N.Y. Tax Law Section 1333
Deposit and disposition of revenues

All revenue collected by the commissioner of taxation and finance from the tax imposed by any city pursuant to the authority of this article or article thirty-B of this chapter shall be deposited daily with such responsible banks, banking houses or trust companies, as may be designated by the state comptroller, to the credit of the comptroller, in trust for such city. Such deposits shall be kept in trust and separate and apart from all other moneys in the possession of the comptroller. The comptroller shall require adequate security from all such depositories of such revenue collected by the commissioner of taxation and finance. The comptroller shall retain in his hands such amount as the commissioner of taxation and finance may determine to be necessary for refunds in respect to the tax imposed by such city pursuant to the authority of this article or article thirty-B of this chapter and for reasonable costs of the commissioner of taxation and finance in administering, collecting and distributing such taxes, out of which the comptroller shall pay any refunds of such taxes to which the taxpayer shall be entitled under any law enacted by such city pursuant to the authority of this article or article thirty-B of this chapter. The comptroller, after reserving such refund fund and such cost shall, on or before the fifteenth day of each month, pay to the chief fiscal officer of such city the balance of such taxes collected, to be paid into the treasury of such city to the credit of the general fund except that he shall pay to the state department of social services that amount of overpayments of the tax imposed by such city pursuant to the authority of this article or article thirty-B of this chapter and the interest on such amount which is certified to him by the commissioner of taxation and finance as the amount to be credited against past-due support pursuant to subdivision six of § 171-C (Certain overpayments credited against past-due support)section one hundred seventy-one-c of this chapter and except that he shall pay to the New York state higher education services corporation that amount of overpayments of the tax imposed by such city pursuant to the authority of this article or article thirty-B of this chapter and the interest on such amount which is certified to him by the commissioner of taxation and finance as the amount to be credited against the amount of defaults in repayment of guaranteed student loans pursuant to subdivision five of § 171-D (Certain overpayments credited against defaulted governmental education loans)section one hundred seventy-one-d of this chapter and except that he shall pay to the state university of New York or the city university of New York respectively that amount of overpayments of the tax imposed by such city pursuant to the authority of this article or article thirty-B of this chapter and the interest on such amount which is certified to him by the commissioner of taxation and finance as the amount to be credited against the amount of defaults in repayment of state or city university loans pursuant to subdivision six of § 171-E (Certain overpayments credited against national defense/national direct, health professions or nursing student loans)section one hundred seventy-one-e of this chapter and except that, notwithstanding any other provision of law, he shall credit to the revenue arrearage account, pursuant to State Finance Law § 91-A (Revenue arrearage account)section ninety-one-a of the state finance law, that amount of overpayments of the taxes imposed pursuant to the authority of this article or article thirty-B of this chapter and the interest on such amount which is certified to him by the commissioner of taxation and finance as the amount to be credited against a past-due legally enforceable debt owed to a state agency pursuant to paragraph (a) of subdivision six of § 171-F (Certain overpayments credited against outstanding debts owed to a state agency)section one hundred seventy-one-f of this chapter, provided, however, he shall credit to the special offset fiduciary account, pursuant to State Finance Law § 91-C (Special offset fiduciary account)section ninety-one-c of the state finance law, any such amount creditable as a liability as set forth in paragraph (b) of subdivision six of § 171-F (Certain overpayments credited against outstanding debts owed to a state agency)section one hundred seventy-one-f of this chapter and except that he shall pay to the city of New York that amount of overpayments of tax imposed pursuant to the authority of this article or article thirty-B of this chapter and the interest on such amount which is certified to him by the commissioner of taxation and finance as the amount to be credited against city of New York tax warrant judgment debt pursuant to § 171-L (Certain overpayments credited against outstanding tax debt owed to the city of New York)section one hundred seventy-one-l of this chapter, and except further that he/she shall pay to a non-obligated spouse that amount of overpayment of tax imposed by such city pursuant to the authority of this article or article thirty-B of this chapter and the interest on such amount which has been credited pursuant to section one hundred seventy-one-c, one hundred seventy-one-d, one hundred seventy-one-e, one hundred seventy-one-f or one hundred seventy-one-l of this chapter and which is certified to him by the commissioner of taxation and finance as the amount due such non-obligated spouse pursuant to paragraph six of subsection (b) of § 651 (Returns and liabilities)section six hundred fifty-one of this chapter, and he shall deduct a like amount which he shall pay into the treasury to the credit of the general fund from amounts subsequently payable to the department of social services, the state university of New York, the city university of New York, or the higher education services corporation or to the revenue arrearage account or special offset fiduciary account pursuant to section ninety-one-a or ninety-one-c of the state finance law, as the case may be, whichever had been credited the amount originally withheld from such overpayment. The amount deducted for administering, collecting and distributing such taxes during such monthly period shall be paid by the comptroller into the general fund of the state treasury to the credit of the state purposes account therein. The first payment to such chief fiscal officer shall be made on or before March fifteenth, nineteen hundred eighty-five, which payment shall represent the balance of revenue after provision for refund and such reasonable costs, with respect to taxes collected in nineteen hundred eighty-four. Subsequent payments shall be made on or before April fifteenth, nineteen hundred eighty-five, and on or before the fifteenth day of each succeeding month thereafter, and shall represent the balance of revenue with respect to taxes collected the preceding calendar months. The amounts so payable shall be certified to the comptroller by the commissioner of taxation and finance or his delegate, either of whom shall not be held liable for any inaccuracy in such certificate. Where the amount so paid over to such chief fiscal officer is more or less than the amount then due such city, the amount of overpayment or underpayment shall be certified to the comptroller by the commissioner of taxation and finance or his delegate, either of whom shall not be held liable for any inaccuracy in such certificate. The amount of overpayment or underpayment shall be so certified to the comptroller as soon after the discovery of the overpayment or underpayment as reasonably possible and subsequent payments by the comptroller to such chief fiscal officer shall be adjusted by subtracting the amount of any such overpayment from, or by adding the amount of any such underpayment to such number of subsequent payments and distributions as the comptroller and the commissioner of taxation and finance shall consider reasonable in view of the amount of the overpayment or underpayment and all other facts and circumstances.

Source: Section 1333 — Deposit and disposition of revenues, https://www.­nysenate.­gov/legislation/laws/TAX/1333 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 1333’s source at nysenate​.gov

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