SIFMA Statement on the Proposed Payroll Mobility Tax

New York, NY, June 6, 2024—SIFMA today issued the following statement from Kyle Innes, managing director and associate general counsel, state government affairs, on the proposed Payroll Mobility Tax:

“SIFMA opposes the imposition of any new taxes or tax increases on the financial services industry.  The securities industry has a profound impact on – and makes a significant contribution to – revenues and overall growth of the state and local economies and is a vital part of New York’s economic base.

“The financial services industry in general, and the securities industry in particular, is an integral part of both New York State and New York City. This importance is highlighted by two recent reports: SIFMA’s “The Street, The City and The State,” which notes total estimated tax collections derived from the securities industry accounted for 27.4% of total tax revenue in 2023, and “The State of the Finance Industry and its Impact in New York,” which was prepared by Economic Leadership in partnership with SIFMA, the Business Council of New York State and the New York Bankers Association and notes the finance and insurance sector makes up only 5% of the state’s employment, yet it is the largest contributor to the state’s GDP.  Our industry plays an important role in supporting jobs and revenue growth and is key to the state’s overall competitiveness.  SIFMA urges policymakers to consider the importance of the industry to the state’s economy and to weigh the impact of any initiatives on the desirability of New York as a place to do business and retain employees.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).