NY Tax L § 280-A (2021)
2021 New York Laws TAX - Tax Article 12 - Tax on Transfers of Stock and Other Corporate Certificates 280-A - Rebate for Stock Transfer Tax Paid; Penalty for False Claims.

§ 280-a. Rebate for stock transfer tax paid; penalty for false claims. 1.  Except as otherwise provided in subdivision fifteen of this section, where a tax shall have been paid under this article  a  portion  of  the amount  paid shall be allowed as a rebate and such portion shall be paid to the taxpayer but only to the extent that moneys are available for the payment of such rebates in the stock transfer incentive fund established pursuant to section ninety-two-i of the state finance law.  The  portion of  the  amount  of tax paid which is to be allowed as a rebate shall be thirty percent of the tax incurred and paid on transactions  subject  to the  stock  transfer  tax occurring on and after October first, nineteen hundred seventy-nine and on  or  before  September  thirtieth,  nineteen hundred  eighty  and  sixty percent of the tax incurred and paid on such transactions occurring on and  after  October  first,  nineteen  hundred eighty and on or before September thirtieth, nineteen hundred eighty-one and  all  of  the  amount of tax incurred and paid shall be allowed as a rebate on transactions subject to the stock transfer  tax  occurring  on and after October first, nineteen hundred eighty-one.   2.  Notwithstanding  the provisions of subdivision one of this section with respect to the percentages of tax allowable as rebates, the portion of the amount of stock transfer tax paid which is to  be  allowed  as  a rebate  to  a nonresident shall be fifty percent of the tax incurred and paid on transactions subject to stock  transfer  tax  occurring  on  and after  October  first,  nineteen  hundred seventy-seven and on or before July thirty-first, nineteen hundred seventy-eight and  thirty-seven  and one-half  percent  with  respect  to  such transactions occurring on and after August first, nineteen hundred  seventy-eight  and  on  or  before September   thirtieth,  nineteen  hundred  eighty,  and  thereafter  the portions  set  forth  in  subdivision  one  of  this  section  shall  be applicable.   2-a.  In  addition  to  the  rebate  allowable under the provisions of subdivision one of this section, the portion  of  the  amount  of  stock transfer  tax  paid  which  is  to be allowed as a rebate to any person, firm,  company  or  corporation  registered  with  the   United   States securities  and exchange commission in accordance with subsection (b) of section fifteen of the  securities  exchange  act  of  nineteen  hundred thirty-four,  as  amended,  and  acting  as  a  dealer  in a transaction described in paragraph (e) of subdivision twelve of this section,  other than such a person, firm, company or corporation liable to file a report or  return under article nine-A of this chapter, or article twenty-three of this chapter, (as such article was in effect on  or  before  December thirtieth, nineteen hundred eighty-two), shall be one hundred percent of the  stock transfer tax incurred and paid on transactions subject to the stock transfer tax executed by such person, firm, company or corporation pursuant to the acceptance of an order  placed  through  an  intermarket linkage  system developed pursuant to subsection (a) of section eleven-A of such securities exchange act under a plan submitted by  one  or  more national   securities  exchanges  or  national  securities  associations registered with such securities and exchange commission occurring on and after April seventeenth, nineteen hundred seventy-eight and on or before September thirtieth, nineteen hundred seventy-nine, seventy  percent  of the  tax  incurred and paid on such a transaction occurring on and after October first, nineteen hundred seventy-nine and on or before  September thirtieth, nineteen hundred eighty and forty percent of the tax incurred and  paid  on  such  a transaction occurring on and after October first, nineteen hundred eighty and on or before September  thirtieth,  nineteen hundred  eighty-one. Notwithstanding any other provision of law, the net amount to be rebated to any such person, firm,  company  or  corporation under  this  subdivision with respect to stock transfer tax allowable as  rebates during  each  of  the  periods  ending  on  September  thirtieth hereinbefore  set  forth shall not be allowed or paid prior to the first day of the eighth month following September thirtieth of  each  of  such periods  nor  until  the  subsequent  date  on which the commissioner of taxation and finance  shall  next  determine  the  amount  allowable  as rebates  pursuant to the provisions of section ninety-two-i of the state finance law, provided, however, that the net amount to  be  allowed  for the  April seventeenth, nineteen hundred seventy-eight through September thirtieth, nineteen hundred seventy-eight period shall not be allowed or paid until the last business day of June, nineteen hundred seventy-nine.   No rebate shall be allowed under this subdivision with respect to  any stock  transfer tax incurred in a market making transaction occurring on or after October first, nineteen hundred eighty-one. No rebate shall  be allowed  or  paid  under  this  subdivision  for stock transfer tax paid pursuant to section two hundred seventy-nine-a of this chapter nor shall any rebate be allowed  or  paid  until  the  person,  firm,  company  or corporation claiming the rebate complies with the rules, regulations and instructions  of  the  state  tax  commission  issued under this article including furnishing of a just and true book of account within the state as may be required by the state tax commission.   3. Except as provided in subdivision six of this section, rebates  may be  paid  only  upon the filing of a claim for rebate with the state tax commission. All claims for rebate shall be presented in  such  form  and contain   such  information  as  the  state  tax  commission,  by  rule, regulation or instruction, shall prescribe and shall be presented within two years after the affixing and cancelling of stock transfer tax stamps or payment of the tax otherwise than by the use of stamps.   4. Every such claim shall include a certificate by or on behalf of the party presenting the same to the  effect  that  it  is  just,  true  and correct,  that  the amount of stock transfer tax stated thereon has been paid to the state and that the amount of rebate  requested  is  actually due  and  owing. The state tax commission, if satisfied that the tax has actually been paid,  shall  rebate  the  same  in  accordance  with  the provisions  of  this  section  on  the  audit  and  warrant of the state comptroller on vouchers approved by the  commissioner  of  taxation  and finance.   5.  The  state  tax  commission  shall grant or deny such claim in the manner provided in section two hundred eighty of this  article  and  the remaining  provisions of such section, relating to determination of tax, hearing, decision of the state tax commission, the exclusive  manner  of review  of  such  decision, and the requirement of an undertaking, shall apply to the provisions of this section with the same force  and  effect as  if  the  language of such section had been incorporated in full into this section and  had  expressly  referred  to  the  rebate  under  this section,  except  to  the  extent  that  any  such  provision  is either inconsistent with or not relevant to this  section.  All  of  the  other provisions of this article relating to refunds shall apply to the rebate of tax provided for by this section in the same manner and with the same force  and  effect  as  if  the  language  of  such  provisions had been incorporated in full into this section and had expressly referred to the rebates of tax provided for under this section,  except  to  the  extent that  any such provision is either inconsistent with a provision of this section or is not relevant to this section  and  except  that  the  term "refund" as used in such provisions shall be read as "rebate".   6.   (a)   Notwithstanding  the  provisions  of  section  two  hundred eighty-one-a of this chapter, the tax imposed by  this  article  may  be paid,  and  rebates  provided  for  in  subdivisions one and two of this section shall be allowed without the filing of  the  claim  required  by  subdivision  three of this section, in the manner and upon the filing of the report referred to in paragraph (b) of this subdivision in the  case where  payment  of the tax imposed by this article is made by any member of  any  securities  exchange  or  any registered dealer who or which is permitted or required pursuant to the provisions  of  such  section  two hundred  eighty-one-a of this chapter to pay such tax without the use of the stamps prescribed by this article.  (b) On the written  report  required  to  be  made  to  or  through  a securities  exchange  located  within  this  state,  affiliated clearing corporation or to a qualified securities  exchange,  qualified  clearing corporation, authorized agency or the tax commission by each such member or  dealer under such section two hundred eighty-one-a, there shall also be shown the amount of the rebate of tax shown to be due thereon,  which would  be  allowable  by  this section if the full amount of tax is paid with such report. The net amount required to be paid for the account  of the  tax  commission  to  or  through  such exchange located within this state, affiliated clearing corporation or to such authorized agency  and remitted  to  the tax commission pursuant to such section or such amount required to be paid to the tax commission shall be  the  amount  of  tax shown to be due on such written report (determined without regard to any rebate allowable under this section) less the amount of any such rebate, subject  to  the  provisions  of  subdivision  eight  of  this  section. Notwithstanding the provisions of section two  hundred  eighty-one-a  of this  article, on the next-to-the-last business day of the department of taxation and finance in each of the months of September, December, March and June, each such member or dealer  shall  show  on  such  report  the aggregate amount of rebates shown daily on such report for the period of three  full  months ending on such next-to-the-last business day. On the last business day of each of  such  months,  an  amount  equal  to  such aggregate  amount shall be paid by such member or dealer for the account of the tax commission to or through such exchange  located  within  this state, affiliated clearing corporation or authorized agency and remitted by  such  exchange, affiliated clearing corporation or authorized agency to the tax commission by separate check or wire transfer. The amount  so remitted  shall  constitute  the  total  amount  of  rebates provided in subdivisions one and two of this section payable in the manner described in this subdivision, which  amount  shall  be  included  in  the  amount required  to  be  paid  from  the stock transfer tax fund into the stock transfer incentive fund on each  such  last  day  pursuant  to  sections ninety-two-b  and  ninety-two-i  of  the  state  finance  law; provided, however, that if such exchange located  within  this  state,  affiliated clearing  corporation, qualified securities exchange, qualified clearing corporation or authorized agency shall determine that the payment by any member or dealer of any tax imposed by this article will be  jeopardized by  delay,  it  shall  forthwith  notify  the  tax  commission  of  such condition, or if the tax commission believes that the collection of  any tax  will  be  jeopardized by delay, it may determine the amount of such tax and assess the same against any such member or dealer prior  to  the filing  of  his report and prior to the date when his report is required to be made to an exchange located within this state, affiliated clearing corporation,   qualified   securities   exchange,   qualified   clearing corporation  or authorized agency. The amount so determined shall become due and payable to the tax commission by the member  or  dealer  against whom  such  a  jeopardy assessment is made, as soon as notice thereof is given to  him  personally  or  by  registered  or  certified  mail.  The provisions of section two hundred seventy-nine-a shall apply to any such determination  except  to  the extent that they may be inconsistent with the provisions of this subdivision. The tax  commission  may  abate  any  jeopardy  assessment  if  it  finds  that  jeopardy  does not exist. The collection of any jeopardy assessment may be stayed by filing  with  the tax  commission a bond issued by a surety company authorized to transact business  in  this state and approved by the superintendent of financial services as to solvency and responsibility, conditioned upon payment  of the  amount  assessed, or any lesser amount to which such assessment may be reduced by the tax  commission  or  by  a  proceeding  under  article seventy-eight of the civil practice law and rules as provided in section two  hundred seventy-nine-a of this chapter such payment to be made when the assessment or any such reduction thereof shall have become final and not subject to further review. If such a bond is filed and thereafter  a proceeding  under  article  seventy-eight  of the civil practice law and rules is commenced as provided in section  two  hundred  seventy-nine-a, deposit  of  the  taxes  assessed  shall  not be required as a condition precedent to the commencement  of  such  proceeding.  Where  a  jeopardy assessment  is  made,  any property seized for the collection of the tax shall not be sold (i) until expiration  of  the  time  to  apply  for  a hearing  as  provided  in  such section, and (ii) if such application is timely filed,  until  the  expiration  of  ninety  days  after  the  tax commission mailed notice of its determination to the person against whom the  assessment is made; provided, however, such property may be sold at any time if such person has failed to attend a hearing of which  he  has been  duly  notified,  or  if  he  consents  to  the sale, or if the tax commission determines that the expenses of conservation and  maintenance will  greatly reduce the net proceeds, or if the property is perishable. The amount of any and all rebates of the tax  imposed  by  this  article paid  pursuant  to  this  paragraph  shall  be  credited or caused to be credited by such exchange located within this state, affiliated clearing corporation,   qualified   securities   exchange,   qualified   clearing corporation  or  authorized agency to or for the benefit of the taxpayer incurring liability for such tax.  (c) If a rebate is paid in the manner provided in this subdivision, no further rebate shall be allowable but any stock transfer tax paid  to  a member  or  dealer by a taxpayer otherwise entitled to rebate under this section shall be paid by such member or dealer to the taxpayer.  (d) The amounts of the rebates provided for under subdivisions one and two of this section paid in the  manner  provided  in  this  subdivision shall  be  shown  separately  on  all  reports  prescribed  by  the  tax commission  under  such  section  and  shall  be   evidenced   by   such certification as the tax commission may prescribe.  (e)  The  tax  commission  may  require  any such member or registered dealer to file with the department of taxation and finance a bond issued by a surety company approved by the superintendent of financial services as to solvency and responsibility and authorized to transact business in the state, in such amount as the tax commission may fix, to  secure  the payment  of any taxes due from such member or dealer pursuant to section two hundred eighty-one-a. The tax commission may  require  that  such  a bond be filed before any tax due under this article from any such member or  dealer  may  be  reported  and  paid  under  the  provisions of this subdivision, or at any time when in its judgment the same  is  necessary as  a  protection  to  the  revenues under this article. In lieu of such bond, such member or dealer may deposit securities approved by  the  tax commission,  in  such amount as it may prescribe, which securities shall be kept in the joint custody of the comptroller and the commissioner  of taxation and finance and may be sold by the tax commission if it becomes necessary  so  to  do  in order to recover any sums due from such person pursuant to this article; but no such sale shall  be  held  until  after such  person  shall have had opportunity to litigate the validity of any  tax if it elects so to do. Upon any such  sale,  the  surplus,  if  any, above  the sums due under this article, shall be returned to such member or dealer.   7. If the commissioner of taxation and finance makes the determination that  rebates  payable  exceed  moneys  available  in the stock transfer incentive fund for paying such rebates and if any member or dealer shall advance and pay the amount of  tax,  imposed  by  this  article  without taking  account  of  rebates,  either for himself or for which any other taxpayer is entitled to claim a rebate pursuant  to  the  provisions  of subdivision six of this section, such member or dealer shall be entitled to  a  rebate  for  the  amount  of such tax advanced and paid by him on behalf of such other taxpayer in the amount of the rebate  allowable  to such  taxpayer  and  in  the  amount  of the rebate allowable to himself whenever  such  commissioner  determines  that  sufficient   funds   are available in the stock transfer incentive fund for paying such rebate.   8.  The  amount  of  any erroneous or excessive rebate paid or allowed under this section may be determined by the state tax commission and may be recovered from such claimant in the same  manner  as  a  tax  imposed under this article, provided, however, that any such determination shall be  made within five years after the date of such erroneous or excessive rebate.   9. Any taxpayer, broker or dealer who or which files or causes  to  be filed any claim for or report of rebate permitted or required under this article which is willfully false shall be guilty of a felony.   10. If any part of any claim for or report of rebate of stock transfer tax  is  false  or  fraudulent, any person who files such claim or makes such report shall, in addition to any other penalties provided  by  this article,  be  subject  to a penalty of five hundred dollars for each and every violation. The state tax commission may determine  the  amount  of any  such  penalty  to be due from any such person in the same manner as the tax imposed by  this  article,  provided,  however,  that  any  such determination shall be made at any time.   11.  The  state  tax  commission  shall make rules and regulations and issue instructions to effectuate the purposes of  this  section  and  to provide  for  payments  to  and  from  and  administration  of the stock transfer tax fund and the stock transfer incentive fund and  shall  have all  the  rights  and  powers  as  set  forth  in  section  two  hundred seventy-six of this article to examine transactions and require  records to  be  kept  and declarations and certifications to be made and kept as may be required for such purposes. If any member or dealer described  in subdivision  six  of  this  section  shall violate any provision of this section or any reasonable rule, regulation or instruction made or issued pursuant  thereto,  such  member  or  dealer  may  upon  notice  thereof thereafter  be  denied rebates by the state tax commission in accordance with rules and regulations promulgated  by  such  commission.  Provided, that  nothing  herein  shall  limit the right to file a claim for rebate under this section.   12. For the purposes of this section the following  terms  shall  have the following meanings:  (a)  A  "nonresident" shall mean an individual or group of individuals jointly owning securities (but including partnerships only if  organized and operating solely for the purpose of investing in securities) selling or  trading  or  delivering or transferring on his or their own account, who is not, or no one of whom is, a resident.  (b) A "resident" means an individual who on the day upon which the tax imposed by section two hundred seventy of this chapter accrues,  (1) regardless of where he resides or is domiciled, (i) is a member of a securities exchange within this state which  is  registered  with  the  securities  and  exchange  commission  of  the  United States; (ii) is a dealer in securities required to be registered with the attorney general of the state of New York; (iii) acts as a dealer in securities or  as  a broker  or  agent  in  transactions  concerned  with the sale, purchase, delivery or transfer of securities; or (iv) is a member of or  a  person employed  in  a  managerial  capacity by a firm, company, association or organization, or an officer or director of or a  person  employed  in  a managerial  capacity by a corporation, which is a member organization of a securities exchange, a dealer in securities, or a  dealer,  broker  or agent, described in clause (i), (ii) or (iii) of this subparagraph, or  (2)  is  domiciled  in this state, unless on such day he maintained no permanent place of abode in this state, maintained a permanent place  of abode  elsewhere and during the one year period ending on such day spent in the aggregate, not more than thirty  days  of  such  period  in  this state, or  (3) is not domiciled in this state, but on such day maintained in this state,  a  permanent  place  of abode unless such abode is due solely to such individual's being in the armed forces of the United States, or  (4) regardless of where he resides, maintains  a  permanent  place  of business within this state or is employed within this state.  (c) No transaction shall be deemed to be a nonresident transaction and entitled  to  the  rebate payable or allowable in subdivision two unless (1) the papers or documents upon or to which are required to  be  placed or  affixed  the  stamps  required  by  subdivision  four of section two hundred seventy of this chapter, to denote the  payment  of  the  proper amount  of  the tax imposed by such section to the state tax commission, have also affixed thereto or placed thereon a declaration  in  the  form prescribed by the tax commission signed by the person making the sale or transfer,  setting forth facts to show that the transaction is made by a nonresident; or (2) in the case of  transactions  executed  or  effected within  this  state  (or  transactions executed or effected outside this state but subject to the tax imposed by this article) by any  member  or member organization of any securities exchange located within this state or  of  any  qualified  securities exchange which is registered with the securities and exchange commission of the United States (hereinafter  in this  section  referred to as a "member of a securities exchange") or by any person, firm, corporation, company or  association  required  to  be registered  with  the  attorney  general  of  the state of New York as a dealer in securities other than upon any such exchange  (hereinafter  in this  section referred to as a "registered dealer"), who is permitted or required pursuant to any rules and regulations promulgated  by  the  tax commission   pursuant   to   the   provisions  of  section  two  hundred eighty-one-a of this chapter, to pay the tax  imposed  by  this  article without   the  use  of  the  stamps  prescribed  by  this  article,  the transaction is certified,  in  such  form  as  the  tax  commission  may prescribe, in the report required to be made to or through such exchange located  within this state, or its affiliated clearing corporation or to a qualified securities exchange, qualified clearing corporation  or  any authorized  agency  by  rules  and  regulations  promulgated  by the tax commission pursuant to section two hundred eighty-one-a of this chapter, as being a transaction by  a  nonresident.  The  certification  in  such report may be made by such member of a securities exchange or registered dealer if he either (i) has obtained from such nonresident a declaration in  the  form  prescribed  by  the  tax  commission,  or  (ii)  has  met requirements set forth in rules and regulations promulgated by  the  tax commission  establishing  that  the transaction is made by a nonresident and (iii) has not, on or after the date of obtaining such declaration or its delivery and filing, received from such nonresident either a  notice  of  cancellation, in the form prescribed in clause (iii) of subparagraph two of paragraph (d)  of  this  subdivision,  or  has  no  knowledge  or reasonable  grounds  to believe that the status of such nonresident as a nonresident has changed.  (d)  (1)  Any person who shall knowingly make any false statement in a declaration provided for by paragraph (c) of this subdivision  shall  be guilty of a misdemeanor and upon conviction thereof shall be liable to a fine  of  not less than five hundred nor more than one thousand dollars, or be imprisoned for not more than one year, or be subject to both  such fine and imprisonment, in the discretion of the court.  (2) Any person who--  (i)  having  executed,  filed  with  and  delivered  to  a member of a securities exchange or a registered dealer a declaration provided for by paragraph (c) of this subdivision;  (ii) thereafter ceases knowingly to be a nonresident;  (iii) fails to execute, file and deliver a notice of  cancellation  of such declaration, with and to such member or dealer; and  (iv)  after  ceasing  to  be  such  a  nonresident  and  prior  to the execution, filing and delivery of  such  notice  of  cancellation,  with intent  to  cause  a rebate to be made from the stock transfer incentive fund in excess of the rebate allowable to  residents  under  subdivision one of this section, places and allows to be executed an order with such member  or dealer where the sale, agreement to sell, memorandum of sale, delivery or transfer of any shares or certificates described in  section two  hundred  seventy of this chapter is subject to the taxes imposed by this chapter; shall be guilty  of  a  misdemeanor  and  upon  conviction thereof shall be liable to a fine of not less than five hundred nor more than  one thousand dollars, or be imprisoned for not more than one year, or be subject to both such fine and imprisonment, in the  discretion  of the court.  (e)  The  term  "market making transaction" shall mean any transaction involving a sale (including a short sale)  by  a  dealer  of  shares  or certificates  subject  to the tax imposed by this article, provided such shares or certificates are sold:  (1) as stock in trade or inventory or as property held for sale in the ordinary course of such dealer's trade or business (including  transfers which are part of an underwriting),  (2)  in  (i) a bona fide arbitrage transaction; (ii) a bona fide hedge transaction involving a long or short position in  any  equity  security and  a  long  or  short  position  in a security entitling the holder to acquire or  sell  such  equity  security;  or  (iii)  a  risk  arbitrage transaction  in  connection  with  a  merger, acquisition, tender offer, recapitalization, reorganization, or similar transaction, or  (3) to offset a transaction made in error.   Provided, however, that, except as to clause (iii) of subparagraph two of this paragraph,  the  term  "market  making  transaction"  shall  not include  any  sale of shares or certificates identified in such dealer's records as a security held for investment within the meaning of  section twelve hundred thirty-six of the internal revenue code.   13.  The state tax commission may provide that where a declaration has been executed, filed and delivered to a member of a securities  exchange or  a  registered  dealer  under  subdivision one of section two hundred seventy-a of this article and kept by such member or dealer pursuant  to rules,  regulations  and  instructions of the state tax commission, such declaration shall constitute the declaration of  the  nonresident  under subdivision twelve of this section.   14.  Where there has been a determination of the maximum amount of tax on a single qualifying sale under section two hundred seventy-e of  this  chapter,  the  foregoing  provisions  of this section shall not apply to such a single qualifying sale  until  October  first,  nineteen  hundred seventy-nine and thereafter, provided, however, for the period beginning October  first,  nineteen  hundred  seventy-nine  and  ending  September thirtieth, nineteen hundred eighty, the portion of the maximum amount of tax to be rebated on such single qualifying sale shall not exceed thirty percent.   15. (a) For the purpose of allowing  the  rebate  authorized  by  this section to a taxpayer, other than a taxpayer regarding which subdivision six of this section is applicable, any person liable for the tax imposed by  this  article  who  or  which  purchases stamps issued to denote the payment of the tax imposed by this article or any agent  of  a  taxpayer who purchases such stamps, provided such purchase was made from a fiscal agent  appointed  for  the  sale  of  such  stamps, may claim the rebate authorized by subdivision one of this section by filing a claim in  such form  and  containing  such  information as the state tax commission, by rule, regulation or instruction shall prescribe,  but  all  such  claims under  this  subdivision  shall  be presented within two years after the purchase of such stamps, provided, however,  all  such  claims  must  be accompanied  by  the  receipt  for  the  purchase  of stamps in the form approved by the tax commission. The tax commission,  if  satisfied  that the  moneys  from  the  purchase  of such stamps have been paid from the stock transfer tax fund into the stock transfer  incentive  fund,  shall rebate  the  same  to  the  person  or agent who or which purchased such stamps from such fund. All of  the  other  provisions  of  this  section regarding  rebates  shall  apply to the method of rebate of tax provided for by this subdivision in the same manner and with the same  force  and effect  as  if  the language of such provisions had been incorporated in full into this subdivision and had expressly referred to the  claim  for rebate  of  tax  provided  for by this subdivision, except to the extent that any such provision is either inconsistent with a provision of  this section or is not relevant to this subdivision.  (b) If a rebate is paid in the manner provided in this subdivision, no further  rebate  shall  be  allowable  under  this section but any stock transfer tax paid by a taxpayer otherwise entitled to rebate under  this section  shall  be  paid  to  such  taxpayer  by the claimant under this subdivision.  (c) If a rebate is paid in the manner provided  by  this  subdivision, any  refund  or redemption allowable by this article shall be reduced by the amount of rebate allowed and paid pursuant to this subdivision,  any other provision of this article to the contrary notwithstanding.  (d)  The  state tax commission shall have all the rights and powers as set forth in section two hundred seventy-six of this article to  examine transactions  and  require  records  to  be  kept by claimant under this subdivision as if such claimant was a person required to comply with the provisions of such section two hundred seventy-six.  (e) If any person liable for the tax or  any  agent  of  the  taxpayer shall  violate any provision of this subdivision or any reasonable rule, regulation or instruction made or issued pursuant thereto,  such  person or agent may upon notice thereof thereafter be denied rebates under this subdivision  by  the  state  tax commission in accordance with rules and regulations promulgated  by  such  commission.  Provided,  that  nothing herein  shall  limit  the  right  to  file  a  claim  for  rebate  under subdivision three of this section.  (f)  If  the  commissioner  of  taxation   and   finance   makes   the determination  that rebates payable exceed moneys available in the stock transfer incentive fund for paying such rebates and if any person liable for the tax imposed by this article or any agent of the  taxpayer  shall  have  purchased  stamps to pay the amount of tax imposed by this article without charging the  taxpayer  or  principal  for  the  amount  of  the rebatable  portion of the cost of such stamps allowable to such taxpayer or  principal at the time of purchase of such stamps, such person liable for the tax or such agent  shall  be  entitled  to  a  rebate  for  such rebatable portion of such tax advanced and paid by him on behalf of such other  taxpayer  in  the amount of the rebate allowable to such taxpayer and in the amount of any  rebate  allowable  to  himself  whenever  such commissioner determines that sufficient funds are available in the stock transfer incentive fund for paying such rebate.