N.Y. Tax Law Section 312
Deposit and disposition of revenue

-- (a) Except as otherwise provided, of all taxes, interest and penalties collected or received on or after April first, two thousand one, from the taxes imposed by § 301-A (Imposition of tax)section three hundred one-a of this article, (i) initially eighty and three-tenths percent shall be deposited, as prescribed by subdivision (d) of § 301-J (Supplemental petroleum business tax and supplemental tax on aviation gasoline component of aviation fuel business tax)section three hundred one-j of this article and (ii) nineteen and seven-tenths percent shall be deposited in such mass transportation operating assistance fund to the credit of the metropolitan mass transportation operating assistance account and the public transportation systems operating assistance account thereof in the manner provided by subdivision eleven of § 182-A (Franchise tax on certain oil companies)section one hundred eighty-two-a of this chapter. Provided, further that on or before the twenty-fifth day of each month commencing with April, two thousand one, the comptroller shall deduct the amount of six hundred twenty-five thousand dollars prior to any deposit or disposition of the taxes, interest, and penalties collected or received pursuant to such section three hundred one-a and shall deposit such amount in the dedicated fund accounts pursuant to subdivision (d) of § 301-J (Supplemental petroleum business tax and supplemental tax on aviation gasoline component of aviation fuel business tax)section three hundred one-j of this article. Provided, further, that commencing January fifteenth, nineteen hundred ninety-one, and on or before the tenth day of March and the fifteenth day of June and September of such year, the commissioner shall, based on information supplied by taxpayers and other appropriate sources, estimate the amount of the utility credit authorized by § 301-D (Utility credit or reimbursement)section three hundred one-d of this article which has been accrued to reduce tax liability under § 186-A (Tax on the furnishing of utility services)section one hundred eighty-six-a of this chapter during the period covered by such estimate and certify to the state comptroller such estimated amount. The comptroller shall forthwith, after receiving such certificate, deduct the amount of such credit so certified by the commissioner prior to any deposit or disposition of the taxes, interest and penalties collected or received pursuant to such section three hundred one-a and shall pay such amount so certified and deducted into the state treasury to the credit of the general fund. Also, subsequently, during the fiscal year when the commissioner becomes aware of changes or modifications with respect to actual credit usage, the commissioner shall, as soon as practicable, issue a certification setting forth the amount of any required adjustment to the amount of actual credit usage previously certified. After receiving the certificate of the commissioner with respect to actual credit usage or modification of the same, the comptroller shall forthwith adjust general fund receipts and the revenues to be deposited or disposed of under this article to reflect the difference so certified by the commissioner. The commissioner shall not be liable for any overestimate or underestimate of the amount of the utility credit which has been accrued to reduce tax liability under such section one hundred eighty-six-a. Nor shall the commissioner be liable for any inaccuracy in any certificate with respect to the amount of such credit actually used or any required adjustment with respect to actual credit usage, but the commissioner shall as soon as practicable after discovery of any error adjust the next certification under this section to reflect any such error. Prior to making deposits as provided in this section, the comptroller shall retain such amount as the commissioner may determine to be necessary, subject to the approval of the director of the budget, for reasonable costs of the department in administering and collecting the taxes deposited pursuant to this section and for refunds and reimbursements with respect to such taxes, out of which the comptroller shall pay any refunds or reimbursements of such taxes to which taxpayers shall be entitled.

(b)

Notwithstanding any other provision of law, all taxes, interest, and penalties collected or received on or after December first, two thousand seventeen from the taxes imposed by § 301-E (Aviation fuel business)section three hundred one-e of this article shall be deposited in the aviation purpose account of the dedicated highway and bridge trust fund established by State Finance Law § 89-B (Dedicated highway and bridge trust fund)section eighty-nine-b of the state finance law.

Source: Section 312 — Deposit and disposition of revenue, https://www.­nysenate.­gov/legislation/laws/TAX/312 (updated Dec. 8, 2017; accessed May 24, 2025).

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Accessed:
May 24, 2025

Last modified:
Dec. 8, 2017

§ 312’s source at nysenate​.gov

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