S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2613
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             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:

   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  TWENTY-THREE,  AND  EIGHTY
 PERCENT  OF  THE  TAX  INCURRED AND PAID SHALL BE ALLOWED AS A REBATE ON
 SUCH TRANSACTIONS OCCURRING ON AND AFTER  OCTOBER  FIRST,  TWO  THOUSAND
 TWENTY-THREE.
   §  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.
                                                            LBD03181-01-3
 A. 2613                             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, the
 balance  shall be appropriated to the [city of New York, for the support
 of  local  government]  METROPOLITAN  TRANSPORTATION  AUTHORITY  SPECIAL
 ASSISTANCE  FUND  PURSUANT  TO SUBDIVISION ONE OF SECTION TWELVE HUNDRED
 SEVENTY-A OF THE PUBLIC AUTHORITIES LAW.
   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  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  taxa-
 tion  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]  METROPOLITAN  TRANSPORTATION
 AUTHORITY SPECIAL ASSISTANCE FUND PURSUANT TO SUBDIVISION ONE OF SECTION
 TWELVE HUNDRED SEVENTY-A OF THE PUBLIC AUTHORITIES LAW. THE commissioner
 A. 2613                             3
 
 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 avail-
 able to the state in such fund. If the balances in  such  fund  are  not
 required by such corporation pursuant to the provisions of this subdivi-
 sion,  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 distrib-
 utions in accordance with the provisions of section two hundred eighty-a
 of the tax law from the stock transfer incentive fund during such  quar-
 terly  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  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 subdivi-
 sions 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.
   § 3. Subdivision 1 of section 1270-a of the public authorities law, as
 amended  by  section  7 of part FF of chapter 58 of the laws of 2019, is
 amended to read as follows:
   1. The authority shall create and establish a fund to be known as  the
 "metropolitan  transportation  authority  special assistance fund" which
 shall be kept separate from and shall not be commingled with  any  other
 moneys  of  the  authority. The special assistance fund shall consist of
 three separate accounts: (i) the "transit account", (ii)  the  "commuter
 railroad account" and (iii) the "corporate transportation account".
   The  authority  shall  make  deposits  in  the transit account and the
 commuter railroad account of the moneys received by it pursuant  to  the
 provisions of SUBDIVISION ONE OF SECTION TWO HUNDRED EIGHTY-A OF THE TAX
 A. 2613                             4
 
 LAW,  SUBDIVISIONS  THREE  AND FOUR OF SECTION NINETY-TWO-B OF THE STATE
 FINANCE LAW, AND subdivision one of section two hundred sixty-one of the
 tax law in accordance with the provisions thereof, and shall make depos-
 its in the corporate transportation account of the moneys received by it
 pursuant  to  the  provisions  of subdivision two of section two hundred
 sixty-one of the tax law and section ninety-two-ff of the state  finance
 law.  The  comptroller  shall  deposit,  without appropriation, into the
 corporate transportation account the revenue fees, taxes,  interest  and
 penalties  collected  in  accordance with paragraph (b-1) of subdivision
 two of section five hundred three of the vehicle and traffic law,  para-
 graph  (c-3)  of  subdivision  two  of section five hundred three of the
 vehicle and traffic law, article seventeen-C of the vehicle and  traffic
 law,  article  twenty-nine-A  of  the tax law and section eleven hundred
 sixty-six-a of the tax law.
   § 4. This act shall take effect September 1, 2023.