(b) If, on or before the tenth day of November, nineteen hundred seventy-nine, the commissioner determines that the outstanding balance of advances made to the state pursuant to title XII of the federal social security act can be repaid in full to the treasury of the United States for credit to the federal unemployment account in the federal unemployment trust fund, and that after such repayment the state will not require further title XII advances during the remainder of nineteen hundred seventy-nine, he shall cause such repayment to be made.
(c) On or before the first day of July, nineteen hundred seventy-nine, pursuant to 20 CFR 601.5(f) the governor shall file with the secretary of labor an application for deferral of the tax credit reduction required by section 3302(c) (2) of the federal unemployment tax act. If such deferral can be obtained by making the repayment to the treasury of the United States required by 20 CFR 601.5(f)(2)(ii), the commissioner shall cause such repayment to be made. If such deferral cannot be so obtained, it shall be applied for pursuant to 20 CFR 601.5(f)(2)(i) and, in such event, the amount of such additional contributions due by the thirty-first day of January, nineteen hundred eighty, by reason of paragraph (a) of this subdivision, shall be paid as soon as received to the treasury of the United States to reduce the balance of outstanding title XII advances.
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