METRO-EAST TRANSIT SUPP FUND

Amends the Downstate Public Transportation Act. Provides that a municipality or local mass transit district serving a nonurbanized area and receiving federal rural public transportation assistance on or before December 31, 2003 (instead of June 30, 2002) is a "participant" for public transportation assistance. Provides that if any Metro-East Transit District levies use and occupation taxes at a rate authorized by a certain provision of the Local Mass Transit District Act, then the State Treasurer shall transfer, by September 1, 2004 and each September 1 thereafter, from the General Revenue Fund to the Metro-East Public Transportation Supplemental Fund an amount equal to 50% of all of the District's use and occupation tax receipts during the previous State fiscal year. Provides that the Department of Revenue shall allocate and distribute the amounts in the Fund to the Districts in proportion to the deposits into the Fund as a result of the tax levy of that District. Amends the State Finance Act to create the Metro-East Public Transportation Supplemental Fund. Effective immediately.