New York Bill Would Cut Rebate on Tax on Securities Sales
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A bill introduced in the New York Assembly seeks to raise $6.4 billion by scaling back the 100 percent rebate the state gives on taxes tied to stock sales.
Since at least 1915, Wall Street’s home state has taxed the sale of stocks, certificates of deposits and other securities. In 1979, the state began offering rebates, according to a memo attached to the bill, which is sponsored by Assemblyman Phil Steck, a Democrat of Schenectady.