N.Y. Tax Law § 515

§ 515. Disposition of revenues. All taxes, interest, penalties and\nfees collected or received pursuant to this article shall be deposited\ndaily in one account with such responsible banks, banking houses or\ntrust companies as may be designated by the comptroller, and to the\ncredit of the comptroller on account of the dedicated highway and bridge\ntrust fund established pursuant to section eighty-nine-b of the state\nfinance law. Such an account may be established in one or more of such\ndepositories and such deposits shall be kept separate and apart from all\nother moneys in the possession of the comptroller. The comptroller shall\nrequire adequate security from all such depositories.\n Of the revenues so deposited, the comptroller shall retain in his\nhands such amount as the commissioner of taxation and finance may\ndetermine to be necessary for refunds or reimbursements of the taxes\ncollected or received pursuant to this article to which taxpayers shall\nbe entitled under the provisions of this article, out of which amount\nthe comptroller shall pay any refunds or reimbursements of the taxes\ncollected or received pursuant to this article to which taxpayers shall\nbe entitled under such provisions. The comptroller, after reserving the\namount to pay such refunds or reimbursements, shall, on or before the\nlast day of each month, pay the balance of the revenue so deposited\nduring such month into the dedicated highway and bridge trust fund\nestablished pursuant to section eighty-nine-b of the state finance law.\n