1201-D - Dedication of taxes authorized for cities and counties. - New York Statutes

§ 1201-d. Dedication of taxes authorized for cities and counties. (a) Notwithstanding any other provision of law to the contrary, any authorization for a city or county to impose a tax pursuant to this article, may condition such authorization upon the dedication of such revenue derived from such tax imposed, to a public benefit corporation established as an industrial development agency or an area revitalization agency pursuant to article eighteen-A of the general municipal law or to a public authority established for economic development or transportation purposes pursuant to the public authorities law. (b) In the event that a city or a county imposes a tax pursuant to this article, in accordance with a conditional authorization as described in subdivision (a) of this section, such city or county shall dedicate the revenue from such tax so imposed to the designated public benefit corporation established as an industrial development agency or an area revitalization agency pursuant to article eighteen-A of the general municipal law or public authority established for economic development or transportation purposes pursuant to the public authorities law.