New York Assembly Bill A03486

New York 2025-2026 Regular Session

• Introduced: 1/28/25
• Refer: 1/28/25
• Refer: 1/7/26

Caption

Directs a percentage of the stock transfer tax to the metropolitan transportation authority special assistance fund.

Summary

This bill amends the tax law, state finance law, and public authorities law to redirect a portion of New York’s stock transfer tax revenue to the Metropolitan Transportation Authority (MTA) Special Assistance Fund. Under current law, stock transfer tax receipts are used first for administrative costs, then for the Municipal Assistance Corporation for the City of New York and the stock transfer incentive fund, with any remaining balance generally flowing to New York City. The bill changes that final destination so that, to the extent funds are not needed for the existing obligations, the remaining balance would instead be deposited into the MTA special assistance fund. The bill also revises the stock transfer tax rebate provisions so that transactions subject to the tax occurring on or before September 30, 2025 remain eligible for a full rebate, while transactions on or after October 1, 2025 would receive an 80 percent rebate. The effective date is September 1, 2025, and the measure is structured to preserve the existing priority of payments for administrative costs, the Municipal Assistance Corporation, and the stock transfer incentive fund before any remaining money is redirected to MTA-related purposes.

Impact

If enacted, the bill would alter the distribution of stock transfer tax revenues by changing the statutory flow of funds away from New York City’s general support and toward the MTA Special Assistance Fund. It would amend provisions governing the stock transfer tax fund, the stock transfer incentive fund, and the MTA special assistance fund, affecting how state tax receipts are allocated among the state, the Municipal Assistance Corporation for the City of New York, and the MTA. The bill would also reduce the rebate percentage for future stock transfer tax transactions from 100 percent to 80 percent after the specified date, which could increase net tax revenue retained for public purposes.

Sentiment

Based on the bill text and available context, the measure appears to be framed as a revenue reallocation for transit support rather than a broad tax increase. There are no recorded committee transcripts or votes in the provided material, so no formal support or opposition can be measured from legislative debate. The caption and structure suggest the sponsor’s intent is to strengthen MTA funding by capturing revenue that would otherwise flow elsewhere.

Contention

The main point of contention is likely the redirection of stock transfer tax proceeds from New York City-related uses to the MTA Special Assistance Fund. That shift could be viewed as reducing resources available to the city or changing long-standing revenue expectations tied to the stock transfer tax. Another potential issue is the reduction in the rebate percentage for post-October 1, 2025 transactions, which could be opposed by market participants or taxpayers affected by the stock transfer tax. No specific opposing or supporting legislators are identified in the provided record.