§ 92-i. Stock transfer incentive fund. 1. There is hereby established in the sole custody of the commissioner of taxation and finance a special fund to be known as the stock transfer incentive fund.

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2. Such fund shall consist of moneys paid thereto from the stock transfer tax fund as provided in subdivision four of section ninety-two-b of this chapter and all other moneys appropriated, credited or transferred thereto from any other fund or source pursuant to law.

3. On the last business day of each of the months of September, December, March and June of each year commencing December thirty-first, nineteen hundred seventy-seven, the commissioner of taxation and finance shall determine the sum of (i) the amounts allowable as rebates of the tax that is imposed by Article 12 of the tax law and is paid on transactions executed or effected during the three calendar months ending on the next-to-the-last business day of each such month and such amounts not previously allowed for a preceding period pursuant to subdivision one of § 280-a of the tax law and, (ii) such amounts allowable as rebates pursuant to subdivision two of such section and (iii) on such last business day of June, nineteen hundred seventy-nine and on each of such last days occurring after the last business day of June, nineteen hundred seventy-nine such amounts allowable and payable as rebates for the period April seventeenth, nineteen hundred seventy-eight through September thirtieth, nineteen hundred seventy-eight and on such last day of June, nineteen hundred seventy-nine and on each of such last days occurring after such last day of June, nineteen hundred seventy-nine such amounts allowable and payable as rebates for the October first to September thirtieth period preceding such day by eight or more months pursuant to subdivision two-a of such section.

4. On the last business day of each such month the commissioner of taxation and finance shall certify to the director of the budget, the state comptroller and the chief fiscal officer of the city of New York each of the amount finally determined under clauses (i), (ii) and (iii) of subdivision three of this section.

5. The amount so certified on such last business day under subdivision four of this section shall constitute the amount required to be paid into the stock transfer incentive fund from the stock transfer tax fund pursuant to section ninety-two-b of this chapter.

6. (a) (1) For the period beginning August first, nineteen hundred seventy-eight and ending June thirtieth, nineteen hundred seventy-nine, on the last business day of each of the months of September, December, March and June, the commissioner of taxation and finance shall certify to the comptroller the amount of the tax imposed by this article collected during the three month period ending on each such last business day, except that on September thirtieth, nineteen hundred seventy-eight, the commissioner shall certify only the amount of such tax collected on and after August first, nineteen hundred seventy-eight. The state comptroller shall pay forthwith an amount equal to one-half of twenty-five percent of the amount so certified from the general fund of the state of New York to the extent that moneys have been appropriated and made available therefor; provided, however, that in no event shall the amount so paid exceed sixteen million dollars in the state fiscal year beginning April first, nineteen hundred seventy-eight.

(2) Upon receipt of each certification of the commissioner of taxation and finance provided for in subdivision four of this section, on and after December thirty-first, nineteen hundred seventy-nine and on or before September thirtieth, nineteen hundred eighty, the state comptroller shall forthwith pay an amount equal to one-half of the amount certified by such commissioner as rebates allowable under the provisions of clause (i) of subdivision three of this section from the general fund of the state of New York to the fund created pursuant to this section, to the extent that moneys have been appropriated and made available therefor. Upon receipt of the certification of the commissioner of taxation and finance provided for in subdivision four of this section, on and after October first, nineteen hundred eighty, the state comptroller shall forthwith pay an amount equal to one-half of the amounts certified by such commissioner as rebates allowable under the provisions of clauses (i) and (ii) of subdivision three of this section from the general fund of the state of New York, to the fund created pursuant to this section to the extent that moneys have been appropriated and made available therefor.

(b) Provided, however, that the amounts paid from the general fund of the state of New York under paragraph (a) of this subdivision in the state fiscal year beginning April first, nineteen hundred seventy-nine shall not exceed fifty million dollars; and in the state fiscal year beginning April first, nineteen hundred eighty such amounts shall not exceed ninety million dollars and in the state fiscal year beginning April first, nineteen hundred eighty-one and in every state fiscal year thereafter such amounts shall not exceed one hundred twenty million dollars.

(c) Notwithstanding the provisions of paragraph (b) of this subdivision, the state comptroller shall, in addition to the payments to be made under paragraph (a) of this subdivision, also pay to the credit of the fund created pursuant to this section an amount equal to one-half of the costs deducted by such commissioner for the costs of the state tax commission in administering and making distributions in accordance with the provisions of subdivision four of section ninety-two-b of this chapter.

7. If on the day the commissioner of taxation and finance makes the determinations required under subdivision three of this section, he determines that, as a result of the payments made into the stock transfer incentive fund pursuant to subdivisions five and six of this section, the amounts in such fund exceed the amounts determined pursuant to clauses (i), (ii) and (iii) of subdivision three of this section for the three calendar months ending on the next-to-the-last business day of the month in which such determination is made, the amount of such excess shall be paid forthwith to the chief fiscal officer of the city of New York for support of local government.

8. Notwithstanding any provision of general or special law to the contrary, all moneys of such fund shall be deposited by the commissioner of taxation and finance in any responsible bank, banking house or trust company as may be approved by the comptroller. All amounts so deposited shall be kept separate and apart and shall not be commingled with any other moneys in the custody of the commissioner of taxation and finance. All deposits of moneys of such fund shall be secured by obligations of the United States or of the state having a market value equal at all times to the amount of the deposit and all banks and trust companies are authorized to give security for such deposits. Any such moneys deposited in such fund may, in the discretion of the commissioner of taxation and finance, be invested in obligations of the United States or of the state or in other obligations, the principal of and interest on which are guaranteed by the United States or by the state.

9. Out of such moneys deposited in the fund created by this section, the commissioner of taxation and finance shall, except for rebates payable in the manner described in subdivision six of § 280-a of the tax law, make the payments required to be paid on claims for rebates made pursuant to § 280-a of the tax law, but in no event shall such rebates be paid prior to the last business day of each of the months of September, December, March and June with respect to taxes paid during the period of three calendar months ending on each such last business day and in no event shall the rebates allowable under subdivision two-a of § 280-a of the tax law, be paid prior to the last day of June with respect to taxes paid during the preceding October first to September thirtieth period except with respect to the period April seventeenth, nineteen hundred seventy-eight through September thirtieth, nineteen hundred seventy-eight such rebates allowable under such subdivision two-a shall not be paid prior to the last day of June, nineteen hundred seventy-nine preceding such last day. Out of moneys deposited in the fund created by this section, the commissioner of taxation and finance shall pay to each exchange, affiliated clearing corporation or authorized agency which shall have remitted amounts to the tax commission, in the manner set forth in subdivision six of § 280-a of the tax law, the rebate payable pursuant to subdivisions one and two of such section, the rebates payable in the manner described in subdivision six of § 280-a of the tax law not later than the day after the day the tax equal to the amount of such rebates is remitted to the tax commission under such subdivision and paid to the fund created by this section from the stock transfer tax fund pursuant to section ninety-two-b of this chapter. Upon such payment the liability of the state therefor shall be fully discharged.

10. In the event that moneys deposited in the fund created by this section are insufficient to pay such rebates, the city of New York shall pay any such deficiency to such fund in accordance with local law.

11. The commissioner of taxation and finance shall not be held liable for any inaccuracy in any certification under this section.