S T A T E O F N E W Y O R K
I N S E N A T E
March 27, 2014
Introduced by Sen. AVELLA -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
AN ACT to amend the tax law, in relation to rebates on stock transfer
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 1 of section 280-a of the tax law, as amended
by chapter 578 of the laws of 1981, is amended to read as follows:
1. Except as otherwise provided in subdivision fifteen of this
section, where a tax shall have been paid under this article a portion
of the amount paid shall be allowed as a rebate and such portion shall
be paid to the taxpayer but only to the extent that moneys are available
for the payment of such rebates in the stock transfer incentive fund
established pursuant to section ninety-two-i of the state finance law.
The portion of the amount of tax paid which is to be allowed as a rebate
shall be thirty percent of the tax incurred and paid on transactions
subject to the stock transfer tax occurring on and after October first,
nineteen hundred seventy-nine and on or before September thirtieth,
nineteen hundred eighty and sixty percent of the tax incurred and paid
on such transactions occurring on and after October first, nineteen
hundred eighty and on or before September thirtieth, nineteen hundred
eighty-one and all of the amount of tax incurred and paid shall be
allowed as a rebate on transactions subject to the stock transfer tax
occurring on and after October first, nineteen hundred eighty-one AND ON
OR BEFORE SEPTEMBER THIRTIETH, TWO THOUSAND FIFTEEN AND SIXTY PERCENT OF
THE AMOUNT OF TAX INCURRED AND PAID SHALL BE ALLOWED AS A REBATE ON
TRANSACTIONS SUBJECT TO THE STOCK TRANSFER TAX OCCURRING ON AND AFTER
OCTOBER FIRST, TWO THOUSAND FIFTEEN.
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.