Bill
Bill > A03353
NY A03353
NY A03353Repeals the rebates for stock transfer tax paid; dedicates funds of the stock transfer tax fund and stock transfer incentive fund to various funds; establishes the safe water and infrastructure action program.
summary
Introduced
01/22/2021
01/22/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
AN ACT to amend the state finance law, in relation to the repeal of the rebate for stock transfer tax paid and the funds of the stock transfer tax fund and the dedicated infrastructure investment fund; to amend the environmental conservation law, in relation to establishing the safe water infrastructure action program for the purpose of making payments toward the replacement and rehabilitation of existing local municipally-owned and funded drinking water, storm water and sanitary sewer systems; to amend the tax law, in relation to taxes imposed in certain transactions; to repeal section 280-a of the tax law relating to the rebate for stock transfer tax paid; to repeal section 92-i of the state finance law relating to the stock transfer incentive fund; and to repeal certain provisions of the administrative code of the city of New York relating thereto
AI Summary
This bill:
1. Repeals the rebate for stock transfer tax paid and the stock transfer incentive fund.
2. Amends the state finance law to redirect the funds from the stock transfer tax to various funds, including the Metropolitan Transportation Authority, the Division of Housing and Community Renewal, the highway and bridge capital account, the clean energy fund, and programs for SUNY, CUNY, and local infrastructure.
3. Establishes the Safe Water and Infrastructure Action Program within the Department of Environmental Conservation to provide funding for the replacement and rehabilitation of local municipally-owned drinking water, stormwater, and sanitary sewer systems.
4. Amends the tax law to clarify that the stock transfer tax applies to any transaction where activity occurs within New York state or a party satisfies a nexus with the state, and requires proof of tax payment for the purchaser to take legal title.
Committee Categories
Budget and Finance
Sponsors (58)
Jeffrion Aubry (D)*,
Alicia Hyndman (D)*,
Phil Steck (D)*,
Thomas Abinanti (D),
Khaleel Anderson (D),
Charles Barron (D),
Michael Benedetto (D),
Rodneyse Bichotte Hermelyn (D),
Harry Bronson (D),
Chris Burdick (D),
Pat Burke (D),
Robert Carroll (D),
Sarah Clark (D),
Vivian Cook (D),
Catalina Cruz (D),
Taylor Darling (D),
Maritza Davila (D),
Carmen De La Rosa (D),
Inez Dickens (D),
Jeffrey Dinowitz (D),
Steven Englebright (D),
Harvey Epstein (D),
Patricia Fahy (D),
Charles Fall (D),
Nathalia Ferna´ndez (D),
Mathylde Frontus (D),
Deborah Glick (D),
Richard Gottfried (D),
Aileen Gunther (D),
Pamela Hunter (D),
Chantel Jackson (D),
Jonathan Jacobson (D),
Kimberly Jean-Pierre (D),
Latoya Joyner (D),
Anna Kelles (D),
Ron Kim (D),
Jen Lunsford (D),
Donna Lupardo (D),
John McDonald (D),
Demond Meeks (D),
Yuh-Line Niou (D),
Danny O'Donnell (D),
N. Nick Perry (D),
Karines Reyes (D),
Diana Richardson (D),
Jonathan Rivera (D),
José Rivera (D),
Linda Rosenthal (D),
Rebecca Seawright (D),
Amanda Septimo (D),
Gina Sillitti (D),
Jo Anne Simon (D),
Al Stirpe (D),
Al Taylor (D),
Latrice Walker (D),
Monica Wallace (D),
Jaime Williams (D),
Stefani Zinerman (D),
Last Action
referred to ways and means (on 01/05/2022)
Official Document
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