*Letters

New York State Stock Transfer Tax (STT), S. 729 Reduction

Published on:
March 7, 2013

SIFMA submits a Memorandum in Opposition to the New York State Senate regarding legislation that would reduce the current rebate of the New York State stock transfer tax (STT), S. 729 (Avella).  Enacted in 1981, a rebate effectively repealed the tax, which has been on the books since 1905.

While SIFMA and its members acknowledge the difficulties posed by a budget shortfall, a STT enacted in New York State could hurt employment, stifle the recovery of NY-based exchanges and trading firms’ market share, and not yield the amount of tax revenue as intended. This proposal would additionally be a tax on individual investors, who along with larger institutions could relocate their operations.

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