Bill > A01494

This bill repeals the rebates for stock transfer tax and reorganizes how stock transfer tax funds are distributed, establishing a comprehensive infrastructure and public service funding mechanism. The legislation eliminates previous provisions that allowed rebates on stock transfer taxes and redirects these funds into multiple targeted state programs. Specifically, the bill creates a new allocation system where stock transfer tax revenues will be distributed across various sectors, including transportation (10% to the Metropolitan Transportation Authority), housing (10% for affordable housing programs), infrastructure (5% each to highway and bridge funds and rail line development), local street improvements (5% to CHIPS program), water infrastructure (5% to a new Safe Water and Infrastructure Action Program), municipal aid (5%), transit systems (10% for downstate and upstate transit), energy research (10% to clean energy funds), education (10% to foundation aid), healthcare (10%), and environmental conservation (10% for reforestation, parks, and open space). The bill also establishes a new Safe Water and Infrastructure Action Program starting in April 2026, which will provide funding to municipalities for maintaining and improving drinking water, storm water, and sanitary sewer systems. Additionally, the bill expands the definition of taxable stock transfer transactions to include any transaction with a connection to New York state, broadening the potential tax base.

Budget and Finance

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