N.Y. Tax Law § 280-A — Rebate for stock transfer tax paid; penalty for false claims

§ 280-a. Rebate for stock transfer tax paid; penalty for false claims.\n1. Except as otherwise provided in subdivision fifteen of this section,\nwhere a tax shall have been paid under this article a portion of the\namount paid shall be allowed as a rebate and such portion shall be paid\nto the taxpayer but only to the extent that moneys are available for the\npayment of such rebates in the stock transfer incentive fund established\npursuant to section ninety-two-i of the state finance law. The portion\nof the amount of tax paid which is to be allowed as a rebate shall be\nthirty percent of the tax incurred and paid on transactions subject to\nthe stock transfer tax occurring on and after October first, nineteen\nhundred seventy-nine and on or before September thirtieth, nineteen\nhundred eighty and sixty percent of the tax incurred and paid on such\ntransactions occurring on and after October first, nineteen hundred\neighty and on or before September thirtieth, nineteen hundred eighty-one\nand all of the amount of tax incurred and paid shall be allowed as a\nrebate on transactions subject to the stock transfer tax occurring on\nand after October first, nineteen hundred eighty-one.\n 2. Notwithstanding the provisions of subdivision one of this section\nwith respect to the percentages of tax allowable as rebates, the portion\nof the amount of stock transfer tax paid which is to be allowed as a\nrebate to a nonresident shall be fifty percent of the tax incurred and\npaid on transactions subject to stock transfer tax occurring on and\nafter October first, nineteen hundred seventy-seven and on or before\nJuly thirty-first, nineteen hundred seventy-eight and thirty-seven and\none-half percent with respect to such transactions occurring on and\nafter August first, nineteen hundred seventy-eight and on or before\nSeptember thirtieth, nineteen hundred eighty, and thereafter the\nportions set forth in subdivision one of this section shall be\napplicable.\n 2-a. In addition to the rebate allowable under the provisions of\nsubdivision one of this section, the portion of the amount of stock\ntransfer tax paid which is to be allowed as a rebate to any person,\nfirm, company or corporation registered with the United States\nsecurities and exchange commission in accordance with subsection (b) of\nsection fifteen of the securities exchange act of nineteen hundred\nthirty-four, as amended, and acting as a dealer in a transaction\ndescribed in paragraph (e) of subdivision twelve of this section, other\nthan such a person, firm, company or corporation liable to file a report\nor return under article nine-A of this chapter, or article twenty-three\nof this chapter, (as such article was in effect on or before December\nthirtieth, nineteen hundred eighty-two), shall be one hundred percent of\nthe stock transfer tax incurred and paid on transactions subject to the\nstock transfer tax executed by such person, firm, company or corporation\npursuant to the acceptance of an order placed through an intermarket\nlinkage system developed pursuant to subsection (a) of section eleven-A\nof such securities exchange act under a plan submitted by one or more\nnational securities exchanges or national securities associations\nregistered with such securities and exchange commission occurring on and\nafter April seventeenth, nineteen hundred seventy-eight and on or before\nSeptember thirtieth, nineteen hundred seventy-nine, seventy percent of\nthe tax incurred and paid on such a transaction occurring on and after\nOctober first, nineteen hundred seventy-nine and on or before September\nthirtieth, nineteen hundred eighty and forty percent of the tax incurred\nand paid on such a transaction occurring on and after October first,\nnineteen hundred eighty and on or before September thirtieth, nineteen\nhundred eighty-one. Notwithstanding any other provision of law, the net\namount to be rebated to any such person, firm, company or corporation\nunder this subdivision with respect to stock transfer tax allowable as\nrebates during each of the periods ending on September thirtieth\nhereinbefore set forth shall not be allowed or paid prior to the first\nday of the eighth month following September thirtieth of each of such\nperiods nor until the subsequent date on which the commissioner of\ntaxation and finance shall next determine the amount allowable as\nrebates pursuant to the provisions of section ninety-two-i of the state\nfinance law, provided, however, that the net amount to be allowed for\nthe April seventeenth, nineteen hundred seventy-eight through September\nthirtieth, nineteen hundred seventy-eight period shall not be allowed or\npaid until the last business day of June, nineteen hundred seventy-nine.\n No rebate shall be allowed under this subdivision with respect to any\nstock transfer tax incurred in a market making transaction occurring on\nor after October first, nineteen hundred eighty-one. No rebate shall be\nallowed or paid under this subdivision for stock transfer tax paid\npursuant to section two hundred seventy-nine-a of this chapter nor shall\nany rebate be allowed or paid until the person, firm, company or\ncorporation claiming the rebate complies with the rules, regulations and\ninstructions of the state tax commission issued under this article\nincluding furnishing of a just and true book of account within the state\nas may be required by the state tax commission.\n 3. Except as provided in subdivision six of this section, rebates may\nbe paid only upon the filing of a claim for rebate with the state tax\ncommission. All claims for rebate shall be presented in such form and\ncontain such information as the state tax commission, by rule,\nregulation or instruction, shall prescribe and shall be presented within\ntwo years after the affixing and cancelling of stock transfer tax stamps\nor payment of the tax otherwise than by the use of stamps.\n 4. Every such claim shall include a certificate by or on behalf of the\nparty presenting the same to the effect that it is just, true and\ncorrect, that the amount of stock transfer tax stated thereon has been\npaid to the state and that the amount of rebate requested is actually\ndue and owing. The state tax commission, if satisfied that the tax has\nactually been paid, shall rebate the same in accordance with the\nprovisions of this section on the audit and warrant of the state\ncomptroller on vouchers approved by the commissioner of taxation and\nfinance.\n 5. The state tax commission shall grant or deny such claim in the\nmanner provided in section two hundred eighty of this article and the\nremaining provisions of such section, relating to determination of tax,\nhearing, decision of the state tax commission, the exclusive manner of\nreview of such decision, and the requirement of an undertaking, shall\napply to the provisions of this section with the same force and effect\nas if the language of such section had been incorporated in full into\nthis section and had expressly referred to the rebate under this\nsection, except to the extent that any such provision is either\ninconsistent with or not relevant to this section. All of the other\nprovisions of this article relating to refunds shall apply to the rebate\nof tax provided for by this section in the same manner and with the same\nforce and effect as if the language of such provisions had been\nincorporated in full into this section and had expressly referred to the\nrebates of tax provided for under this section, except to the extent\nthat any such provision is either inconsistent with a provision of this\nsection or is not relevant to this section and except that the term\n"refund" as used in such provisions shall be read as "rebate".\n 6. (a) Notwithstanding the provisions of section two hundred\neighty-one-a of this chapter, the tax imposed by this article may be\npaid, and rebates provided for in subdivisions one and two of this\nsection shall be allowed without the filing of the claim required by\nsubdivision three of this section, in the manner and upon the filing of\nthe report referred to in paragraph (b) of this subdivision in the case\nwhere payment of the tax imposed by this article is made by any member\nof any securities exchange or any registered dealer who or which is\npermitted or required pursuant to the provisions of such section two\nhundred eighty-one-a of this chapter to pay such tax without the use of\nthe stamps prescribed by this article.\n (b) On the written report required to be made to or through a\nsecurities exchange located within this state, affiliated clearing\ncorporation or to a qualified securities exchange, qualified clearing\ncorporation, authorized agency or the tax commission by each such member\nor dealer under such section two hundred eighty-one-a, there shall also\nbe shown the amount of the rebate of tax shown to be due thereon, which\nwould be allowable by this section if the full amount of tax is paid\nwith such report. The net amount required to be paid for the account of\nthe tax commission to or through such exchange located within this\nstate, affiliated clearing corporation or to such authorized agency and\nremitted to the tax commission pursuant to such section or such amount\nrequired to be paid to the tax commission shall be the amount of tax\nshown to be due on such written report (determined without regard to any\nrebate allowable under this section) less the amount of any such rebate,\nsubject to the provisions of subdivision eight of this section.\nNotwithstanding the provisions of section two hundred eighty-one-a of\nthis article, on the next-to-the-last business day of the department of\ntaxation and finance in each of the months of September, December, March\nand June, each such member or dealer shall show on such report the\naggregate amount of rebates shown daily on such report for the period of\nthree full months ending on such next-to-the-last business day. On the\nlast business day of each of such months, an amount equal to such\naggregate amount shall be paid by such member or dealer for the account\nof the tax commission to or through such exchange located within this\nstate, affiliated clearing corporation or authorized agency and remitted\nby such exchange, affiliated clearing corporation or authorized agency\nto the tax commission by separate check or wire transfer. The amount so\nremitted shall constitute the total amount of rebates provided in\nsubdivisions one and two of this section payable in the manner described\nin this subdivision, which amount shall be included in the amount\nrequired to be paid from the stock transfer tax fund into the stock\ntransfer incentive fund on each such last day pursuant to sections\nninety-two-b and ninety-two-i of the state finance law; provided,\nhowever, that if such exchange located within this state, affiliated\nclearing corporation, qualified securities exchange, qualified clearing\ncorporation or authorized agency shall determine that the payment by any\nmember or dealer of any tax imposed by this article will be jeopardized\nby delay, it shall forthwith notify the tax commission of such\ncondition, or if the tax commission believes that the collection of any\ntax will be jeopardized by delay, it may determine the amount of such\ntax and assess the same against any such member or dealer prior to the\nfiling of his report and prior to the date when his report is required\nto be made to an exchange located within this state, affiliated clearing\ncorporation, qualified securities exchange, qualified clearing\ncorporation or authorized agency. The amount so determined shall become\ndue and payable to the tax commission by the member or dealer against\nwhom such a jeopardy assessment is made, as soon as notice thereof is\ngiven to him personally or by registered or certified mail. The\nprovisions of section two hundred seventy-nine-a shall apply to any such\ndetermination except to the extent that they may be inconsistent with\nthe provisions of this subdivision. The tax commission may abate any\njeopardy assessment if it finds that jeopardy does not exist. The\ncollection of any jeopardy assessment may be stayed by filing with the\ntax commission a bond issued by a surety company authorized to transact\nbusiness in this state and approved by the superintendent of financial\nservices as to solvency and responsibility, conditioned upon payment of\nthe amount assessed, or any lesser amount to which such assessment may\nbe reduced by the tax commission or by a proceeding under article\nseventy-eight of the civil practice law and rules as provided in section\ntwo hundred seventy-nine-a of this chapter such payment to be made when\nthe assessment or any such reduction thereof shall have become final and\nnot subject to further review. If such a bond is filed and thereafter a\nproceeding under article seventy-eight of the civil practice law and\nrules is commenced as provided in section two hundred seventy-nine-a,\ndeposit of the taxes assessed shall not be required as a condition\nprecedent to the commencement of such proceeding. Where a jeopardy\nassessment is made, any property seized for the collection of the tax\nshall not be sold (i) until expiration of the time to apply for a\nhearing as provided in such section, and (ii) if such application is\ntimely filed, until the expiration of ninety days after the tax\ncommission mailed notice of its determination to the person against whom\nthe assessment is made; provided, however, such property may be sold at\nany time if such person has failed to attend a hearing of which he has\nbeen duly notified, or if he consents to the sale, or if the tax\ncommission determines that the expenses of conservation and maintenance\nwill greatly reduce the net proceeds, or if the property is perishable.\nThe amount of any and all rebates of the tax imposed by this article\npaid pursuant to this paragraph shall be credited or caused to be\ncredited by such exchange located within this state, affiliated clearing\ncorporation, qualified securities exchange, qualified clearing\ncorporation or authorized agency to or for the benefit of the taxpayer\nincurring liability for such tax.\n (c) If a rebate is paid in the manner provided in this subdivision, no\nfurther rebate shall be allowable but any stock transfer tax paid to a\nmember or dealer by a taxpayer otherwise entitled to rebate under this\nsection shall be paid by such member or dealer to the taxpayer.\n (d) The amounts of the rebates provided for under subdivisions one and\ntwo of this section paid in the manner provided in this subdivision\nshall be shown separately on all reports prescribed by the tax\ncommission under such section and shall be evidenced by such\ncertification as the tax commission may prescribe.\n (e) The tax commission may require any such member or registered\ndealer to file with the department of taxation and finance a bond issued\nby a surety company approved by the superintendent of financial services\nas to solvency and responsibility and authorized to transact business in\nthe state, in such amount as the tax commission may fix, to secure the\npayment of any taxes due from such member or dealer pursuant to section\ntwo hundred eighty-one-a. The tax commission may require that such a\nbond be filed before any tax due under this article from any such member\nor dealer may be reported and paid under the provisions of this\nsubdivision, or at any time when in its judgment the same is necessary\nas a protection to the revenues under this article. In lieu of such\nbond, such member or dealer may deposit securities approved by the tax\ncommission, in such amount as it may prescribe, which securities shall\nbe kept in the joint custody of the comptroller and the commissioner of\ntaxation and finance and may be sold by the tax commission if it becomes\nnecessary so to do in order to recover any sums due from such person\npursuant to this article; but no such sale shall be held until after\nsuch person shall have had opportunity to litigate the validity of any\ntax if it elects so to do. Upon any such sale, the surplus, if any,\nabove the sums due under this article, shall be returned to such member\nor dealer.\n 7. If the commissioner of taxation and finance makes the determination\nthat rebates payable exceed moneys available in the stock transfer\nincentive fund for paying such rebates and if any member or dealer shall\nadvance and pay the amount of tax, imposed by this article without\ntaking account of rebates, either for himself or for which any other\ntaxpayer is entitled to claim a rebate pursuant to the provisions of\nsubdivision six of this section, such member or dealer shall be entitled\nto a rebate for the amount of such tax advanced and paid by him on\nbehalf of such other taxpayer in the amount of the rebate allowable to\nsuch taxpayer and in the amount of the rebate allowable to himself\nwhenever such commissioner determines that sufficient funds are\navailable in the stock transfer incentive fund for paying such rebate.\n 8. The amount of any erroneous or excessive rebate paid or allowed\nunder this section may be determined by the state tax commission and may\nbe recovered from such claimant in the same manner as a tax imposed\nunder this article, provided, however, that any such determination shall\nbe made within five years after the date of such erroneous or excessive\nrebate.\n 9. Any taxpayer, broker or dealer who or which files or causes to be\nfiled any claim for or report of rebate permitted or required under this\narticle which is willfully false shall be guilty of a felony.\n 10. If any part of any claim for or report of rebate of stock transfer\ntax is false or fraudulent, any person who files such claim or makes\nsuch report shall, in addition to any other penalties provided by this\narticle, be subject to a penalty of five hundred dollars for each and\nevery violation. The state tax commission may determine the amount of\nany such penalty to be due from any such person in the same manner as\nthe tax imposed by this article, provided, however, that any such\ndetermination shall be made at any time.\n 11. The state tax commission shall make rules and regulations and\nissue instructions to effectuate the purposes of this section and to\nprovide for payments to and from and administration of the stock\ntransfer tax fund and the stock transfer incentive fund and shall have\nall the rights and powers as set forth in section two hundred\nseventy-six of this article to examine transactions and require records\nto be kept and declarations and certifications to be made and kept as\nmay be required for such purposes. If any member or dealer described in\nsubdivision six of this section shall violate any provision of this\nsection or any reasonable rule, regulation or instruction made or issued\npursuant thereto, such member or dealer may upon notice thereof\nthereafter be denied rebates by the state tax commission in accordance\nwith rules and regulations promulgated by such commission. Provided,\nthat nothing herein shall limit the right to file a claim for rebate\nunder this section.\n 12. For the purposes of this section the following terms shall have\nthe following meanings:\n (a) A "nonresident" shall mean an individual or group of individuals\njointly owning securities (but including partnerships only if organized\nand operating solely for the purpose of investing in securities) selling\nor trading or delivering or transferring on his or their own account,\nwho is not, or no one of whom is, a resident.\n (b) A "resident" means an individual who on the day upon which the tax\nimposed by section two hundred seventy of this chapter accrues,\n (1) regardless of where he resides or is domiciled, (i) is a member of\na securities exchange within this state which is registered with the\nsecurities and exchange commission of the United States; (ii) is a\ndealer in securities required to be registered with the attorney general\nof the state of New York; (iii) acts as a dealer in securities or as a\nbroker or agent in transactions concerned with the sale, purchase,\ndelivery or transfer of securities; or (iv) is a member of or a person\nemployed in a managerial capacity by a firm, company, association or\norganization, or an officer or director of or a person employed in a\nmanagerial capacity by a corporation, which is a member organization of\na securities exchange, a dealer in securities, or a dealer, broker or\nagent, described in clause (i), (ii) or (iii) of this subparagraph, or\n (2) is domiciled in this state, unless on such day he maintained no\npermanent place of abode in this state, maintained a permanent place of\nabode elsewhere and during the one year period ending on such day spent\nin the aggregate, not more than thirty days of such period in this\nstate, or\n (3) is not domiciled in this state, but on such day maintained in this\nstate, a permanent place of abode unless such abode is due solely to\nsuch individual's being in the armed forces of the United States, or\n (4) regardless of where he resides, maintains a permanent place of\nbusiness within this state or is employed within this state.\n (c) No transaction shall be deemed to be a nonresident transaction and\nentitled to the rebate payable or allowable in subdivision two unless\n(1) the papers or documents upon or to which are required to be placed\nor affixed the stamps required by subdivision four of section two\nhundred seventy of this chapter, to denote the payment of the proper\namount of the tax imposed by such section to the state tax commission,\nhave also affixed thereto or placed thereon a declaration in the form\nprescribed by the tax commission signed by the person making the sale or\ntransfer, setting forth facts to show that the transaction is made by a\nnonresident; or (2) in the case of transactions executed or effected\nwithin this state (or transactions executed or effected outside this\nstate but subject to the tax imposed by this article) by any member or\nmember organization of any securities exchange located within this state\nor of any qualified securities exchange which is registered with the\nsecurities and exchange commission of the United States (hereinafter in\nthis section referred to as a "member of a securities exchange") or by\nany person, firm, corporation, company or association required to be\nregistered with the attorney general of the state of New York as a\ndealer in securities other than upon any such exchange (hereinafter in\nthis section referred to as a "registered dealer"), who is permitted or\nrequired pursuant to any rules and regulations promulgated by the tax\ncommission pursuant to the provisions of section two hundred\neighty-one-a of this chapter, to pay the tax imposed by this article\nwithout the use of the stamps prescribed by this article, the\ntransaction is certified, in such form as the tax commission may\nprescribe, in the report required to be made to or through such exchange\nlocated within this state, or its affiliated clearing corporation or to\na qualified securities exchange, qualified clearing corporation or any\nauthorized agency by rules and regulations promulgated by the tax\ncommission pursuant to section two hundred eighty-one-a of this chapter,\nas being a transaction by a nonresident. The certification in such\nreport may be made by such member of a securities exchange or registered\ndealer if he either (i) has obtained from such nonresident a declaration\nin the form prescribed by the tax commission, or (ii) has met\nrequirements set forth in rules and regulations promulgated by the tax\ncommission establishing that the transaction is made by a nonresident\nand (iii) has not, on or after the date of obtaining such declaration or\nits delivery and filing, received from such nonresident either a notice\nof cancellation, in the form prescribed in clause (iii) of subparagraph\ntwo of paragraph (d) of this subdivision, or has no knowledge or\nreasonable grounds to believe that the status of such nonresident as a\nnonresident has changed.\n (d) (1) Any person who shall knowingly make any false statement in a\ndeclaration provided for by paragraph (c) of this subdivision shall be\nguilty of a misdemeanor and upon conviction thereof shall be liable to a\nfine of not less than five hundred nor more than one thousand dollars,\nor be imprisoned for not more than one year, or be subject to both such\nfine and imprisonment, in the discretion of the court.\n (2) Any person who--\n (i) having executed, filed with and delivered to a member of a\nsecurities exchange or a registered dealer a declaration provided for by\nparagraph (c) of this subdivision;\n (ii) thereafter ceases knowingly to be a nonresident;\n (iii) fails to execute, file and deliver a notice of cancellation of\nsuch declaration, with and to such member or dealer; and\n (iv) after ceasing to be such a nonresident and prior to the\nexecution, filing and delivery of such notice of cancellation, with\nintent to cause a rebate to be made from the stock transfer incentive\nfund in excess of the rebate allowable to residents under subdivision\none of this section, places and allows to be executed an order with such\nmember or dealer where the sale, agreement to sell, memorandum of sale,\ndelivery or transfer of any shares or certificates described in section\ntwo hundred seventy of this chapter is subject to the taxes imposed by\nthis chapter; shall be guilty of a misdemeanor and upon conviction\nthereof shall be liable to a fine of not less than five hundred nor more\nthan one thousand dollars, or be imprisoned for not more than one year,\nor be subject to both such fine and imprisonment, in the discretion of\nthe court.\n (e) The term "market making transaction" shall mean any transaction\ninvolving a sale (including a short sale) by a dealer of shares or\ncertificates subject to the tax imposed by this article, provided such\nshares or certificates are sold:\n (1) as stock in trade or inventory or as property held for sale in the\nordinary course of such dealer's trade or business (including transfers\nwhich are part of an underwriting),\n (2) in (i) a bona fide arbitrage transaction; (ii) a bona fide hedge\ntransaction involving a long or short position in any equity security\nand a long or short position in a security entitling the holder to\nacquire or sell such equity security; or (iii) a risk arbitrage\ntransaction in connection with a merger, acquisition, tender offer,\nrecapitalization, reorganization, or similar transaction, or\n (3) to offset a transaction made in error.\n Provided, however, that, except as to clause (iii) of subparagraph two\nof this paragraph, the term "market making transaction" shall not\ninclude any sale of shares or certificates identified in such dealer's\nrecords as a security held for investment within the meaning of section\ntwelve hundred thirty-six of the internal revenue code.\n 13. The state tax commission may provide that where a declaration has\nbeen executed, filed and delivered to a member of a securities exchange\nor a registered dealer under subdivision one of section two hundred\nseventy-a of this article and kept by such member or dealer pursuant to\nrules, regulations and instructions of the state tax commission, such\ndeclaration shall constitute the declaration of the nonresident under\nsubdivision twelve of this section.\n 14. Where there has been a determination of the maximum amount of tax\non a single qualifying sale under section two hundred seventy-e of this\nchapter, the foregoing provisions of this section shall not apply to\nsuch a single qualifying sale until October first, nineteen hundred\nseventy-nine and thereafter, provided, however, for the period beginning\nOctober first, nineteen hundred seventy-nine and ending September\nthirtieth, nineteen hundred eighty, the portion of the maximum amount of\ntax to be rebated on such single qualifying sale shall not exceed thirty\npercent.\n 15. (a) For the purpose of allowing the rebate authorized by this\nsection to a taxpayer, other than a taxpayer regarding which subdivision\nsix of this section is applicable, any person liable for the tax imposed\nby this article who or which purchases stamps issued to denote the\npayment of the tax imposed by this article or any agent of a taxpayer\nwho purchases such stamps, provided such purchase was made from a fiscal\nagent appointed for the sale of such stamps, may claim the rebate\nauthorized by subdivision one of this section by filing a claim in such\nform and containing such information as the state tax commission, by\nrule, regulation or instruction shall prescribe, but all such claims\nunder this subdivision shall be presented within two years after the\npurchase of such stamps, provided, however, all such claims must be\naccompanied by the receipt for the purchase of stamps in the form\napproved by the tax commission. The tax commission, if satisfied that\nthe moneys from the purchase of such stamps have been paid from the\nstock transfer tax fund into the stock transfer incentive fund, shall\nrebate the same to the person or agent who or which purchased such\nstamps from such fund. All of the other provisions of this section\nregarding rebates shall apply to the method of rebate of tax provided\nfor by this subdivision in the same manner and with the same force and\neffect as if the language of such provisions had been incorporated in\nfull into this subdivision and had expressly referred to the claim for\nrebate of tax provided for by this subdivision, except to the extent\nthat any such provision is either inconsistent with a provision of this\nsection or is not relevant to this subdivision.\n (b) If a rebate is paid in the manner provided in this subdivision, no\nfurther rebate shall be allowable under this section but any stock\ntransfer tax paid by a taxpayer otherwise entitled to rebate under this\nsection shall be paid to such taxpayer by the claimant under this\nsubdivision.\n (c) If a rebate is paid in the manner provided by this subdivision,\nany refund or redemption allowable by this article shall be reduced by\nthe amount of rebate allowed and paid pursuant to this subdivision, any\nother provision of this article to the contrary notwithstanding.\n (d) The state tax commission shall have all the rights and powers as\nset forth in section two hundred seventy-six of this article to examine\ntransactions and require records to be kept by claimant under this\nsubdivision as if such claimant was a person required to comply with the\nprovisions of such section two hundred seventy-six.\n (e) If any person liable for the tax or any agent of the taxpayer\nshall violate any provision of this subdivision or any reasonable rule,\nregulation or instruction made or issued pursuant thereto, such person\nor agent may upon notice thereof thereafter be denied rebates under this\nsubdivision by the state tax commission in accordance with rules and\nregulations promulgated by such commission. Provided, that nothing\nherein shall limit the right to file a claim for rebate under\nsubdivision three of this section.\n (f) If the commissioner of taxation and finance makes the\ndetermination that rebates payable exceed moneys available in the stock\ntransfer incentive fund for paying such rebates and if any person liable\nfor the tax imposed by this article or any agent of the taxpayer shall\nhave purchased stamps to pay the amount of tax imposed by this article\nwithout charging the taxpayer or principal for the amount of the\nrebatable portion of the cost of such stamps allowable to such taxpayer\nor principal at the time of purchase of such stamps, such person liable\nfor the tax or such agent shall be entitled to a rebate for such\nrebatable portion of such tax advanced and paid by him on behalf of such\nother taxpayer in the amount of the rebate allowable to such taxpayer\nand in the amount of any rebate allowable to himself whenever such\ncommissioner determines that sufficient funds are available in the stock\ntransfer incentive fund for paying such rebate.\n