§ 99-i. Racing regulation account. 1. There is hereby established in the joint custody of the comptroller and the gaming commission a special revenue fund to be known as the "racing regulation account".

2. The racing regulation account shall consist of all money received by the commission as regulatory fees and market origin fees pursuant to the provisions of the racing, pari-mutuel wagering and breeding law.

3. Moneys of this account shall be available to the commission to pay for the costs of carrying out the purposes of the racing, pari-mutuel wagering and breeding law; provided, however, an amount equal to five percent of the amount received by the account from the market origin fee imposed by subdivision six of section one thousand twelve-a of the racing, pari-mutuel wagering and breeding law shall be transferred to the state department of taxation and finance and the department shall deem this transfer as a payment of a pari-mutuel tax.

4. All payments from the fund shall be made on the audit and warrant of the comptroller.