N.Y.
Tax Law Section 1210-C
Sales and compensating use tax for purposes of the Schenectady county metroplex development authority
(a)
In addition to the taxes authorized to be imposed by § 1210 (Taxes of cities and counties administered by state tax commission)section twelve hundred ten of this article or any other provision of this article, the county of Schenectady is hereby authorized and empowered to adopt and amend a local law, ordinance or resolution imposing within the territorial limits of said county sales and compensating use taxes at a rate which is one-half of one percent additional to the three percent rate authorized in § 1210 (Taxes of cities and counties administered by state tax commission)section twelve hundred ten of this article for the period beginning on or after September first, nineteen hundred ninety-eight and ending August thirty-first, two thousand thirty-eight, which taxes shall be identical to the taxes 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 taxes authorized to be 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 taxes authorized to be imposed by this section; provided, however, that any provision of this article relating to a maximum rate shall be calculated without reference to the additional rate authorized by this section. For purposes of part IV of this article, relating to the disposition of revenues resulting from taxes collected and administered by the commissioner, the additional sales and compensating use taxes authorized by this section shall be deemed to be imposed under the authority of section twelve hundred ten of this article and all provisions relating to the deposit, administration and disposition of taxes, penalties and interest relating to taxes 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 the authority of 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 for the period beginning on or after September first, nineteen hundred ninety-eight and ending August thirty-first, two thousand thirty-eight shall, upon payment to the county of Schenectady, be deposited in the Schenectady metroplex development authority support fund, pursuant to subdivision nine of Public Authorities Law § 2661 (Request for municipal assistance)section twenty-six hundred sixty-one of the public authorities law, with such fund to be designated as a special dedicated support fund, to be created by said county therefor separate and apart from any other funds and accounts of the county. Pending deposit from such Schenectady metroplex development authority support fund into the general fund of the Schenectady metroplex development authority, all 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 Schenectady metroplex development authority support fund.(c)
If the county of Schenectady does not impose the one-half of one percent rate of taxes authorized by subdivision (a) of this section during the period beginning September first, nineteen hundred ninety-eight and ending August thirty-first, two thousand thirty-eight, the county shall dedicate net collections from sales and compensating use taxes imposed during such period pursuant to the authority of § 1210 (Taxes of cities and counties administered by state tax commission)section twelve hundred ten of this article at the rate of one-half of one percent and shall quarterly deposit such net collections in the Schenectady metroplex development authority support fund established in accordance with subdivision (b) of this section.(d)
On January first, nineteen hundred ninety-nine, and then quarterly thereafter, the director of finance of Schenectady county shall transfer seventy percent of all net collections from the one-half of one percent sales and compensating use tax and deposited in the Schenectady metroplex development authority support fund to the authority for deposit in the authority’s general fund. The authority may use such portion of such dedicated net collections received for any lawful purpose or power of the authority. On January first, nineteen hundred ninety-nine, and then quarterly thereafter, the director of finance of Schenectady county, after transferring seventy percent of such net collections to the authority for deposit in the authority’s general fund, shall transfer all remaining monies in the Schenectady metroplex development authority support fund to the Schenectady county real property tax abatement and economic development fund.
Source:
Section 1210-C — Sales and compensating use tax for purposes of the Schenectady county metroplex development authority, https://www.nysenate.gov/legislation/laws/TAX/1210-C (updated Oct. 7, 2016; accessed May 11, 2024).
