Bill > S01237

This bill repeals the existing rebate system for stock transfer tax and redesigns how the stock transfer tax funds are allocated. Specifically, the bill eliminates previous provisions that returned stock transfer tax revenues to the Municipal Assistance Corporation and instead creates a complex distribution mechanism that allocates funds to multiple state programs and initiatives. The funds will now be divided among various sectors, including transportation (10% to Metropolitan Transportation Authority), housing (5% to Division of Housing and Community Renewal), infrastructure (5% to highway and bridge accounts), energy research (10% to energy research development fund), education (10% to department of education), health care (10% to department of health), and environmental and agricultural programs (10% to departments of agriculture, environmental conservation, and parks). Additionally, the bill establishes a new Safe Water and Infrastructure Action Program, which will provide funding for local municipalities to replace and rehabilitate drinking water, stormwater, and sanitary sewer systems. The legislation also modifies tax law to ensure that stock transfer transactions are more strictly regulated, requiring proof of tax payment and expanding the definition of taxable transactions to include broader state connections.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S1237