New York Laws
Article 31 - Real Estate Transfer Tax
1421 - Deposit and Dispositions of Revenues.

(b) Notwithstanding subdivision (a) of this section, the taxes,
interest and penalties attributable to (i) the tax imposed under section
fourteen hundred two of this article at the rate specified in paragraph
two of subdivision (a) of such section, and (ii) the tax imposed under
section fourteen hundred two-b of this article, and collected or
received by the commissioner shall be deposited daily with such
responsible banks, banking houses or trust companies, as may be
designated by the comptroller, to the credit of the comptroller in trust
for the metropolitan transportation authority. An account may be
established in one or more of such depositories. Such deposits will be
kept separate and apart from all other money in the possession of the
comptroller. The comptroller shall require adequate security from all
such depositories. Of the total revenue collected or received under
this article, the comptroller shall retain such amount as the
commissioner may determine to be necessary for refunds under this
article. On or before the twelfth and twenty-sixth day of each
succeeding month, after reserving such amount for such refunds, the
commissioner shall certify to the comptroller the amount of all revenues
so received during the prior month as a result of the taxes, interest
and penalties so imposed. The amount of revenues so certified shall be
paid over by the fifteenth and the final business day of each succeeding
month from such account without appropriation into the central business
district tolling capital lockbox fund established pursuant to section
five hundred fifty-three-j of the public authorities law, provided,
however, that the comptroller shall ensure that any payments to the

central business district tolling capital lockbox fund established that
are due to be paid by the final business day in the month of December
pursuant to this subdivision shall be received by the central business
district tolling capital lockbox fund on the same business day in which
it is paid.