What's happening
This bill allows taxpayers eligible for a full rebate of stock transfer taxes to avoid paying those taxes altogether.
Why it matters
Reduces administrative burden. Taxpayers who would otherwise receive a full rebate no longer need to pay the stock transfer tax upfront and then file for a rebate, streamlining the process for both individuals and tax authorities.
Potential cash flow benefit. By not requiring upfront payment, this change may improve cash flow for eligible taxpayers, especially those engaging in frequent or high-volume stock transactions.
Simplifies compliance and enforcement. Eliminating the need to track and process full rebates could free up government resources and reduce the risk of administrative errors or delays in rebate payments.
Could set precedent for similar reforms. This approach might influence future tax policy discussions, encouraging direct exemptions over rebate-based systems in other contexts.
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Who cares
Headline styles
End Stock Transfer Tax Payments
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to ways and means
- Referred to ways and means
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
27
2019-2020 Regular Sessions
IN ASSEMBLY (Prefiled)
January 9, 2019
Introduced by M. of A. BUCHWALD -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to authorizing certain taxpayers who are entitled to a one hundred percent rebate of certain stock transfer taxes not to pay such taxes
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The tax law is amended by adding a new section 281-b to read as follows:
§ 281-b. Application of article to certain taxpayers. Notwithstanding any other provision of law to the contrary, a taxpayer that would be entitled to receive a rebate of one hundred percent of the tax imposed by this article shall not be obligated to pay such taxes.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00318-01-9
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.