54-F - State tax relief for school taxpayers of the city of New York.
§ 54-f. State tax relief for school taxpayers of the city of New York. 1. Except as otherwise provided by law, the provisions of this section shall be utilized by the state to calculate the annual amount due to be paid to the city of New York by the state to reimburse such city for tax receipts foregone (a) as a result of a chapter of the laws of nineteen hundred ninety-seven that reduced the rates of tax imposed pursuant to authority granted under section thirteen hundred one of the tax law and that created a new "state school tax reduction credit" against liabilities imposed pursuant to the authority granted the city by such section and other statutes authorizing the imposition of a personal income tax on the residents of such city, and (b) as a result of the tax rate adjustments made by a chapter of the laws of two thousand ten which amended this subdivision. 2. The amount of such reimbursement shall be equal to the tax receipts foregone by the city pursuant to the provisions of the tax reductions described in subdivision one of this section for the calendar year ending in each such state fiscal year and shall be determined annually beginning with the state fiscal year nineteen hundred ninety-seven and each year thereafter. Such amount, as finally determined pursuant to this section, shall represent a state charge and shall be paid to the city as provided in subdivision five of this section. 3. (a) The amount of such reimbursement shall be estimated by the commissioner of taxation and finance on or before December first of the year preceding the state fiscal year during which such amount is to be paid begins. The commissioner shall use the best available information at his or her disposal to estimate such amount. In addition to such methods and information the commissioner may use in making such estimate, he or she shall consult with the city department of finance during the preparation of the determination of such amount. (b) The estimate shall be provided to the director of the budget for use in preparing the budget for the next subsequent state fiscal year on or before the tenth day of December in each such year, and copies of such estimate shall also be supplied to the chairman of the senate finance committee and to the chairman of the assembly ways and means committee. (c) In each of the three years following the preparation of the initial determination of such amount the commissioner of taxation and finance shall revise such estimate and shall provide such revision to the director of the budget and shall also supply copies of such revision to the chairman of the senate finance committee and to the chairman of the assembly ways and means committee. Following the third such revision, such determination of the amount shall be considered to be final and subject to no further review or revision. 4. The governor shall include the amounts determined in paragraphs (a) and (c) of subdivision three of this section as an identifiable item of appropriation in each annual executive budget submission required by this chapter for fiscal years beginning in nineteen hundred ninety-eight and thereafter. 5. Amounts determined to be due the city pursuant to this section shall be paid out pursuant to the following schedule: (a) for the state fiscal year beginning in nineteen hundred ninety-eight, one hundred percent of any required amount shall be made by March fifteenth in such fiscal year; (b) for the state fiscal year beginning in nineteen hundred ninety-nine, fifty percent shall be paid out on March fifteenth and fifty percent on December fifteenth of such year;(c) for the state fiscal year beginning in two thousand, thirty-three and one-third percent shall be paid out on the fifteenth day of September, December and March of such year; (d) for the state fiscal year beginning in two thousand six, thirty-seven and one-half percent shall be paid out on the fifteenth day of September and December of such year, and twenty-five percent shall be paid out on the fifteenth of June of the following year; (e) for the state fiscal year beginning in two thousand seven, thirty-two and one-half percent shall be paid by the fifteenth day of September and sixty-five percent of the total reimbursement due in such fiscal year shall be paid by the fifteenth day of December of such year, and the remainder of the total reimbursement due in such fiscal year shall be paid by the fifteenth day of June of the following year. Notwithstanding the foregoing provisions of this paragraph, the director of the division of the budget shall have the discretion to defer the September fifteenth or December fifteenth payment due in such fiscal year until June fifteenth of the following year; (f) for the state fiscal year beginning in two thousand eight, thirty-one and seven-tenths percent shall be paid by the fifteenth day of September and sixty-three and four-tenths percent of the total reimbursement due in such fiscal year shall be paid by the fifteenth day of December of such year, and the remainder of the total reimbursement due in such fiscal year shall be paid by the fifteenth day of June of the following year. Notwithstanding the foregoing provisions of this paragraph, the director of the division of the budget shall have the discretion to defer the September fifteenth or December fifteenth payment due in such fiscal year until June fifteenth of the following year; and (g) for the state fiscal years beginning in two thousand nine and thereafter, thirty and eight-tenths percent shall be paid by the fifteenth day of September and sixty-one and six-tenths percent of the total reimbursement due in such fiscal year shall be paid by the fifteenth day of December of such year, and the remainder of the total reimbursement due in such fiscal year shall be paid by the fifteenth day of June of the following year. Notwithstanding the foregoing provisions of this paragraph, the director of the division of the budget shall have the discretion to defer the September fifteenth or December fifteenth payment due in such fiscal year until June fifteenth of the following year.