NY S01297

Repeals the stock transfer tax rebate program (Section 280-a of tax law) and the stock transfer incentive fund (Section 92-i of state finance law) effective immediately.

Redirects stock transfer tax revenues beginning fiscal year 2026 to multiple state funds: 10% to MTA operations and capital, 10% to CUNY and SUNY institutions, 10% to education foundation aid, 10% to health care, 5% each to highway/bridge maintenance, AMTRAK rail infrastructure, CHIPS program, safe water infrastructure, municipal aid, and transit systems, and 10% to clean energy fund.

Establishes the Safe Water and Infrastructure Action Program under Environmental Conservation Law effective April 1, 2025, to provide funding for replacement and rehabilitation of locally-owned drinking water, storm water, and sanitary sewer systems based on pipeline length and width.

Transfers any accumulated balances in the stock transfer incentive fund to the dedicated infrastructure investment fund upon enactment.

Modifies stock transfer tax law to require proof of tax payment for legal title transfer and expands nexus definition for tax applicability to include any activity occurring within the state.