New York A 3486: Relates to the stock transfer tax

Bill Text

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A03486 Summary:

BILL NOA03486 

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SAME ASNo Same As

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SPONSORDilan

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COSPNSR

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MLTSPNSR

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Amd §280-a, Tax L; amd §92-b, St Fin L; amd §1270-a, Pub Auth L

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Directs a percentage of the stock transfer tax to the metropolitan transportation authority special assistance fund.

Go to top A03486 Actions:

BILL NOA03486 

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01/28/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA03486 Committee&nbspVotes:

Go to topA03486 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA03486 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3486

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 28, 2025
 ___________

 Introduced by M. of A. DILAN -- read once and referred to the Committee
 on Ways and Means

 AN ACT to amend the tax law, the state finance law and the public
 authorities law, in relation to the stock transfer tax

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subdivision 1 of section 280-a of the tax law, as amended
 2 by chapter 578 of the laws of 1981, is amended to read as follows:
 3 1. Except as otherwise provided in subdivision fifteen of this
 4 section, where a tax shall have been paid under this article a portion
 5 of the amount paid shall be allowed as a rebate and such portion shall
 6 be paid to the taxpayer but only to the extent that moneys are available
 7 for the payment of such rebates in the stock transfer incentive fund
 8 established pursuant to section ninety-two-i of the state finance law.
 9 The portion of the amount of tax paid which is to be allowed as a rebate
 10 shall be thirty percent of the tax incurred and paid on transactions
 11 subject to the stock transfer tax occurring on and after October first,
 12 nineteen hundred seventy-nine and on or before September thirtieth,
 13 nineteen hundred eighty and sixty percent of the tax incurred and paid
 14 on such transactions occurring on and after October first, nineteen
 15 hundred eighty and on or before September thirtieth, nineteen hundred
 16 eighty-one and all of the amount of tax incurred and paid shall be
 17 allowed as a rebate on transactions subject to the stock transfer tax
 18 occurring on and after October first, nineteen hundred eighty-one and on
 19 or before September thirtieth, two thousand twenty-five, and eighty
 20 percent of the tax incurred and paid shall be allowed as a rebate on
 21 such transactions occurring on and after October first, two thousand
 22 twenty-five.
 23 § 2. Subdivisions 3 and 4 of section 92-b of the state finance law,
 24 subdivision 3 as amended by chapter 878 of the laws of 1977 and subdivi-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07462-01-5

 A. 3486 2

 1 sion 4 as amended by chapter 724 of the laws of 1979, are amended to
 2 read as follows:
 3 3. The moneys received from such tax and other sources in such fund,
 4 after deducting the amount the commissioner of taxation and finance
 5 shall determine to be necessary for reasonable costs of the state tax
 6 commission in administering, collecting and distributing such tax,
 7 commencing with the fiscal year ending March thirty-first, nineteen
 8 hundred seventy-seven, shall be appropriated to (i) the municipal
 9 assistance corporation for the city of New York created pursuant to
 10 title three of article ten of the public authorities law in order to
 11 enable such corporation to fulfill the terms of any agreements made with
 12 the holders of its notes and bonds and to carry out its corporate
 13 purposes including the maintenance of the capital reserve fund and (ii)
 14 to the extent such moneys are not required by such corporation as
 15 provided in subdivision seven of section ninety-two-d of this [chapter]
 16 article and, after deducting the amount such commissioner shall deter-
 17 mine to be necessary for reasonable costs of the state tax commission in
 18 administering and making distributions in accordance with the provisions
 19 of section two hundred eighty-a of the tax law from the stock transfer
 20 incentive fund, to the stock transfer incentive fund created pursu