Bill > S01406

This bill: - Repeals the rebate for stock transfer tax paid and the stock transfer incentive fund. - Dedicates the funds from the stock transfer tax fund to various accounts, including the Metropolitan Transportation Authority, the New York City Housing Authority, the Consolidated Local Street and Highway Improvement Program (CHIPS), the safe water and infrastructure action program, and others. - Establishes the safe water and infrastructure action program to provide funding for the replacement and rehabilitation of existing local municipally-owned drinking water, storm water, and sanitary sewer systems. - Amends the Tax Law to require proof of payment of the stock transfer tax for the purchaser to have legal title or ownership of the stock or certificate. - Expands the state's ability to impose the stock transfer tax on transactions with a nexus to New York, as broadly as permitted under the U.S. Constitution.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2021/S1406