All revenue collected by the state commissioner of taxation and finance from the taxes imposed pursuant to this chapter or chapter nineteen of this title shall be deposited daily with such responsible banks, banking houses or trust companies, as may be designated by the state comptroller, to the credit of the comptroller, in trust for the city. Such deposits shall be kept in trust and separate and apart from all other moneys in the possession of the comptroller. The state comptroller shall require adequate security from all such depositories of such revenue collected by the state commissioner of taxation and finance. The state comptroller shall retain in his or her hands such amounts as the commissioner of taxation and finance may determine to be necessary for refunds in respect to the taxes imposed by this chapter and such chapter nineteen and for reasonable costs of the state commissioner of taxation and finance in administering, collecting and distributing such taxes, out of which the comptroller shall pay any refunds of such taxes to which taxpayers shall be entitled under this chapter and such chapter nineteen and except further that he shall pay to a non-obligated spouse that amount of overpayment of tax imposed pursuant to the authority of article thirty of the New York state tax law or former article two-E of the general city law and the interest on such amount which has been credited pursuant to section one hundred seventy-one-c, one hundred seventy-one-d, one hundred seventy-one-e, one hundred seventy-one-f or one hundred seventy-one-l of the New York state tax law and which is certified to him by the commissioner of taxation and finance as the amount due such non-obligated spouse pursuant to paragraph six of subsection (b) of section six hundred fifty-one of the New York state tax law, and he shall deduct a like amount which he shall pay into the treasury to the credit of the general fund from amounts subsequently payable to the department of social services, the state university of New York, the city university of New York, the higher education services corporation, or to the revenue arrearage account or special offset fiduciary account pursuant to section ninety-one-a or ninety-one-c of the state finance law, as the case may be, whichever had been credited the amount originally withheld from such overpayment and, with respect to amounts originally withheld from such overpayment pursuant to section one hundred seventy-one-l of the tax law and paid to the city of New York, the comptroller shall collect a like amount from the city of New York. The state comptroller, after reserving such refund fund and such costs shall, on or before the fifteenth day of each month, pay to the chief fiscal officer of the city the balance of such taxes collected, to be paid into the treasury of the city to the credit of the general fund except that he shall pay to the state department of social services that amount of overpayments of the taxes imposed pursuant to this chapter or chapter nineteen of this title and the interest on such amount which is certified to him by the state commissioner of taxation and finance as the amount to be credited against past-due support pursuant to subdivision six of section one hundred seventy-one-c of the New York state tax law and except that he shall pay to the New York state higher education services corporation that amount of overpayments of the taxes imposed pursuant to this chapter or chapter nineteen of this title and the interest on such amount which is certified to him by the state commissioner of taxation and finance as the amount to be credited against the amount of defaults in repayment of guaranteed student loans pursuant to subdivision five of section one hundred seventy-one-d of the New York state tax law and except that he shall pay to the state university of New York or the city university of New York, respectively, that amount of overpayments of the taxes imposed pursuant to this chapter or chapter nineteen of this title and the interest on such amount which is certified to him by the state commissioner of taxation and finance as the amount to be credited against the amount of defaults in repayment of state university or city university loans pursuant to subdivision six of section one hundred seventy-one-e of the New York state tax law, and except further that, notwithstanding any other provision of law, he shall credit to the revenue arrearage account, pursuant to section ninety-one-a of the state finance law, that amount of overpayments of the taxes imposed pursuant to this chapter or chapter nineteen of this title and the interest on such amount which is certified to him by the state commissioner of taxation and finance as the amount to be credited against a past-due legally enforceable debt owed to a state agency pursuant to paragraph (a) of subdivision six of section one hundred seventy-one-f of the New York state tax law, provided, however, he shall credit to the special offset fiduciary account, pursuant to section ninety-one-c of the state finance law, any such amount creditable as a liability as set forth in paragraph (b) of subdivision six of section one hundred seventy-one-f of the tax law, and except further that he shall pay to the city of New York that amount of overpayments of tax imposed pursuant to this chapter or chapter nineteen of this title and the interest on such amount which is certified to him by the state commissioner of taxation and finance as the amount to be credited against city of New York tax warrant judgment debt pursuant to section one hundred seventy-one-l of the New York state tax law. The amount deducted for administering, collecting and distributing such taxes during such monthly period shall be paid by the state comptroller into the general fund of the state treasury to the credit of the state purposes fund therein. The first payment to such chief fiscal officer shall be made on or before March fifteenth, nineteen hundred seventy-six, which payment shall represent the balance of revenue after provision for refund and such reasonable costs, with respect to taxes collected from January first, nineteen hundred seventy-six through February twenty-ninth, nineteen hundred seventy-six. Subsequent payments shall be made on or before April fifteenth, nineteen hundred seventy-six and on or before the fifteenth day of each succeeding month thereafter, and shall represent the balance of revenue with respect to taxes collected the preceding calendar month. The amounts so payable shall be certified to the state comptroller by the state commissioner of taxation and finance or his or her delegate, either of whom shall not be held liable for any inaccuracy in such certificate. Where the amount so paid over to such chief fiscal officer is more or less than the amount then due such city, the amount of overpayment or underpayment shall be certified to the state comptroller by the state commissioner of taxation and finance or his or her delegate, either of whom shall not be held liable for any inaccuracy in such certificate. The amount of overpayment or underpayment shall be so certified to the state comptroller as soon after the discovery of the overpayment or underpayment as reasonably possible and subsequent payments by the state comptroller to such chief fiscal officer shall be adjusted by subtracting the amount of any such overpayment from, or by adding the amount of any such underpayment to such number of subsequent payments and distributions as the state comptroller and the state commissioner of taxation and finance shall consider reasonable in view of the amount of the overpayment or underpayment and all other facts and circumstances.