N.Y.
Tax Law Section 1210-B
Sales and compensating use tax within Suffolk county for purposes of stabilizing property taxes and either paying certain judgments, comp...
(a)
In addition to the taxes imposed by section twelve hundred ten or any other provision of this article, the county of Suffolk is hereby authorized and empowered to adopt and amend a local law, ordinance or resolution imposing within the territorial limits of said county an additional sales and compensating use tax at the rate of one-quarter of one percent for the period beginning December first, nineteen hundred ninety-seven and ending November thirtieth, two thousand seventeen, which tax shall be identical to the tax imposed by said county pursuant to § 1210 (Taxes of cities and counties administered by state tax commission)section twelve hundred ten of this article. Except as hereinafter provided, all provisions of this article, including the definition and exemption provisions and the provisions relating to the administration, collection and distribution by the commissioner, shall apply for purposes of the tax imposed by this section in the same manner and with the same force and effect as if the language of this article had been incorporated in full in this section and had expressly referred to the tax imposed by this section; provided, however, that any provision relating to a maximum rate shall be calculated without reference to the additional sales and compensating use tax herein authorized. For purposes of part IV of article 29 (Taxes Authorized For Cities, Counties and School Districts)article twenty-nine of this chapter, relating to the disposition of revenues resulting from taxes collected and administered by the commissioner, the additional sales and compensating use tax herein provided shall be deemed to be imposed under the authority of § 1210 (Taxes of cities and counties administered by state tax commission)section twelve hundred ten of this article and all provisions relating to the deposit, administration and disposition of taxes, penalties and interest relating to a tax imposed by a county under the authority of § 1210 (Taxes of cities and counties administered by state tax commission)section twelve hundred ten of this article shall, except as otherwise specifically provided in this section, apply to the additional sales and compensating use tax imposed pursuant to this section.(b)
Notwithstanding any other provision of this article to the contrary, the net collections from the tax imposed pursuant to subdivision (a) of this section shall be deposited in a special fund, to be designated as the LILCO tax certiorari payment and securitization fund to be created by said county therefor separate and apart from any other funds and accounts of the county. Moneys in such fund shall be deposited and secured in the manner provided by General Municipal Law § 10 (Deposits of public money)section ten of the general municipal law. Pending expenditure from such fund, moneys therein may be invested in the manner provided in General Municipal Law § 11 (Temporary investments)section eleven of the general municipal law. Any interest earned or capital gain realized on the moneys so deposited or invested shall accrue to and become part of such fund. Moneys in said fund may be appropriated from and transferred to or expended in any fiscal year only for the purpose of either paying a tax certiorari judgment, or compromise or settlement thereof, payable by said county in a proceeding entitled In the Matter of the Application of LONG ISLAND LIGHTING COMPANY, Petitioner, and LONG ISLAND POWER AUTHORITY, Intervenor-Petitioner against THE ASSESSOR AND THE BOARD OF ASSESSMENT REVIEW FOR THE TOWN OF BROOKHAVEN, Respondents, and THE SHOREHAM-WADING RIVER CENTRAL SCHOOL DISTRICT AND THE COUNTY OF SUFFOLK, Intervenors-Respondents, for Review of the Tax Assessments Under Article 7 of the Real Property Tax Law for the 1984-85, 1985-86, 1986-87, 1987-88, 1988-89, 1989-90, 1990-91, and 1991-92 Tax Years (the “LILCO phase 2 judgement”), paying any other tax certiorari judgment against or compromise or settlement of a tax certiorari claim or proceeding by said county resulting from proceedings commenced by the Long Island lighting company or any successor in interest, paying a judgment against or compromise or settlement resulting from a proceeding entitled LONG ISLAND POWER AUTHORITY and LONG ISLAND LIGHTING COMPANY, against SHOREHAM-WADING RIVER CENTRAL SCHOOL DISTRICT, COUNTY OF SUFFOLK, TOWN OF BROOKHAVEN, SHOREHAM WADING RIVER PUBLIC LIBRARY DISTRICT, WADING RIVER FIRE DISTRICT, WADING RIVER LIGHTING DISTRICT (the “the ”PILOT payment judgment"), or paying the principal, interest and premium, if any, on bonds or bond anticipation notes hereinafter issued by the county of Suffolk to pay any such LILCO phase 2 judgment, PILOT payment judgment or compromise or settlement thereof, or any other tax certiorari judgment against or compromise or settlement of a tax certiorari claim or proceeding by said county resulting from proceedings commenced by the Long Island lighting company or any successor in interest.(c)
At the end of the last day of the sales tax quarter in which Suffolk county shall have either paid or provided for the payment of all such judgments or compromises or settlements in full or paid or provided for the payment of the principal, interest and premium, if any, on all bonds or bond anticipation notes issued by said county to pay such judgments or compromises or settlements, the authorization granted in subdivision (a) of this section shall expire. Despite such expiration, the provisions of this section and any regulations promulgated thereunder, including the provisions with respect to assessment, payment, termination, collection and refund of such taxes, the requirements for filing returns, preservation of records and disposition of revenue shall continue in full force and effect with respect to all such taxes accrued up to the effective date of such expiration.
Source:
Section 1210-B — Sales and compensating use tax within Suffolk county for purposes of stabilizing property taxes and either paying certain judgments, comp..., https://www.nysenate.gov/legislation/laws/TAX/1210-B (updated Sep. 22, 2014; accessed May 11, 2024).
