Regulatory Outlook | 07.21.20
New York Sees Push to Tax Stock Trades with Revenue in Free Fall
.With 20% of New York state’s revenue disappearing, leaving a projected four-year deficit of $61 billion, and progressive Democrats on the ascent in the state legislature, the time may be ripe for lawmakers to resurrect the state tax on stock trades. New York Assemblyman Phil Steck (D) has received more than 20 co-sponsors for his bill to repeal the 100% rebate on a state stock transfer tax, which remains on the books but was effectively killed off in 1981 when the New York Stock Exchange considered leaving. The bill calls for a tax of 1.25 cents on a sale of stock worth $5 or less a share to as much as 5 cents for stocks worth more than $20 per share.
Read the full article on Bloomberg.