S T A T E O F N E W Y O R K
________________________________________________________________________
5770
2023-2024 Regular Sessions
I N S E N A T E
March 15, 2023
___________
Introduced by Sen. PARKER -- read twice and ordered printed, and when
printed to be committed to the Committee on Budget and Revenue
AN ACT to amend the tax law and the state finance law, in relation to
enacting the "Empire State Windfall Profits Tax Act of 2023"
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Short title. This act shall be known and may be cited as
the "Empire State Windfall Profits Tax Act of 2023".
§ 2. The tax law is amended by adding a new section 1105-c to read as
follows:
§ 1105-C. WINDFALL PROFITS TAX. (A) IMPOSITION OF TAX. NOTWITHSTAND-
ING ANY OTHER PROVISION OF LAW, RULE OR REGULATION TO THE CONTRARY, IN
ADDITION TO ANY OTHER TAX IMPOSED UNDER THIS ARTICLE, IN EACH CALENDAR
QUARTER THERE IS HEREBY IMPOSED ON ANY COVERED TAXPAYER AN EXCISE TAX AT
THE RATE DETERMINED UNDER SUBDIVISION (B) OF THIS SECTION ON THE
RECEIPTS FROM EACH RETAIL SALE OF TANGIBLE PERSONAL PROPERTY, SERVICE,
PRODUCTION AND MANUFACTURING BY THE COVERED TAXPAYER FOR WHICH THE
TAXPAYER ROUTINELY ENGAGES IN BUSINESS WITHIN THE STATE DURING THE
CALENDAR QUARTER.
(B) RATE OF TAX. THE RATE OF TAX IMPOSED BY THIS SECTION ON THE TOTAL
RECEIPTS FROM THE RETAIL SALE OF TANGIBLE PERSONAL PROPERTY, SERVICE,
PRODUCTION AND MANUFACTURING FOR ANY CALENDAR QUARTER IS THE PRODUCT OF:
(1) TWENTY-FIVE PERCENT, AND
(2) THE EXCESS, IF ANY, OF:
(A) THE COMPANY VALUE, WHICH IS THE AVERAGE ANNUAL PROFITS AT THE
QUARTER, OVER
(B) THE AVERAGE ANNUAL PROFITS OVER A PERIOD BEGINNING ON JANUARY
FIRST, TWO THOUSAND SIXTEEN, AND ENDING ON DECEMBER THIRTY-FIRST, TWO
THOUSAND TWENTY.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06169-01-3
S. 5770 2
(C) WITHHOLDING AND DEPOSIT OF TAX. THE COMMISSIONER SHALL PROVIDE
SUCH RULES AS ARE NECESSARY FOR THE WITHHOLDING AND DEPOSIT OF THE TAX
IMPOSED UNDER THIS SECTION.
(D) RECORDS AND INFORMATION. EACH TAXPAYER LIABLE FOR TAX UNDER THIS
SECTION SHALL KEEP SUCH RECORDS, MAKE SUCH RETURNS, AND FURNISH SUCH
INFORMATION TO THE COMMISSIONER AND TO SUCH OTHER PERSONS HAVING AN
INTEREST IN THE TAXABLE TANGIBLE PERSONAL PROPERTY, SERVICE, PRODUCTION
AND MANUFACTURING AS THE COMMISSIONER MAY BY REGULATIONS PRESCRIBE.
(E) RETURN OF WINDFALL PROFIT TAX. THE COMMISSIONER SHALL PROVIDE FOR
THE FILING AND THE TIME OF SUCH FILING OF THE RETURN OF THE TAX IMPOSED
UNDER THIS SECTION.
(F) REGULATIONS. THE COMMISSIONER SHALL PRESCRIBE SUCH RULES AND REGU-
LATIONS AS MAY BE NECESSARY OR APPROPRIATE TO CARRY OUT THE PURPOSES OF
THIS SECTION.
(G) INFLATION ADJUSTMENT. (1) IN GENERAL. IN THE CASE OF A CALENDAR
QUARTER IN ANY TAXABLE YEAR BEGINNING AFTER TWO THOUSAND TWENTY-THREE,
THE AMOUNT DETERMINED UNDER SUBDIVISION (B) OF THIS SECTION SHALL BE
INCREASED BY AN AMOUNT EQUAL TO: (A) SUCH DOLLAR AMOUNT, MULTIPLIED BY
(B) THE COST-OF-LIVING ADJUSTMENT DETERMINED UNDER SUBSECTION (F) OF
SECTION ONE OF THE INTERNAL REVENUE CODE FOR THE CALENDAR YEAR IN WHICH
THE TAXABLE YEAR BEGINS, DETERMINED BY SUBSTITUTING TWO THOUSAND TWEN-
TY-TWO FOR "2016" IN SECTION 1 (F)(3)(A)(II) OF THE INTERNAL REVENUE
CODE.
(2) ROUNDING. IF ANY DOLLAR AMOUNT AFTER BEING INCREASED UNDER PARA-
GRAPH ONE OF THIS SUBDIVISION, IS NOT A MULTIPLE OF FIFTY CENTS, SUCH
DOLLAR AMOUNT SHALL BE ROUNDED TO THE NEXT LOWEST MULTIPLE OF ONE CENT.
(H) DEFINITIONS AND SPECIAL RULES. AS USED IN THIS SECTION, THE
FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
(1) "APPLICABLE PERIOD" SHALL MEAN FROM THE FIRST OF THE MONTH NEXT
SUCCEEDING THE EFFECTIVE DATE OF THIS SECTION UNTIL DECEMBER THIRTY-
FIRST, TWO THOUSAND TWENTY-FIVE.
(2) "COVERED TAXPAYER" SHALL MEAN:
(A) ANY TAXPAYER IF, WITH RESPECT TO ANY CALENDAR QUARTER:
(B) EVERY BUSINESS INCORPORATED IN THE STATE AND SUBJECT TO THE TAX
IMPOSED PURSUANT TO ARTICLE NINE, NINE-A OR THIRTEEN-A OF THIS CHAPTER
FOR THE PRIVILEGE OF ENGAGING IN BUSINESS, DOING BUSINESS, EMPLOYING
CAPITAL, OWNING OR LEASING PROPERTY, OR MAINTAINING AN OFFICE IN THE
STATE.
(3) "SALE" SHALL HAVE THE SAME MEANING AS SUCH TERM IS DEFINED IN
SECTION TWO HUNDRED EIGHTY-TWO OF THIS CHAPTER.
(I) REBATES AND CREDITS. (1) INCOME TAX CREDIT. IN THE CASE OF AN
ELIGIBLE INDIVIDUAL, THERE SHALL BE ALLOWED AN INCOME TAX CREDIT FOR
EACH TAXABLE YEAR BEGINNING AFTER THE DATE OF THE ENACTMENT OF THIS
SECTION, AN AMOUNT EQUAL TO THE SUM OF THE WINDFALL REBATE AMOUNT FOR
CALENDAR QUARTERS BEGINNING IN SUCH TAXABLE YEAR.
(2) REBATE AMOUNT. FOR THE PURPOSES OF THIS SUBDIVISION, "WINDFALL
REBATE AMOUNT" SHALL MEAN, WITH RESPECT TO ANY TAXPAYER FOR ANY CALENDAR
QUARTER BEGINNING IN A TAXABLE YEAR, AN AMOUNT DETERMINED BY THE COMMIS-
SIONER NOT LATER THAN THIRTY DAYS AFTER THE END OF SUCH CALENDAR QUARTER
TAKING INTO ACCOUNT THE NUMBER OF ELIGIBLE INDIVIDUALS AND THE AMOUNT OF
REVENUE IN THE "PROTECT NEW YORKERS FROM SURGES FUND" ESTABLISHED PURSU-
ANT TO SECTION NINETY-NINE-QQ OF THE STATE FINANCE LAW AND RESULTING
FROM THE TAX IMPOSED BY THIS SECTION FOR THE PRECEDING CALENDAR QUARTER.
(3) IDENTIFICATION REQUIREMENTS. NOTWITHSTANDING ANY CONTRARY
PROVISION OF THIS SUBDIVISION, THE REBATE AMOUNT AUTHORIZED HEREUNDER
SHALL BE TREATED AS BEING ZERO UNLESS THE TAXPAYER INCLUDES SUCH TAXPAY-
S. 5770 3
ER'S FULL VALID IDENTIFICATION NUMBER ON THE RETURN FILED FOR THE TAXA-
BLE YEAR.
(4) FILING. SOLELY FOR THE PURPOSES OF THIS SUBDIVISION, A RETURN OF
TAX SHALL NOT BE TREATED AS FILED UNTIL SUCH RETURN HAS BEEN PROCESSED
BY THE INTERNAL REVENUE SERVICE.
(5) SPECIAL RULE FOR JOINT RETURNS. IN THE CASE OF AN ELIGIBLE INDI-
VIDUAL FILING A JOINT RETURN, THE WINDFALL REBATE AMOUNT SHALL BE ONE
HUNDRED FIFTY PERCENT OF THE AMOUNT DETERMINED UNDER PARAGRAPH TWO OF
THIS SUBDIVISION WITH RESPECT TO OTHER TAXPAYERS.
(6) APPLICATION TO CERTAIN INDIVIDUALS. IN THE CASE OF ANY INDIVIDUAL
WHO, AT THE TIME OF ANY DETERMINATION MADE PURSUANT TO PARAGRAPH THREE
OF THIS SUBDIVISION, HAS NOT FILED A TAX RETURN FOR THE APPLICABLE TAXA-
BLE YEAR OR FOR THE YEAR FOLLOWING THE APPLICABLE TAXABLE YEAR THE
COMMISSIONER SHALL DETERMINE THE REBATE AMOUNT ON THE BASIS OF INFORMA-
TION AVAILABLE TO THE COMMISSIONER, AND SHALL, ON THE BASIS OF SUCH
INFORMATION, DETERMINE THE ADVANCE REFUND AMOUNT WITH RESPECT TO SUCH
INDIVIDUAL WITHOUT REGARD TO PARAGRAPH TWO OF SUBDIVISION (B) OF THIS
SECTION, UNLESS THE COMMISSIONER HAS REASON TO KNOW THAT SUCH AMOUNT
WOULD OTHERWISE BE REDUCED BY REASON OF SUCH SUBDIVISION.
(7) LIMITATION BASED ON ADJUSTED GROSS INCOME. THE AMOUNT OF THE CRED-
IT ALLOWED BY THIS SUBDIVISION SHALL BE REDUCED, BUT NOT BELOW ZERO, BY
FIVE PERCENT OF SO MUCH OF THE ELIGIBLE INDIVIDUAL'S ADJUSTED GROSS
INCOME AS EXCEEDS:
(A) $160,000 IN THE CASE OF A JOINT RETURN;
(B) $115,000 IN THE CASE OF A HEAD OF HOUSEHOLD; AND
(C) $80,000 IN ANY OTHER CASE.
(8) ELIGIBLE INDIVIDUALS. (A) FOR THE PURPOSES OF THIS SECTION, THE
TERM "ELIGIBLE INDIVIDUAL" SHALL MEAN ANY INDIVIDUAL STATE RESIDENT
OTHER THAN: (I) A NONRESIDENT ALIEN INDIVIDUAL, (II) AN INDIVIDUAL WHO
IS A DEPENDENT OF ANOTHER TAXPAYER FOR A TAXABLE YEAR BEGINNING IN THE
CALENDAR YEAR IN WHICH THE INDIVIDUAL'S TAXABLE YEAR BEGINS, AND (III)
AN ESTATE OR TRUST.
(B) THE TERM "DEPENDENT" SHALL HAVE THE SAME MEANING AS SUCH TERM IS
DEFINED IN SECTION ONE HUNDRED FIFTY-TWO OF THE INTERNAL REVENUE CODE.
(J) SPECIAL RULES; CREDIT TREATED AS REFUNDABLE. THE CREDIT ALLOWED BY
SUBDIVISION (L) OF THIS SECTION SHALL BE TREATED AS REFUNDABLE PURSUANT
TO THE APPLICABLE PROVISIONS OF SUBPART C OF PART IV OF SUBCHAPTER A OF
CHAPTER 1 OF SUBTITLE A OF TITLE TWENTY-SIX OF THE INTERNAL REVENUE
CODE.
(K) JOINT RETURNS. EXCEPT AS PROVIDED BY THE COMMISSIONER, IN THE CASE
OF A REFUND OR CREDIT MADE OR ALLOWED PURSUANT TO SUBDIVISION (L) OF
THIS SECTION WITH RESPECT TO A JOINT RETURN, HALF OF SUCH REFUND OR
CREDIT SHALL BE TREATED AS HAVING BEEN MADE OR ALLOWED TO EACH INDIVID-
UAL FILING SUCH RETURN.
(L) ADVANCE REFUNDS AND CREDITS. (1) IN GENERAL. SUBJECT TO PARAGRAPH
FOUR OF THIS SUBDIVISION, FOR ANY REBATE TAXABLE YEAR, EACH INDIVIDUAL
WHO WAS AN ELIGIBLE INDIVIDUAL FOR THE APPLICABLE TAXABLE YEAR SHALL BE
TREATED AS HAVING MADE A PAYMENT AGAINST THE TAX IMPOSED BY ARTICLE
TWENTY-TWO OF THIS CHAPTER FOR SUCH APPLICABLE TAXABLE YEAR IN AN AMOUNT
EQUAL TO THE ADVANCE REFUND AMOUNT FOR SUCH REBATE TAXABLE YEAR.
(2) ADVANCE REFUND AMOUNT. FOR PURPOSES OF PARAGRAPH ONE OF THIS
SUBDIVISION, THE ADVANCE REFUND AMOUNT FOR ANY REBATE TAXABLE YEAR IS
THE AMOUNT THAT WOULD BE ALLOWED AS A CREDIT UNDER THIS SECTION FOR THE
APPLICABLE TAXABLE YEAR IF THIS SECTION WERE APPLIED TO SUCH APPLICABLE
TAXABLE YEAR, WITHOUT REGARD TO ANY EFFECTIVE DATE, USING THE GASOLINE
PRICE REBATE AMOUNT FOR THE REFUND TAXABLE YEAR.
S. 5770 4
(3) TIMING AND MANNER OF PAYMENTS. THE COMMISSIONER SHALL, SUBJECT TO
THE PROVISIONS OF THIS SECTION, REFUND OR CREDIT ANY OVERPAYMENT ATTRIB-
UTABLE TO THIS SECTION AND DETERMINED WITH RESPECT TO ANY CALENDAR QUAR-
TER NOT LATER THAN NINETY DAYS AFTER THE END OF SUCH CALENDAR QUARTER,
NO REFUND OR CREDIT SHALL BE MADE OR ALLOWED UNDER THIS SUBDIVISION WITH
RESPECT TO ANY APPLICABLE TAXABLE YEAR AFTER THE LAST DAY OF THE REBATE
TAXABLE YEAR.
(4) APPLICATION TO INDIVIDUALS WHO HAVE FILED A RETURN OF TAX FOR THE
YEAR AFTER THE APPLICABLE TAXABLE YEAR. (A) RETURNS FILED AT TIME OF
INITIAL DETERMINATION. IF, AT THE TIME OF ANY DETERMINATION MADE PURSU-
ANT TO PARAGRAPH THREE OF THIS SUBDIVISION, THE INDIVIDUAL REFERRED TO
IN PARAGRAPH ONE OF THIS SUBDIVISION HAS FILED A RETURN OF TAX FOR THE
INDIVIDUAL'S FIRST TAXABLE YEAR BEGINNING AFTER THE APPLICABLE TAXABLE
YEAR, THE PROVISIONS OF PARAGRAPH ONE OF THIS SUBDIVISION SHALL BE
APPLIED WITH RESPECT TO SUCH INDIVIDUAL BY SUBSTITUTING "TAXABLE YEAR
FOLLOWING THE APPLICABLE TAXABLE YEAR" FOR "APPLICABLE TAXABLE YEAR".
(B) ADDITIONAL PAYMENT. (I) IN GENERAL. IN THE CASE OF ANY INDIVIDUAL
WHO FILES, BEFORE THE ADDITIONAL PAYMENT DETERMINATION DATE, A RETURN OF
TAX FOR SUCH INDIVIDUAL'S FIRST TAXABLE YEAR BEGINNING AFTER THE APPLI-
CABLE TAXABLE YEAR, THE COMMISSIONER SHALL MAKE A PAYMENT, IN ADDITION
TO ANY PAYMENT MADE UNDER PARAGRAPH ONE OF THIS SUBDIVISION, TO SUCH
INDIVIDUAL EQUAL TO THE EXCESS, IF ANY, OF:
A. THE AMOUNT WHICH WOULD BE DETERMINED UNDER PARAGRAPH ONE OF THIS
SUBDIVISION, AFTER THE APPLICATION OF SUBPARAGRAPH (A) OF THIS PARAGRAPH
BY APPLYING PARAGRAPH ONE OF THIS SUBDIVISION AS OF THE ADDITIONAL
PAYMENT DETERMINATION DATE, OR
B. THE AMOUNT OF ANY PAYMENT MADE WITH RESPECT TO SUCH INDIVIDUAL
UNDER PARAGRAPH ONE OF THIS SUBDIVISION.
(II) DETERMINATION DATE. THE TERM ADDITIONAL PAYMENT DETERMINATION
DATE MEANS THE EARLIER OF:
A. THE DATE WHICH IS NINETY DAYS AFTER THE DATE SPECIFIED IN SECTION
6072 (A) OF THE INTERNAL REVENUE CODE WITH RESPECT TO RETURNS FOR THE
TAXABLE YEAR FOLLOWING THE APPLICABLE TAXABLE YEAR, OR
B. SEPTEMBER FIRST OF THE CALENDAR YEAR FOLLOWING THE APPLICABLE TAXA-
BLE YEAR AS DEFINED IN SUBDIVISION (M) OF THIS SECTION.
(M) APPLICABLE TAXABLE YEAR. FOR THE PURPOSES OF THIS SECTION:
(1) THE TERM "REBATE TAXABLE YEAR" SHALL MEAN THE TAXABLE YEAR FOR
WHICH A CREDIT IS ALLOWED UNDER THIS SECTION.
(2) THE TERM "APPLICABLE TAXABLE YEAR" SHALL MEAN THE SECOND TAXABLE
YEAR PRECEDING THE REBATE TAXABLE YEAR.
(N) REGULATIONS. THE COMMISSIONER SHALL PRESCRIBE SUCH REGULATIONS OR
OTHER GUIDANCE AS MAY BE NECESSARY OR APPROPRIATE TO CARRY OUT THE
PURPOSES OF THIS SECTION, INCLUDING, BUT NOT LIMITED TO:
(1) REGULATIONS OR OTHER GUIDANCE PROVIDING TAXPAYERS THE OPPORTUNITY
TO PROVIDE THE COMMISSIONER INFORMATION SUFFICIENT TO ALLOW THE COMMIS-
SIONER TO MAKE PAYMENTS TO SUCH TAXPAYERS UNDER SUBDIVISION (L) OF THIS
SECTION, INCLUDING THE DETERMINATION OF THE AMOUNT OF SUCH PAYMENT, IF
SUCH INFORMATION IS NOT OTHERWISE AVAILABLE TO THE COMMISSIONER; AND
(2) REGULATIONS OR OTHER GUIDANCE TO ENSURE TO THE MAXIMUM EXTENT
ADMINISTRATIVELY PRACTICABLE THAT, IN DETERMINING THE AMOUNT OF ANY
CREDIT UNDER SUBDIVISION (I) OF THIS SECTION AND ANY CREDIT OR REFUND
UNDER SUBDIVISION (L) OF THIS SECTION, AN INDIVIDUAL IS NOT TAKEN INTO
ACCOUNT MORE THAN ONCE, INCLUDING BY DIFFERENT TAXPAYERS AND INCLUDING
BY REASON OF A CHANGE IN JOINT RETURN STATUS OR DEPENDENT STATUS BETWEEN
THE TAXABLE YEAR FOR WHICH AN ADVANCE REFUND AMOUNT IS DETERMINED AND
THE TAXABLE YEAR FOR WHICH A CREDIT UNDER THIS SECTION IS DETERMINED.
S. 5770 5
(O) OUTREACH. THE COMMISSIONER SHALL CARRY OUT A ROBUST AND COMPREHEN-
SIVE OUTREACH PROGRAM TO ENSURE THAT ALL COVERED TAXPAYERS, AS DEFINED
IN SUBDIVISION (H) OF THIS SECTION, LEARN OF THEIR ELIGIBILITY FOR THE
ADVANCE REFUNDS AND CREDITS UNDER SUBDIVISION (L) OF THIS SECTION, ARE
ADVISED OF THE OPPORTUNITY TO RECEIVE SUCH ADVANCE REFUNDS AND CREDITS
AS PROVIDED UNDER SUBDIVISION (N) OF THIS SECTION, AND ARE PROVIDED
ASSISTANCE IN APPLYING FOR SUCH ADVANCE REFUNDS AND CREDITS.
(P) PROTECT NEW YORKERS FROM SURGES FUND. ALL TAXES, AND ANY INTEREST
AND PENALTIES RELATING THERETO, COLLECTED OR RECEIVED WITH RESPECT TO
THE WINDFALL PROFITS TAX IMPOSED BY THIS SECTION SHALL BE DEPOSITED INTO
THE "PROTECT NEW YORKERS FROM SURGES FUND" ESTABLISHED PURSUANT TO
SECTION NINETY-NINE-QQ OF THE STATE FINANCE LAW AND SHALL BE ADMINIS-
TERED IN ACCORDANCE WITH THE APPLICABLE PROVISIONS THEREOF.
(Q) LOCAL OPTION. NOTWITHSTANDING ANY CONTRARY PROVISION OF LAW, A
MUNICIPALITY MAY MAKE THE ELECTION TO IMPOSE AN EXCISE TAX ON ANY
COVERED TAXPAYER, FOR THE APPLICABLE PERIOD, AT THE RATE AS DETERMINED
UNDER SUBDIVISION (B) OF THIS SECTION BY LOCAL LAW, ORDINANCE OR RESOL-
UTION, IF SUCH MUNICIPALITY MAILS, BY CERTIFIED OR REGISTERED MAIL, A
CERTIFIED COPY OF SUCH LOCAL LAW, ORDINANCE OR RESOLUTION TO THE COMMIS-
SIONER AT HIS OR HER OFFICE IN ALBANY NO LATER THAN THE WEDNESDAY IMME-
DIATELY PRECEDING THE FIRST DAY OF THE APPLICABLE PERIOD.
§ 3. The state finance law is amended by adding a new section 99-qq to
read as follows:
§ 99-QQ. PROTECT NEW YORKERS FROM SURGES FUND. 1. THERE IS HEREBY
ESTABLISHED IN THE JOINT CUSTODY OF THE COMMISSIONER OF TAXATION AND
FINANCE AND THE COMPTROLLER, A SPECIAL FUND TO BE KNOWN AS THE "PROTECT
NEW YORKERS FROM SURGES FUND".
2. SUCH FUND SHALL CONSIST OF ALL REVENUES RECEIVED BY THE DEPARTMENT
OF TAXATION AND FINANCE, PURSUANT TO THE PROVISIONS OF SECTION ONE THOU-
SAND ONE HUNDRED FIVE-C OF THE TAX LAW, AND ALL OTHER MONEYS APPROPRI-
ATED, CREDITED, OR TRANSFERRED THERETO FROM ANY OTHER FUND OR SOURCE
PURSUANT TO LAW. FOR EACH STATE FISCAL YEAR, THERE SHALL BE APPROPRIATED
TO THE FUND BY THE STATE, IN ADDITION TO ALL OTHER MONEYS REQUIRED TO BE
DEPOSITED INTO SUCH FUND, AN AMOUNT EQUAL TO THE AMOUNTS OF MONEYS
COLLECTED AND DEPOSITED INTO THE FUND PURSUANT TO SECTION ONE THOUSAND
ONE HUNDRED FIVE-C OF THE TAX LAW, AND THE AMOUNTS OF MONEYS RECEIVED
AND DEPOSITED INTO THE FUND FROM GRANTS, GIFTS AND BEQUESTS DURING THE
PRECEDING CALENDAR YEAR, AS CERTIFIED BY THE COMPTROLLER. NOTHING IN
THIS SECTION SHALL PREVENT THE STATE FROM SOLICITING AND RECEIVING
GRANTS, GIFTS OR BEQUESTS FOR THE PURPOSES OF THE FUND AS DEFINED IN
THIS SECTION AND DEPOSITING THEM INTO THE FUND ACCORDING TO LAW.
3. MONEYS SHALL BE PAID OUT OF THE FUND ON THE AUDIT AND WARRANT OF
THE COMPTROLLER ON VOUCHERS APPROVED AND CERTIFIED BY THE COMMISSIONER
OF TAXATION AND FINANCE. ANY INTEREST RECEIVED BY THE COMPTROLLER ON
MONEYS ON DEPOSIT IN THE "PROTECT NEW YORKERS FROM SURGES FUND" SHALL BE
RETAINED IN AND BECOME PART OF SUCH FUND.
4. NOTWITHSTANDING ANY CONTRARY PROVISION OF THIS SECTION, THE COMMIS-
SIONER OF TAXATION AND FINANCE SHALL PAY FROM TIME TO TIME MONEYS OF THE
FUND TO THE DEDICATED HIGHWAY AND BRIDGE TRUST FUND ESTABLISHED PURSUANT
TO SECTION EIGHTY-NINE-B OF THIS ARTICLE IN AN AMOUNT EQUAL TO THE
AMOUNT OF REFUNDS PROVIDED UNDER SECTION ONE THOUSAND ONE HUNDRED FIVE-C
OF THE TAX LAW.
§ 4. This act shall take effect immediately and shall apply to calen-
dar quarters commencing on and after such date.
