Bill > A01494

This bill proposes significant changes to the stock transfer tax system in New York State, primarily focusing on repealing existing rebates and redirecting funds to various infrastructure and public service programs. Specifically, the bill eliminates the stock transfer tax rebate and the stock transfer incentive fund, and instead mandates that stock transfer tax revenues be distributed across multiple sectors, including transportation (10% to metropolitan transportation authority), housing (5% to affordable housing programs), infrastructure (5% to highway and bridge funds), education (10% to foundation aid), health care (10% to the department of health), and environmental conservation (10% to parks, reforestation, and sustainable agriculture). The bill also establishes a new Safe Water and Infrastructure Action Program, which will provide funding for municipally-owned drinking water, storm water, and sanitary sewer systems, with distribution based on pipeline length and width. Additionally, the bill introduces new requirements for stock transfer transactions, such as mandating proof of tax payment for legal ownership and broadening the definition of taxable transactions to include activities occurring within the state or involving parties with a connection to New York. The changes are designed to create a more structured and comprehensive approach to utilizing stock transfer tax revenues for public infrastructure and services.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A1494