ICI Opposition Letter - NY Stock Transfer Tax Proposal

[31211]

May 16, 2018 TO: ICI Members
Tax Committee SUBJECTS: State Issues
Tax RE: ICI Opposition Letter - NY Stock Transfer Tax Proposal

 

The ICI submitted the attached letter opposing a proposal to reduce the stocker transfer sales tax rebate from 100 percent to 60 percent.  The letter explains that a reduction of the rebate would increase the cost of saving for retirement and other long-term needs for New York residents and other individuals.  We strongly recommended that any reduction of the rebate on stock transfer tax paid not be extended to1940 Act-registered funds.

 

Katie Sunderland
Counsel - Tax Law

 

Attachment No. 1

Attachment No. 2