NYC Administrative Code

§ 5-510 — Payment of certain moneys from general fund

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What is NYC AC § 5-510?

Quick Answer

This section allows the comptroller and commissioner of finance to transfer funds from the general fund to cover tax deductions related to special franchise taxes. The statute addresses financial adjustments necessary for maintaining accurate tax receivables. Applies to financial operations involving tax deductions for special franchises.

General informational summary. Not legal advice for your situation. Consult an attorney before acting on any specific matter.

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§ 5-510 Payment of certain moneys from general fund

AC § 5-510

For the purpose of adjusting the reductions heretofore or hereafter made in the amount of taxes receivable by reason of the operation of the provisions of the tax law providing for the deduction from special franchise taxes of payments made in the nature of a tax, it shall be lawful for the comptroller and commissioner of finance to transfer at any time from the moneys in the general fund to the credit of the appropriate account or accounts, a sum or sums equivalent to but not exceeding such deductions.

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