457 - Regional distribution of petroleum business tax obligations from the dedicated highway and bridge trust fund. - New York Statutes

§ 457. Regional distribution of petroleum business tax obligations from the dedicated highway and bridge trust fund. For the period April first, nineteen hundred ninety-three through March thirty-first, nineteen hundred ninety-seven, the amount of three billion nine hundred seventy-five million dollars in projected obligations from the dedicated highway and bridge trust fund related to deposits made in accordance with section three hundred one-j of the tax law shall be utilized within the regions of the state in accordance with the following allocations: (i) Hudson Valley Region, consisting of the counties of Westchester, Rockland, Putnam, Dutchess, Columbia, Orange and Ulster Counties; fourteen percent or up to five hundred fifty-six million five hundred thousand dollars ($556,500,000); (ii) Long Island Region, consisting of Nassau and Suffolk Counties; twenty-three percent or up to nine hundred fourteen million two hundred fifty thousand dollars ($914,250,000); (iii) New York City Region, consisting of Richmond, Kings, Queens, New York and Bronx Counties; twenty-three percent or up to nine hundred fourteen million two hundred fifty thousand dollars ($914,250,000); (iv) Upstate region, consisting of all counties of New York state not included in subparagraphs (i), (ii), and (iii); forty percent or up to one billion five hundred ninety million dollars; ($1,590,000,000). In addition, it is the intent of the governor of the state of New York, the temporary president of the senate and the speaker of the assembly, on or before June fifteenth, nineteen hundred ninety-three, to enter into a memorandum of understanding with respect to the implementation of state and local highway projects to be supported by dedicated funding pursuant to this chapter. The minority leaders of the senate and assembly may also enter into such memorandum of understanding. This memorandum of understanding will be based upon the dedicated funding provided under the dedicated highway and bridge trust fund, less required state matches to federal funds.