N.Y. Comp. Codes R. & Regs. tit. 15 § 15.6

Current through Register Vol. 46, No. 36, September 4, 2024

Section 15.6 - Deposit of taxes

(a) All NYC taxes imposed under the local law which are collected by the commissioner shall be deposited in a manner agreed upon aby the commissioner and the State Comptroller and, after retention of the amounts as provided in subdivision (c) of this section, shall be periodically withdrawn and deposited to the account of the appropriate fiscal office or department of the city for which the tax has been collected, subject to the approval of the State Comptroller.

(b) The commissioner or State Comptroller, as the case may be, may require adequate security from all such depositories.

(c) The State Comptroller shall retain in said accounts such amounts as the comptroller may, from time to time, determine to be necessary:

(1) for any refunds in respect to NYC taxes required by this Part; and

(2) for the reasonable costs incurred by DMV and its agents in connection with the collection and administration of the NYC tax, as certified by the commissioner.

(d) The appropriate fiscal officer of the city will reimburse the commissioner for any and all costs which have been or shall be incurred in implementing the administration and collection of the vehicle use tax in the event the city repeals the local law or the State of New York repeals the enabling legislation, or in the event a court stays the collection of the tax or declares it null and void.

(e) The revenue collected in accordance with this agreement will be deposited with other fees collected for registration transactions. There will be no separate deposit statement for NYC tax revenues. The department, however, will give the department of finance on a monthly basis, a breakdown of the number of vehicles for which a use tax has been collected in the non-medallion category and the 10,000 pound maximum gross weight and under category.

N.Y. Comp. Codes R. & Regs. Tit. 15 § 15.6