Section 11-2035. Floor tax

(a) There is hereby imposed upon all such motor
  fuel, as defined in section two hundred eighty-four-b of  the  tax  law,
  which  is  within the city on August first, nineteen hundred seventy-one
  and which is held for the purpose of sale, a tax at the rate of one cent
  per gallon. Such tax shall be paid to the tax commission  on  the  tenth
  day  of  the  month  succeeding  the  month  in  which  the  tax becomes
  effective. Such tax shall not be payable, however, in respect of:
    (1) any motor fuel so held by a distributor on August first,  nineteen
  hundred  seventy-one  as  to  which  a  tax  will  be  payable  by  such
  distributor if such motor fuel is thereafter sold within the state; nor
    (2) the first five hundred gallons of such motor fuel so held  by  any
  filling  station licensed pursuant to section two hundred eighty-three-a
  of the tax law on August first, nineteen hundred seventy-one.
    (b) If prior to the date upon which a tax imposed pursuant to  section
  11-2034 of this subchapter goes into effect, a contract of sale of motor
  fuel,  as  defined  in section one of chapter four hundred eleven of the
  laws of nineteen hundred seventy-one, shall have been made, and delivery
  thereof pursuant to such contract is made within  the  city  after  such
  date from a stock of motor fuel which, at the time of the taking of such
  fuel  therefrom  for such delivery is subject to the taxing power of the
  city, the vendor shall be deemed a distributor for the purpose  of  such
  tax,  and  such  motor fuel shall be determined to be sold, and shall be
  subject  to  the  tax  imposed  pursuant  to  section  11-2034  of  this
  subchapter, at the time of such delivery.
    (c)  All  the  provisions  of article twelve-A of the tax law shall be
  applicable to the taxes imposed pursuant to this section.