New York Laws
Article 6 - Funds of the State
92-B - Stock Transfer Tax Fund.

§ 92-b. Stock transfer tax fund. 1. There is hereby established in the
custody of the commissioner of taxation and finance a special fund, to
be known as the stock transfer tax fund.

2. Such fund shall consist of the revenues derived from the stock
transfer tax imposed by article twelve of the tax law and all other
moneys credited or transferred thereto from any other fund or source
pursuant to law.

3. The moneys received from such tax and other sources in such fund,
after deducting the amount the commissioner of taxation and finance
shall determine to be necessary for reasonable costs of the state tax
commission in administering, collecting and distributing such tax,
commencing with the fiscal year ending March thirty-first, nineteen
hundred seventy-seven, shall be appropriated to (i) the municipal
assistance corporation for the city of New York created pursuant to
title three of article ten of the public authorities law in order to
enable such corporation to fulfill the terms of any agreements made with
the holders of its notes and bonds and to carry out its corporate
purposes including the maintenance of the capital reserve fund and (ii)
to the extent such moneys are not required by such corporation as
provided in subdivision seven of section ninety-two-d of this chapter
and, after deducting the amount such commissioner shall determine to be
necessary for reasonable costs of the state tax commission in
administering and making distributions in accordance with the provisions
of section two hundred eighty-a of the tax law from the stock transfer
incentive fund, to the stock transfer incentive fund created pursuant to
section ninety-two-i of this chapter to enable rebates to be made from
such fund under the provisions of section two hundred eighty-a of the
tax law and (iii) to the extent such moneys are not required by such
fund, as certified by the commissioner of taxation and finance, the
balance shall be appropriated to the city of New York, for the support
of local government.

4. After the deduction of such costs of the state tax commission in
administering, collecting and distributing such tax, the balances in the
stock transfer tax fund so appropriated shall be distributed and paid on
the last business day of September, December, March and June into the
special account established for the municipal assistance corporation for
the city of New York in the municipal assistance tax fund established
pursuant to subdivision one of section ninety-two-d of this chapter,
unless and to the extent the balances in such fund on each such payment
day are not required by such corporation as provided in said subdivision
seven of said section ninety-two-d in which case the balance not so
required, if any, after the deduction of such costs of the state tax
commission in administering and making distributions in accordance with
the provisions of section two hundred eighty-a of the tax law from the
stock transfer incentive fund shall be distributed and paid to the stock
transfer incentive fund in the custody of the commissioner of taxation
and finance established pursuant to section ninety-two-i of this chapter
and unless and to the extent that the balances in the stock transfer tax
fund on each such payment day are not required by the stock transfer
incentive fund as provided in such section ninety-two-i of this chapter
in which case the balance not so required, if any, shall be distributed
and paid to the chief fiscal officer of the city of New York to be paid
into the treasury of the city to the credit of the general fund or paid
by the commissioner of taxation and finance to such other account or
fund as may be designated in writing by such chief fiscal officer at
least ten business days prior to such last day and on each such day, the
commissioner of taxation and finance shall certify to the comptroller
the amount deducted for administering, collecting and distributing such

tax during such quarterly period and shall pay such amount into the
general fund of the state treasury to the credit of the state purposes
fund therein. In no event shall any amount (other than the amount to be
deducted for administering, collecting and distributing such tax) be
distributed or paid from the stock transfer tax fund to any person other
than the municipal assistance corporation for the city of New York
unless and until the aggregate of all payments certified to the
comptroller as required by such corporation in order to comply with its
agreements with the holders of its notes and bonds and to carry out its
corporate purposes, including the maintenance of the capital reserve
fund, which remain unappropriated or unpaid to such corporation shall
have been appropriated to such corporation and shall have been paid in
full provided, however, that no person, including such corporation or
the holders of its notes or bonds shall have any lien on such tax and
such agreements shall be executory only to the extent of the balances
available to the state in such fund. If the balances in such fund are
not required by such corporation pursuant to the provisions of this
subdivision, on each such last business day of September, December,
March and June, the commissioner of taxation and finance shall certify
to the comptroller the amount deducted for administering and making
distributions in accordance with the provisions of section two hundred
eighty-a of the tax law from the stock transfer incentive fund during
such quarterly period and he shall pay such amount into the general fund
of the state treasury to the credit of the state purposes fund therein.
To the extent such moneys are not required by such corporation, as
provided in subdivision seven of section ninety-two-d of this chapter,
no amount thereof (other than such amount to be deducted for
administering, collecting and distributing such tax and such costs in
administering and making distributions in accordance with the provisions
of section two hundred eighty-a of the tax law from the stock transfer
incentive fund) shall be distributed or paid from the stock transfer tax
fund other than to such stock transfer incentive fund in the custody of
the commissioner of taxation and finance unless and until the aggregate
of all payments certified to the comptroller by such commissioner
pursuant to the provisions of such incentive fund as necessary to
provide payments on account of rebates authorized pursuant to section
two hundred eighty-a of the tax law which remain unappropriated or
unpaid to such fund shall have been appropriated to such fund and shall
have been paid in full provided, however, that no person, including any
taxpayer under article twelve of the tax law or any member or dealer
referred to in subdivisions two-a and six of section two hundred
eighty-a of such law, shall have any lien on this fund or the stock
transfer incentive fund.

5. In no fiscal year shall the total amount paid from the fund exceed
the total collections during such fiscal year from the stock transfer
tax pursuant to the provisions of article twelve of the tax law and as
deposited to the credit of the stock transfer tax fund.

6. All payments from the stock transfer tax fund shall be made on the
audit and warrant of the comptroller on vouchers approved by the
commissioner of taxation and finance.

7. When all the notes and bonds of the municipal assistance
corporation for the city of New York have been fully paid and
discharged, together with interest thereon and interest on unpaid
installments of interest, and the chairman of the corporation makes the
final certification required by subdivision seven of section
ninety-two-d of this article, the comptroller must notify the
commissioner of taxation and finance that all remaining funds held in
the stock transfer tax fund must be released to the stock transfer

incentive fund. From that time forward, all funds previously deposited
in the stock transfer tax fund pursuant to subdivision two of this
section will be deposited directly into the stock transfer incentive
fund pursuant to all the rules, regulations or instructions that the
commissioner may prescribe, after deducting the amount the commissioner
determines to be necessary for reasonable costs of the department in
administering, collecting and distributing the tax imposed by article
twelve of the tax law. Notwithstanding any other provisions of this
article, to the extent those moneys are not required by the stock
transfer incentive fund for the purpose of administering and making
distributions in accordance with the provisions of section two hundred
eighty-a of the tax law, as certified by the commissioner of taxation
and finance, the balance will be appropriated to the city of New York
for the support of local government.

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