follows:
   (c) Sources of funds. The sources of funds shall consist of all moneys
 collected  therefor,  or  moneys  credited,  appropriated or transferred
 thereto from any other fund or source  pursuant  to  law  or  any  other
 moneys  made  available  for the purposes of the fund, INCLUDING BUT NOT
 LIMITED TO FUNDS TRANSFERRED FROM THE STOCK TRANSFER TAX  FUND  PURSUANT
 TO  SUBDIVISION  THREE OF SECTION NINETY-TWO-B OF THIS ARTICLE AND FUNDS
 TRANSFERRED FROM  THE  STOCK  TRANSFER  INCENTIVE  FUND  ESTABLISHED  BY
 SECTION  NINETY-TWO-I  OF  THIS ARTICLE AND REPEALED BY A CHAPTER OF THE
 LAWS OF TWO THOUSAND NINETEEN, WHICH AMENDED THIS PARAGRAPH.  Any inter-
 est received by the comptroller on moneys on deposit shall  be  retained
 and become part of the fund, unless otherwise directed by law.
   §  5.  Subdivision (c) of section 11-503 of the administrative code of
 the city of New York is REPEALED.
   § 6. Subdivision 12 of section 11-604 of the  administrative  code  of
 the city of New York is REPEALED.
   §  7.  All  monies  accumulated  in  the stock transfer incentive fund
 established pursuant to section 92-i of the state  finance  law  on  the
 effective date of this act shall be transferred to the dedicated infras-
 tructure  investment  fund  as  established by section 93-b of the state
 finance law for the purposes set forth in such section.
   § 8. The environmental conservation law is amended  by  adding  a  new
 section 3-0321 to read as follows:
 § 3-0321. SAFE WATER AND INFRASTRUCTURE ACTION PROGRAM.
   1.  NOTWITHSTANDING  ANY OTHER PROVISIONS OF THIS CHAPTER OR ANY OTHER
 LAW AND SUBJECT TO AN APPROPRIATION MADE THEREFOR AND IN ACCORDANCE WITH
 THE PROVISIONS OF THIS  SECTION  AND  WITH  THE  RULES  AND  REGULATIONS
 PROMULGATED  BY  THE  COMMISSIONER IN CONNECTION THEREWITH, ON AND AFTER
 THE FIRST DAY OF  APRIL,  TWO  THOUSAND  TWENTY,  A  CONSOLIDATED  LOCAL
 INFRASTRUCTURE  PROGRAM  IS HEREBY ESTABLISHED FOR THE PURPOSE OF MAKING
 PAYMENTS TOWARD THE REPLACEMENT AND  REHABILITATION  OF  EXISTING  LOCAL
 MUNICIPALLY-OWNED  AND  FUNDED  DRINKING WATER, STORM WATER AND SANITARY
 SEWER SYSTEMS. FOR PURPOSES OF THIS SECTION, SUCH PROGRAM SHALL APPLY TO
 ANY COUNTY, CITY, TOWN OR VILLAGE DRINKING  WATER  SYSTEM,  STORM  WATER
 SYSTEM  OR  SANITARY SEWER SYSTEM WITHIN THE STATE THAT IS NOT UNDER THE
 MAINTENANCE AND/OR OPERATIONAL JURISDICTION OF THE STATE NOR ANY PRIVATE
 ENTITY. THE COMMISSIONER, IN CONJUNCTION WITH THE ENVIRONMENTAL  FACILI-
 TIES  CORPORATION,  SHALL PROMULGATE ALL NECESSARY RULES AND REGULATIONS
 TO CARRY OUT THE PROGRAM SO THAT AN EQUITABLE DISTRIBUTION OF AID  SHALL
 BE  MADE  FOR  THE  GENERAL  OPERATION AND/OR GENERAL MAINTENANCE OF ANY
 EXISTING COUNTY, CITY, TOWN AND VILLAGE  DRINKING  WATER  SYSTEM,  STORM
 WATER SYSTEM OR SANITARY SEWER SYSTEM.
   2.  ON  OR  BEFORE  THE TWENTY-FIFTH DAY OF APRIL, JUNE, SEPTEMBER AND
 NOVEMBER OF EACH STATE FISCAL YEAR COMMENCING WITH THE STATE FISCAL YEAR
 BEGINNING ON APRIL FIRST, TWO THOUSAND TWENTY, THERE SHALL  BE  DISTRIB-
 UTED AND PAID TO COUNTIES, CITIES, TOWNS AND VILLAGES AN AMOUNT EQUAL TO
 THE  MONEYS APPROPRIATED FOR THE PURPOSES OF THIS SECTION DIVIDED BY THE
 NUMBER OF PAYMENT DATES IN THAT STATE FISCAL YEAR. SUCH AMOUNTS SHALL BE
 DISTRIBUTED AND PAID PURSUANT TO SUBDIVISION THREE OF THIS SECTION.
   3. AMOUNTS SHALL BE DISTRIBUTED FOR LOCAL DRINKING WATER, STORM  WATER
 AND  SANITARY SEWER SYSTEMS BASED UPON THE TOTAL LENGTH AND WIDTH OF ALL
 PIPELINES AND MAINS OWNED AND OPERATED BY THE MUNICIPALITY.
   4. MONIES MADE AVAILABLE MAY BE USED TO MATCH OTHER STATE AND  FEDERAL
 FUNDS  MADE  AVAILABLE FOR SUCH PROJECTS.  THE FUNDS MAY ALSO BE USED TO

 A. 7791                             6
 
 SUPPORT SPECIAL IMPROVEMENT DISTRICTS CREATED TO PROVIDE DRINKING WATER,
 WASTE WATER AND STORM WATER SERVICES UNDER  ARTICLES  TWELVE,  TWELVE-A,
 TWELVE-C  AND THIRTEEN OF THE TOWN LAW.  THE REMAINDER OF THE APPORTION-
 MENT  MAY  BE USED FOR ANY EXISTING DRINKING WATER, STORM WATER OR SEWER
 SYSTEM PURCHASES, INCLUDING BUT NOT LIMITED TO, THE ACQUISITION OF MATE-
 RIALS FOR THE REPLACEMENT OR REHABILITATION.
   5. FOR ANY  CITY,  TOWN,  OR  VILLAGE  WHICH  PROPOSES  INFRASTRUCTURE
 CONSOLIDATION  UNDER  THIS  SECTION OR MERGES WITH ANOTHER MUNICIPALITY,
 THE FUNDS APPROPRIATED UNDER THIS SECTION MAY FUND COSTS ASSOCIATED WITH
 SUCH CONSOLIDATION.
   6. FOR EACH FISCAL YEAR, STARTING IN TWO THOUSAND TWENTY, FUNDS ARE TO
 BE MADE AVAILABLE TO THE LOCAL INFRASTRUCTURE ASSISTANCE ACCOUNT OF  THE
 GENERAL FUND, AND DISTRIBUTED FROM THAT ACCOUNT, IN AN AMOUNT THAT IS AT
 LEAST EQUAL TO THOSE APPROPRIATED AND MADE AVAILABLE IN THE CONSOLIDATED
 LOCAL STREET AND HIGHWAY IMPROVEMENT PROGRAM (CHIPS).
   § 9. Section 270 of the tax law is amended by adding a new subdivision
 9 to read as follows:
   9.  NOTWITHSTANDING ANY OTHER PROVISION TO THE CONTRARY, A TRANSACTION
 REFERRED TO IN SUBDIVISION ONE OF THIS SECTION IS SUBJECT TO TAX IF  ANY
 ACTIVITY IN FURTHERANCE OF THE TRANSACTION OCCURS WITHIN THE STATE OR IF
 A  PARTY  INVOLVED  IN  THE  TRANSACTION SATISFIES A NEXUS WITH NEW YORK
 STATE WHICH SHALL BE DEFINED AS BROADLY AS IS PERMITTED UNDER THE UNITED
 STATES CONSTITUTION.
   § 10. This act shall take effect April 1, 2020.

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2019-A7791A - Details

See Senate Version of this Bill:: S6203
Current Committee:: Assembly Ways And Means
Law Section:: State Finance Law
Laws Affected:: Rpld §280-a, amd §270, Tax L; rpld §92-i, amd §§92-b & 93-b, St Fin L; rpld §11-503 sub (c), §11-604 sub 12, NYC Ad Cd; add §3-0323, En Con L
Versions Introduced in Other Legislative Sessions:: 2021-2022: S1406
2023-2024: S1297

2019-A7791A - Summary

2019-A7791A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7791--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 22, 2019
                                ___________
 
 Introduced  by M. of A. STECK -- read once and referred to the Committee
   on Ways and Means  --  committee  discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee
 
 AN  ACT to amend the state finance law, in relation to the repeal of the
   rebate for stock transfer tax paid and the funds of the stock transfer
   tax fund and the dedicated infrastructure investment  fund;  to  amend
   the  environmental  conservation  law, in relation to establishing the
   safe water infrastructure action program for  the  purpose  of  making
   payments  toward  the replacement and rehabilitation of existing local
   municipally-owned and funded drinking water, storm water and  sanitary
   sewer  systems;  to amend the tax law, in relation to taxes imposed in
   certain transactions; to repeal section 280-a of the tax law  relating
   to  the  rebate for stock transfer tax paid; to repeal section 92-i of
   the state finance law relating to the stock transfer  incentive  fund;
   and  to  repeal  certain  provisions of the administrative code of the
   city of New York relating thereto
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 280-a of the tax law is REPEALED.
   § 2. Section 92-i of the state finance law is REPEALED.
   §  3. Section 92-b of the state finance law, as added by chapter 91 of
 the laws of 1965, subdivision 3 as amended by chapter 878 of the laws of
 1977, subdivision 4 as amended by chapter  724  of  the  laws  of  1979,
 subdivision  5  as added and subdivision 6 as renumbered by section 2 of
 chapter 3 of the laws of 1966, subdivision 7 as added by section  10  of
 part  SS1  of  chapter 57 of the laws of 2008 and such section as renum-
 bered by section 1 of chapter 3 of the laws of 1966, is amended to  read
 as follows:
   § 92-b. Stock transfer tax fund. 1. There is hereby established in the
 custody  of  the commissioner of taxation and finance a special fund, to
 be known as the stock transfer tax fund.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD09894-06-9

 A. 7791--A                          2
 
   2. Such fund shall consist of the  revenues  derived  from  the  stock
 transfer  tax  imposed  by  article  twelve of the tax law and all other
 moneys credited or transferred thereto from any  other  fund  or  source
 pursuant to law.
   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] SHALL BE USED TO COVER THE reason-
 able costs of the state tax commission in administering, collecting  and
 distributing  [such]  THE STOCK TRANSFER tax, commencing with the fiscal
 year ending March thirty-first,  [nineteen  hundred  seventy-seven]  TWO
 THOUSAND TWENTY-ONE, [shall be appropriated to (i) the municipal assist-
 ance  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 and, after
 deducting the amount such commissioner shall determine 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  nine-
 ty-two-i  of  this  chapter  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 certi-
 fied  by  the commissioner of taxation and finance, the balance shall be
 appropriated to the city of New York, for the support of  local  govern-
 ment.] AND THE REMAINDER SHALL BE DEPOSITED INTO THE FOLLOWING FUNDS:
   (I)  TWENTY-FIVE  PERCENT SHALL BE DIRECTED TO THE METROPOLITAN TRANS-
 PORTATION AUTHORITY FINANCIAL ASSISTANCE FUND  ESTABLISHED  PURSUANT  TO
 SECTION NINETY-TWO-FF OF THIS ARTICLE;
   (II)  TEN  PERCENT  SHALL  BE  DIRECTED TO THE DIVISION OF HOUSING AND
 COMMUNITY RENEWAL FOR THE PURPOSE OF CAPITAL PROJECTS AND OTHER IMPROVE-
 MENTS TO ADDRESS ISSUES RELATING TO CONDITIONS OF GOVERNANCE AND HABITA-
 BILITY, INCLUDING BUT NOT LIMITED TO, HEATING, MOLD, OR LEAD, AND  OTHER
 SUCH  CONDITIONS  AFFECTING  THE HEALTH AND SAFETY OF TENANTS AT HOUSING
 DEVELOPMENTS OWNED OR OPERATED BY THE NEW YORK CITY HOUSING AUTHORITY;
   (III) FIFTEEN PERCENT SHALL BE DIRECTED  TO  THE  HIGHWAY  AND  BRIDGE
 CAPITAL  ACCOUNT  IN  THE DEDICATED HIGHWAY AND BRIDGE TRUST FUND ESTAB-
 LISHED PURSUANT TO SECTION EIGHTY-NINE-B OF THIS ARTICLE;
   (IV) TEN PERCENT SHALL BE DIRECTED TO THE DEDICATED HIGHWAY AND BRIDGE
 TRUST FUND ESTABLISHED PURSUANT TO SECTION EIGHTY-NINE-B OF  THIS  ARTI-
 CLE, TO BE DIRECTED TOWARDS THE INFRASTRUCTURE, MAINTENANCE AND DEVELOP-
 MENT OF RAIL LINES FOR AMTRAK IN THE NORTHEAST CORRIDOR;
   (V) FIVE PERCENT SHALL BE DIRECTED TO THE LOCAL INFRASTRUCTURE ACCOUNT
 OF  THE GENERAL FUND ESTABLISHED PURSUANT TO SECTION SEVENTY-TWO OF THIS
 ARTICLE TO BE DIRECTED TO THE  CONSOLIDATED  LOCAL  STREET  AND  HIGHWAY
 IMPROVEMENT PROGRAM (CHIPS);
   (VI)  FIVE  PERCENT  SHALL  BE  DIRECTED  TO  THE LOCAL INFRASTRUCTURE
 ACCOUNT OF THE GENERAL FUND TO  BE  DEDICATED  TO  THE  SAFE  WATER  AND
 INFRASTRUCTURE  ACTION  PROGRAM  AS ESTABLISHED BY SECTION 3-0323 OF THE
 ENVIRONMENTAL CONSERVATION LAW;
   (VII) FIVE PERCENT SHALL BE DIRECTED TO THE MUNICIPAL ASSISTANCE STATE
 AID FUND ESTABLISHED PURSUANT TO SECTION NINETY-TWO-E OF THIS ARTICLE;

 A. 7791--A                          3
 
   (VIII) FIVE PERCENT SHALL BE DIRECTED TO THE DEDICATED MASS  TRANSPOR-
 TATION  TRUST  FUND  TO THE CREDIT OF THE NON-MTA ACCOUNT FOR PAYMENT TO
 DOWNSTATE TRANSIT SYSTEMS OTHER THAN THOSE TRANSIT SYSTEMS  OPERATED  BY
 THE METROPOLITAN TRANSPORTATION AUTHORITY;
   (IX)  FIVE PERCENT SHALL BE DIRECTED TO THE DEDICATED MASS TRANSPORTA-
 TION TRUST FUND TO THE CREDIT OF THE  NON-MTA  ACCOUNT  FOR  PAYMENT  TO
 UPSTATE TRANSIT SYSTEMS; AND
   (X)  FIFTEEN  PERCENT  SHALL  BE  DIRECTED  TO THE ENERGY RESEARCH AND
 DEVELOPMENT OPERATING FUND PURSUANT TO THE PROVISIONS OF  SECTION  EIGH-
 TEEN HUNDRED FIFTY-NINE OF THE PUBLIC AUTHORITIES LAW, TO BE DIRECTED TO
 THE  CLEAN  ENERGY  FUND  AND  SHALL  BE  DIVIDED EQUALLY AMONG THE FOUR
 INVESTMENT PORTFOLIOS THAT MAKE UP SUCH FUND.
   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,
 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
 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
 in which case 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 treasury 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
 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  comp-
 troller  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

 A. 7791--A                          4

 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 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  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,
 no amount thereof (other than such amount to be deducted for administer-
 ing, collecting and distributing such tax and such costs in  administer-
 ing  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 pursu-
 ant  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 appropriated 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.
   5. In no fiscal year shall the total amount paid from the fund  exceed
 the  total  collections  during such fiscal year from the stock transfer
 tax pursuant to the provisions of article twelve of the tax law  and  as
 deposited to the credit of the stock transfer tax fund.
   6.] All payments from the stock transfer tax fund shall be made on the
 audit and warrant of the comptroller on vouchers approved by the commis-
 sioner of taxation and finance.
   [7.  When  all  the notes and bonds of the municipal assistance corpo-
 ration for the city of New York have been  fully  paid  and  discharged,
 together  with  interest  thereon and interest on unpaid installments of
 interest, and the chairman of the corporation makes  the  final  certif-
 ication  required  by  subdivision seven of section ninety-two-d of this
 article, the comptroller must notify the commissioner  of  taxation  and
 finance  that  all  remaining  funds held in the stock transfer tax fund
 must be released to the stock transfer incentive fund.  From  that  time
 forward,  all  funds previously deposited in the stock transfer tax fund
 pursuant to subdivision two of this section will be  deposited  directly
 into  the stock transfer incentive fund pursuant to all the rules, regu-
 lations or instructions  that  the  commissioner  may  prescribe,  after
 deducting  the  amount  the  commissioner determines to be necessary for
 reasonable costs of the  department  in  administering,  collecting  and
 distributing  the tax imposed by article twelve of the tax law. Notwith-
 standing any other provisions of  this  article,  to  the  extent  those
 moneys  are  not  required  by the stock transfer incentive fund for the
 purpose of administering and making distributions in accordance with the
 provisions of section two hundred eighty-a of the tax law, as  certified
 by  the commissioner of taxation and finance, the balance will be appro-
 priated to the city of New York for the support of local government.]

 A. 7791--A                          5
 
   § 4. Paragraph (c) of subdivision 1  of  section  93-b  of  the  state
 finance  law,  as added by section 1 of part H of chapter 60 of the laws
 of 2015, is amended to read as follows:
   (c) Sources of funds. The sources of funds shall consist of all moneys
 collected  therefor,  or  moneys  credited,  appropriated or transferred
 thereto from any other fund or source  pursuant  to  law  or  any  other
 moneys  made  available  for the purposes of the fund, INCLUDING BUT NOT
 LIMITED TO FUNDS TRANSFERRED FROM THE STOCK TRANSFER TAX  FUND  PURSUANT
 TO  SUBDIVISION  THREE OF SECTION NINETY-TWO-B OF THIS ARTICLE AND FUNDS
 TRANSFERRED FROM  THE  STOCK  TRANSFER  INCENTIVE  FUND  ESTABLISHED  BY
 SECTION  NINETY-TWO-I  OF  THIS ARTICLE AND REPEALED BY A CHAPTER OF THE
 LAWS OF TWO THOUSAND NINETEEN, WHICH AMENDED THIS PARAGRAPH.  Any inter-
 est received by the comptroller on moneys on deposit shall  be  retained
 and become part of the fund, unless otherwise directed by law.
   §  5.  Subdivision (c) of section 11-503 of the administrative code of
 the city of New York is REPEALED.
   § 6. Subdivision 12 of section 11-604 of the  administrative  code  of
 the city of New York is REPEALED.
   §  7.  All  monies  accumulated  in  the stock transfer incentive fund
 established pursuant to section 92-i of the state  finance  law  on  the
 effective date of this act shall be transferred to the dedicated infras-
 tructure  investment  fund  as  established by section 93-b of the state
 finance law for the purposes set forth in such section.
   § 8. The environmental conservation law is amended  by  adding  a  new
 section 3-0323 to read as follows:
 § 3-0323. SAFE WATER AND INFRASTRUCTURE ACTION PROGRAM.
   1.  NOTWITHSTANDING  ANY OTHER PROVISIONS OF THIS CHAPTER OR ANY OTHER
 LAW AND SUBJECT TO AN APPROPRIATION MADE THEREFOR AND IN ACCORDANCE WITH
 THE PROVISIONS OF THIS  SECTION  AND  WITH  THE  RULES  AND  REGULATIONS
 PROMULGATED  BY  THE  COMMISSIONER IN CONNECTION THEREWITH, ON AND AFTER
 THE FIRST DAY OF  APRIL,  TWO  THOUSAND  TWENTY,  A  CONSOLIDATED  LOCAL
 INFRASTRUCTURE  PROGRAM  IS HEREBY ESTABLISHED FOR THE PURPOSE OF MAKING
 PAYMENTS TOWARD THE REPLACEMENT AND  REHABILITATION  OF  EXISTING  LOCAL
 MUNICIPALLY-OWNED  AND  FUNDED  DRINKING WATER, STORM WATER AND SANITARY
 SEWER SYSTEMS. FOR PURPOSES OF THIS SECTION, SUCH PROGRAM SHALL APPLY TO
 ANY COUNTY, CITY, TOWN OR VILLAGE DRINKING  WATER  SYSTEM,  STORM  WATER
 SYSTEM  OR  SANITARY SEWER SYSTEM WITHIN THE STATE THAT IS NOT UNDER THE
 MAINTENANCE AND/OR OPERATIONAL JURISDICTION OF THE STATE NOR ANY PRIVATE
 ENTITY. THE COMMISSIONER, IN CONJUNCTION WITH THE ENVIRONMENTAL  FACILI-
 TIES  CORPORATION,  SHALL PROMULGATE ALL NECESSARY RULES AND REGULATIONS
 TO CARRY OUT THE PROGRAM SO THAT AN EQUITABLE DISTRIBUTION OF AID  SHALL
 BE  MADE  FOR  THE  GENERAL  OPERATION AND/OR GENERAL MAINTENANCE OF ANY
 EXISTING COUNTY, CITY, TOWN AND VILLAGE  DRINKING  WATER  SYSTEM,  STORM
 WATER SYSTEM OR SANITARY SEWER SYSTEM.
   2.  ON  OR  BEFORE  THE TWENTY-FIFTH DAY OF APRIL, JUNE, SEPTEMBER AND
 NOVEMBER OF EACH STATE FISCAL YEAR COMMENCING WITH THE STATE FISCAL YEAR
 BEGINNING ON APRIL FIRST, TWO THOUSAND TWENTY, THERE SHALL  BE  DISTRIB-
 UTED AND PAID TO COUNTIES, CITIES, TOWNS AND VILLAGES AN AMOUNT EQUAL TO
 THE  MONEYS APPROPRIATED FOR THE PURPOSES OF THIS SECTION DIVIDED BY THE
 NUMBER OF PAYMENT DATES IN THAT STATE FISCAL YEAR. SUCH AMOUNTS SHALL BE
 DISTRIBUTED AND PAID PURSUANT TO SUBDIVISION THREE OF THIS SECTION.
   3. AMOUNTS SHALL BE DISTRIBUTED FOR LOCAL DRINKING WATER, STORM  WATER
 AND  SANITARY SEWER SYSTEMS BASED UPON THE TOTAL LENGTH AND WIDTH OF ALL
 PIPELINES AND MAINS OWNED AND OPERATED BY THE MUNICIPALITY.
   4. MONIES MADE AVAILABLE MAY BE USED TO MATCH OTHER STATE AND  FEDERAL
 FUNDS  MADE  AVAILABLE FOR SUCH PROJECTS.  THE FUNDS MAY ALSO BE USED TO

 A. 7791--A                          6
 
 SUPPORT SPECIAL IMPROVEMENT DISTRICTS CREATED TO PROVIDE DRINKING WATER,
 WASTE WATER AND STORM WATER SERVICES UNDER  ARTICLES  TWELVE,  TWELVE-A,
 TWELVE-C  AND THIRTEEN OF THE TOWN LAW.  THE REMAINDER OF THE APPORTION-
 MENT  MAY  BE USED FOR ANY EXISTING DRINKING WATER, STORM WATER OR SEWER
 SYSTEM PURCHASES, INCLUDING BUT NOT LIMITED TO, THE ACQUISITION OF MATE-
 RIALS FOR THE REPLACEMENT OR REHABILITATION.
   5. FOR ANY  CITY,  TOWN,  OR  VILLAGE  WHICH  PROPOSES  INFRASTRUCTURE
 CONSOLIDATION  UNDER  THIS  SECTION OR MERGES WITH ANOTHER MUNICIPALITY,
 THE FUNDS APPROPRIATED UNDER THIS SECTION MAY FUND COSTS ASSOCIATED WITH
 SUCH CONSOLIDATION.
   6. FOR EACH FISCAL YEAR, STARTING IN TWO THOUSAND TWENTY, FUNDS ARE TO
 BE MADE AVAILABLE TO THE LOCAL INFRASTRUCTURE ASSISTANCE ACCOUNT OF  THE
 GENERAL FUND, AND DISTRIBUTED FROM THAT ACCOUNT, IN AN AMOUNT THAT IS AT
 LEAST EQUAL TO THOSE APPROPRIATED AND MADE AVAILABLE IN THE CONSOLIDATED
 LOCAL STREET AND HIGHWAY IMPROVEMENT PROGRAM (CHIPS).
   § 9. Section 270 of the tax law is amended by adding a new subdivision
 9 to read as follows:
   9.  NOTWITHSTANDING ANY OTHER PROVISION TO THE CONTRARY, A TRANSACTION
 REFERRED TO IN SUBDIVISION ONE OF THIS SECTION IS SUBJECT TO TAX IF  ANY
 ACTIVITY IN FURTHERANCE OF THE TRANSACTION OCCURS WITHIN THE STATE OR IF
 A  PARTY  INVOLVED  IN  THE  TRANSACTION SATISFIES A NEXUS WITH NEW YORK
 STATE WHICH SHALL BE DEFINED AS BROADLY AS IS PERMITTED UNDER THE UNITED
 STATES CONSTITUTION.
   § 10. This act shall take effect April 1, 2020.

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2019-A7791B (ACTIVE) - Details

See Senate Version of this Bill:: S6203
Current Committee:: Assembly Ways And Means
Law Section:: State Finance Law
Laws Affected:: Rpld §280-a, amd §270, Tax L; rpld §92-i, amd §§92-b & 93-b, St Fin L; rpld §11-503 sub (c), §11-604 sub 12, NYC Ad Cd; add §3-0323, En Con L
Versions Introduced in Other Legislative Sessions:: 2021-2022: S1406
2023-2024: S1297

2019-A7791B (ACTIVE) - Summary

2019-A7791B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7791--B
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 22, 2019
                                ___________
 
 Introduced  by  M. of A. STECK, JACOBSON, LIFTON, MOSLEY, STIRPE, ENGLE-
   BRIGHT, BURKE, GOTTFRIED,  EPSTEIN,  PERRY,  SIMON,  LUPARDO,  HUNTER,
   REYES,  ABINANTI,  WILLIAMS, BARRON, ARROYO, KIM, BENEDETTO, L. ROSEN-
   THAL, McDONALD, M. G. MILLER, JOYNER -- Multi-Sponsored by -- M. of A.
   AUBRY, LENTOL -- read once and referred to the Committee on  Ways  and
   Means  --  committee  discharged,  bill  amended, ordered reprinted as
   amended and recommitted  to  said  committee  --  recommitted  to  the
   Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
   --  committee  discharged,  bill amended, ordered reprinted as amended
   and recommitted to said committee
 
 AN ACT to amend the state finance law, in relation to the repeal of  the
   rebate for stock transfer tax paid and the funds of the stock transfer
   tax  fund  and  the dedicated infrastructure investment fund; to amend
   the environmental conservation law, in relation  to  establishing  the
   safe  water  infrastructure  action  program for the purpose of making
   payments toward the replacement and rehabilitation of  existing  local
   municipally-owned  and funded drinking water, storm water and sanitary
   sewer systems; to amend the tax law, in relation to taxes  imposed  in
   certain  transactions; to repeal section 280-a of the tax law relating
   to the rebate for stock transfer tax paid; to repeal section  92-i  of
   the  state  finance law relating to the stock transfer incentive fund;
   and to repeal certain provisions of the  administrative  code  of  the
   city of New York relating thereto
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 280-a of the tax law is REPEALED.
   § 2. Section 92-i of the state finance law is REPEALED.
   § 3. Section 92-b of the state finance law, as added by chapter 91  of
 the laws of 1965, subdivision 3 as amended by chapter 878 of the laws of
 1977,  subdivision  4  as  amended  by  chapter 724 of the laws of 1979,
 subdivision 5 as added and subdivision 6 as renumbered by section  2  of
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD09894-07-0

 A. 7791--B                          2
 
 chapter  3  of the laws of 1966, subdivision 7 as added by section 10 of
 part SS1 of chapter 57 of the laws of 2008 and such  section  as  renum-
 bered  by section 1 of chapter 3 of the laws of 1966, is amended to read
 as follows:
   § 92-b. Stock transfer tax fund. 1. There is hereby established in the
 custody  of  the commissioner of taxation and finance a special fund, to
 be known as the stock transfer tax fund.
   2. Such fund shall consist of the  revenues  derived  from  the  stock
 transfer  tax  imposed  by  article  twelve of the tax law and all other
 moneys credited or transferred thereto from any  other  fund  or  source
 pursuant to law.
   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] SHALL BE USED TO COVER THE reason-
 able costs of the state tax commission in administering, collecting  and
 distributing  [such]  THE STOCK TRANSFER tax, commencing with the fiscal
 year ending March thirty-first,  [nineteen  hundred  seventy-seven]  TWO
 THOUSAND TWENTY-TWO, [shall be appropriated to (i) the municipal assist-
 ance  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 and, after
 deducting the amount such commissioner shall determine 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  nine-
 ty-two-i  of  this  chapter  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 certi-
 fied  by  the commissioner of taxation and finance, the balance shall be
 appropriated to the city of New York, for the support of  local  govern-
 ment.] AND THE REMAINDER SHALL BE DEPOSITED INTO THE STATE GENERAL FUND.
 COMMENCING  WITH THE FISCAL YEAR ENDING MARCH THIRTY-FIRST, TWO THOUSAND
 TWENTY-THREE, SUCH REMAINDER  SHALL  BE  DEPOSITED  INTO  THE  FOLLOWING
 FUNDS:
   (I)  TWENTY-FIVE  PERCENT SHALL BE DIRECTED TO THE METROPOLITAN TRANS-
 PORTATION AUTHORITY FINANCIAL ASSISTANCE FUND  ESTABLISHED  PURSUANT  TO
 SECTION NINETY-TWO-FF OF THIS ARTICLE;
   (II)  TEN  PERCENT  SHALL  BE  DIRECTED TO THE DIVISION OF HOUSING AND
 COMMUNITY RENEWAL FOR THE PURPOSE OF CAPITAL PROJECTS AND OTHER IMPROVE-
 MENTS TO ADDRESS ISSUES RELATING TO CONDITIONS OF GOVERNANCE AND HABITA-
 BILITY, INCLUDING BUT NOT LIMITED TO, HEATING, MOLD, OR LEAD, AND  OTHER
 SUCH  CONDITIONS  AFFECTING  THE HEALTH AND SAFETY OF TENANTS AT HOUSING
 DEVELOPMENTS OWNED OR OPERATED BY THE NEW YORK CITY HOUSING AUTHORITY;
   (III) FIFTEEN PERCENT SHALL BE DIRECTED  TO  THE  HIGHWAY  AND  BRIDGE
 CAPITAL  ACCOUNT  IN  THE DEDICATED HIGHWAY AND BRIDGE TRUST FUND ESTAB-
 LISHED PURSUANT TO SECTION EIGHTY-NINE-B OF THIS ARTICLE;
   (IV) TEN PERCENT SHALL BE DIRECTED TO THE DEDICATED HIGHWAY AND BRIDGE
 TRUST FUND ESTABLISHED PURSUANT TO SECTION EIGHTY-NINE-B OF  THIS  ARTI-
 CLE, TO BE DIRECTED TOWARDS THE INFRASTRUCTURE, MAINTENANCE AND DEVELOP-
 MENT OF RAIL LINES FOR AMTRAK IN THE NORTHEAST CORRIDOR;

 A. 7791--B                          3
 
   (V) FIVE PERCENT SHALL BE DIRECTED TO THE LOCAL INFRASTRUCTURE ACCOUNT
 OF  THE GENERAL FUND ESTABLISHED PURSUANT TO SECTION SEVENTY-TWO OF THIS
 ARTICLE TO BE DIRECTED TO THE  CONSOLIDATED  LOCAL  STREET  AND  HIGHWAY
 IMPROVEMENT PROGRAM (CHIPS);
   (VI)  FIVE  PERCENT  SHALL  BE  DIRECTED  TO  THE LOCAL INFRASTRUCTURE
 ACCOUNT OF THE GENERAL FUND TO  BE  DEDICATED  TO  THE  SAFE  WATER  AND
 INFRASTRUCTURE  ACTION  PROGRAM  AS ESTABLISHED BY SECTION 3-0323 OF THE
 ENVIRONMENTAL CONSERVATION LAW;
   (VII) FIVE PERCENT SHALL BE DIRECTED TO THE MUNICIPAL ASSISTANCE STATE
 AID FUND ESTABLISHED PURSUANT TO SECTION NINETY-TWO-E OF THIS ARTICLE;
   (VIII) FIVE PERCENT SHALL BE DIRECTED TO THE DEDICATED MASS  TRANSPOR-
 TATION  TRUST  FUND  TO THE CREDIT OF THE NON-MTA ACCOUNT FOR PAYMENT TO
 DOWNSTATE TRANSIT SYSTEMS OTHER THAN THOSE TRANSIT SYSTEMS  OPERATED  BY
 THE METROPOLITAN TRANSPORTATION AUTHORITY;
   (IX)  FIVE PERCENT SHALL BE DIRECTED TO THE DEDICATED MASS TRANSPORTA-
 TION TRUST FUND TO THE CREDIT OF THE  NON-MTA  ACCOUNT  FOR  PAYMENT  TO
 UPSTATE TRANSIT SYSTEMS; AND
   (X)  FIFTEEN  PERCENT  SHALL  BE  DIRECTED  TO THE ENERGY RESEARCH AND
 DEVELOPMENT OPERATING FUND PURSUANT TO THE PROVISIONS OF  SECTION  EIGH-
 TEEN HUNDRED FIFTY-NINE OF THE PUBLIC AUTHORITIES LAW, TO BE DIRECTED TO
 THE  CLEAN  ENERGY  FUND  AND  SHALL  BE  DIVIDED EQUALLY AMONG THE FOUR
 INVESTMENT PORTFOLIOS THAT MAKE UP SUCH FUND.
   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,
 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
 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
 in which case 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 treasury 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
 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  comp-

 A. 7791--B                          4

 troller  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  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  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,
 no amount thereof (other than such amount to be deducted for administer-
 ing, collecting and distributing such tax and such costs in  administer-
 ing  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 pursu-
 ant  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 appropriated 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.
   5. In no fiscal year shall the total amount paid from the fund  exceed
 the  total  collections  during such fiscal year from the stock transfer
 tax pursuant to the provisions of article twelve of the tax law  and  as
 deposited to the credit of the stock transfer tax fund.
   6.] All payments from the stock transfer tax fund shall be made on the
 audit and warrant of the comptroller on vouchers approved by the commis-
 sioner of taxation and finance.
   [7.  When  all  the notes and bonds of the municipal assistance corpo-
 ration for the city of New York have been  fully  paid  and  discharged,
 together  with  interest  thereon and interest on unpaid installments of
 interest, and the chairman of the corporation makes  the  final  certif-
 ication  required  by  subdivision seven of section ninety-two-d of this
 article, the comptroller must notify the commissioner  of  taxation  and
 finance  that  all  remaining  funds held in the stock transfer tax fund
 must be released to the stock transfer incentive fund.  From  that  time
 forward,  all  funds previously deposited in the stock transfer tax fund
 pursuant to subdivision two of this section will be  deposited  directly
 into  the stock transfer incentive fund pursuant to all the rules, regu-
 lations or instructions  that  the  commissioner  may  prescribe,  after
 deducting  the  amount  the  commissioner determines to be necessary for

 A. 7791--B                          5

 reasonable costs of the  department  in  administering,  collecting  and
 distributing  the tax imposed by article twelve of the tax law. Notwith-
 standing any other provisions of  this  article,  to  the  extent  those
 moneys  are  not  required  by the stock transfer incentive fund for the
 purpose of administering and making distributions in accordance with the
 provisions of section two hundred eighty-a of the tax law, as  certified
 by  the commissioner of taxation and finance, the balance will be appro-
 priated to the city of New York for the support of local government.]
   § 4. Paragraph (c) of subdivision 1  of  section  93-b  of  the  state
 finance  law,  as added by section 1 of part H of chapter 60 of the laws
 of 2015, is amended to read as follows:
   (c) Sources of funds. The sources of funds shall consist of all moneys
 collected therefor, or  moneys  credited,  appropriated  or  transferred
 thereto  from  any  other  fund  or  source pursuant to law or any other
 moneys made available for the purposes of the fund,  INCLUDING  BUT  NOT
 LIMITED  TO  FUNDS TRANSFERRED FROM THE STOCK TRANSFER TAX FUND PURSUANT
 TO SUBDIVISION THREE OF SECTION NINETY-TWO-B OF THIS ARTICLE  AND  FUNDS
 TRANSFERRED  FROM  THE  STOCK  TRANSFER  INCENTIVE  FUND  ESTABLISHED BY
 SECTION NINETY-TWO-I OF THIS ARTICLE AND REPEALED BY A  CHAPTER  OF  THE
 LAWS OF TWO THOUSAND TWENTY, WHICH AMENDED THIS PARAGRAPH.  Any interest
 received  by  the comptroller on moneys on deposit shall be retained and
 become part of the fund, unless otherwise directed by law.
   § 5. Subdivision (c) of section 11-503 of the administrative  code  of
 the city of New York is REPEALED.
   §  6.  Subdivision  12 of section 11-604 of the administrative code of
 the city of New York is REPEALED.
   § 7. All monies accumulated  in  the  stock  transfer  incentive  fund
 established  pursuant  to  section  92-i of the state finance law on the
 effective date of this act shall be transferred to the dedicated infras-
 tructure investment fund as established by section  93-b  of  the  state
 finance law for the purposes set forth in such section.
   §  8.  The  environmental  conservation law is amended by adding a new
 section 3-0323 to read as follows:
 § 3-0323. SAFE WATER AND INFRASTRUCTURE ACTION PROGRAM.
   1. NOTWITHSTANDING ANY OTHER PROVISIONS OF THIS CHAPTER OR  ANY  OTHER
 LAW AND SUBJECT TO AN APPROPRIATION MADE THEREFOR AND IN ACCORDANCE WITH
 THE  PROVISIONS  OF  THIS  SECTION  AND  WITH  THE RULES AND REGULATIONS
 PROMULGATED BY THE COMMISSIONER IN CONNECTION THEREWITH,  ON  AND  AFTER
 THE  FIRST  DAY  OF APRIL, TWO THOUSAND TWENTY-ONE, A CONSOLIDATED LOCAL
 INFRASTRUCTURE PROGRAM IS HEREBY ESTABLISHED FOR THE PURPOSE  OF  MAKING
 PAYMENTS  TOWARD  THE  REPLACEMENT  AND REHABILITATION OF EXISTING LOCAL
 MUNICIPALLY-OWNED AND FUNDED DRINKING WATER, STORM  WATER  AND  SANITARY
 SEWER SYSTEMS. FOR PURPOSES OF THIS SECTION, SUCH PROGRAM SHALL APPLY TO
 ANY  COUNTY,  CITY,  TOWN  OR VILLAGE DRINKING WATER SYSTEM, STORM WATER
 SYSTEM OR SANITARY SEWER SYSTEM WITHIN THE STATE THAT IS NOT  UNDER  THE
 MAINTENANCE AND/OR OPERATIONAL JURISDICTION OF THE STATE NOR ANY PRIVATE
 ENTITY.  THE COMMISSIONER, IN CONJUNCTION WITH THE ENVIRONMENTAL FACILI-
 TIES CORPORATION, SHALL PROMULGATE ALL NECESSARY RULES  AND  REGULATIONS
 TO  CARRY OUT THE PROGRAM SO THAT AN EQUITABLE DISTRIBUTION OF AID SHALL
 BE MADE FOR THE GENERAL OPERATION  AND/OR  GENERAL  MAINTENANCE  OF  ANY
 EXISTING  COUNTY,  CITY,  TOWN  AND VILLAGE DRINKING WATER SYSTEM, STORM
 WATER SYSTEM OR SANITARY SEWER SYSTEM.
   2. ON OR BEFORE THE TWENTY-FIFTH DAY OF  APRIL,  JUNE,  SEPTEMBER  AND
 NOVEMBER OF EACH STATE FISCAL YEAR COMMENCING WITH THE STATE FISCAL YEAR
 BEGINNING  ON  APRIL  FIRST,  TWO  THOUSAND  TWENTY-ONE,  THERE SHALL BE
 DISTRIBUTED AND PAID TO COUNTIES, CITIES, TOWNS AND VILLAGES  AN  AMOUNT

 A. 7791--B                          6
 
 EQUAL  TO  THE  MONEYS  APPROPRIATED  FOR  THE  PURPOSES OF THIS SECTION
 DIVIDED BY THE NUMBER OF PAYMENT DATES IN THAT STATE FISCAL  YEAR.  SUCH
 AMOUNTS  SHALL  BE DISTRIBUTED AND PAID PURSUANT TO SUBDIVISION THREE OF
 THIS SECTION.
   3.  AMOUNTS SHALL BE DISTRIBUTED FOR LOCAL DRINKING WATER, STORM WATER
 AND SANITARY SEWER SYSTEMS BASED UPON THE TOTAL LENGTH AND WIDTH OF  ALL
 PIPELINES AND MAINS OWNED AND OPERATED BY THE MUNICIPALITY.
   4.  MONIES MADE AVAILABLE MAY BE USED TO MATCH OTHER STATE AND FEDERAL
 FUNDS MADE AVAILABLE FOR SUCH PROJECTS.  THE FUNDS MAY ALSO BE  USED  TO
 SUPPORT SPECIAL IMPROVEMENT DISTRICTS CREATED TO PROVIDE DRINKING WATER,
 WASTE  WATER  AND  STORM WATER SERVICES UNDER ARTICLES TWELVE, TWELVE-A,
 TWELVE-C AND THIRTEEN OF THE TOWN LAW.  THE REMAINDER OF THE  APPORTION-
 MENT  MAY  BE USED FOR ANY EXISTING DRINKING WATER, STORM WATER OR SEWER
 SYSTEM PURCHASES, INCLUDING BUT NOT LIMITED TO, THE ACQUISITION OF MATE-
 RIALS FOR THE REPLACEMENT OR REHABILITATION.
   5. FOR ANY  CITY,  TOWN,  OR  VILLAGE  WHICH  PROPOSES  INFRASTRUCTURE
 CONSOLIDATION  UNDER  THIS  SECTION OR MERGES WITH ANOTHER MUNICIPALITY,
 THE FUNDS APPROPRIATED UNDER THIS SECTION MAY FUND COSTS ASSOCIATED WITH
 SUCH CONSOLIDATION.
   6. FOR EACH FISCAL YEAR, STARTING IN TWO  THOUSAND  TWENTY-ONE,  FUNDS
 ARE  TO BE MADE AVAILABLE TO THE LOCAL INFRASTRUCTURE ASSISTANCE ACCOUNT
 OF THE GENERAL FUND, AND DISTRIBUTED FROM THAT  ACCOUNT,  IN  AN  AMOUNT
 THAT  IS  AT LEAST EQUAL TO THOSE APPROPRIATED AND MADE AVAILABLE IN THE
 CONSOLIDATED LOCAL STREET AND HIGHWAY IMPROVEMENT PROGRAM (CHIPS).
   § 9. Section 270 of the tax law is amended by adding a new subdivision
 9 to read as follows:
   9. NOTWITHSTANDING ANY OTHER PROVISION TO THE CONTRARY, A  TRANSACTION
 REFERRED  TO IN SUBDIVISION ONE OF THIS SECTION IS SUBJECT TO TAX IF ANY
 ACTIVITY IN FURTHERANCE OF THE TRANSACTION OCCURS WITHIN THE STATE OR IF
 A PARTY INVOLVED IN THE TRANSACTION SATISFIES  A  NEXUS  WITH  NEW  YORK
 STATE WHICH SHALL BE DEFINED AS BROADLY AS IS PERMITTED UNDER THE UNITED
 STATES CONSTITUTION.
   § 10. This act shall take effect April 1, 2021.

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Assembly Bill A7791B

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Sponsored By

STECK

Archive: Last Bill Status - In Assembly Committee

Bill Amendments

2019-A7791 - Details

2019-A7791 - Summary

2019-A7791 - Bill Text download pdf

co-Sponsors

Jonathan Jacobson

Barbara Lifton

Walter T. Mosley

Albert A. Stirpe

multi-Sponsors

Jeffrion Aubry

Joseph Lentol

2019-A7791A - Details

2019-A7791A - Summary

2019-A7791A - Bill Text download pdf

co-Sponsors

Jonathan Jacobson

Barbara Lifton

Walter T. Mosley

Albert A. Stirpe

multi-Sponsors

Jeffrion Aubry

Joseph Lentol

2019-A7791B (ACTIVE) - Details

2019-A7791B (ACTIVE) - Summary

2019-A7791B (ACTIVE) - Bill Text download pdf

Comments