What's happening
This bill reduces the stock transfer tax rebate from 100% to 60% for transactions occurring on or after October 1, 2019.
Why it matters
Significantly reduces the financial incentive for stock trades in New York by rebating only 60% (instead of 100%) of the stock transfer tax for transactions after October 1, 2019. this could increase effective transaction costs for traders and financial firms.
May generate additional tax revenue for New York State. by retaining a portion of the stock transfer tax that was previously fully rebated, potentially providing new funds for public spending or closing budget gaps.
Could affect the competitiveness of New York’s financial markets. Higher transaction costs might encourage some trading activity to move out of state or to electronic exchanges elsewhere, impacting the state’s role as a financial hub.
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Reduce Stock Tax Rebates
Plain English, a few words. Used as the page title.
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History
- Referred to ways and means
- Referred to ways and means
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Cut Stock Tax Rebates
In Senate Committee · Investigations And Government Operations · Sponsor Tony Avella
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2529
2017-2018 Regular Sessions
IN ASSEMBLY
January 20, 2017
Introduced by M. of A. STECK -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to rebates on stock transfer tax paid
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 1 of section 280-a of the tax law, as amended by chapter 578 of the laws of 1981, is amended to read as follows:
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 and on or before September thirtieth, two thousand nineteen and sixty percent 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, two thousand nineteen.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00868-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.