§ 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.

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 twelve 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 section two hundred eighty-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 section two
hundred eighty-a of the tax law, make the payments required to be paid
on claims for rebates made pursuant to section two hundred eighty-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 section two hundred
eighty-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 section two
hundred eighty-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 section two hundred eighty-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.