The New York Stock Exchange may leave New York State if Albany imposes a transfer tax on stock sales, the president of the Intercontinental Exchange Inc.-owned exchange operator said on Tuesday in an op-ed in the Wall Street Journal.
NYSE President Stacey Cunningham said she and 25 other representatives of New York’s securities industry sent a letter last Wednesday to state legislative leaders warning against the unintended consequences of imposing such a tax, which would ultimately be borne by investors.
“The New York Stock Exchange belongs in New York. If Albany lawmakers get their way, however, the center of the global financial industry may need to find a new home,” she said.
An NYSE representative declined to comment further.
New York State is facing steep budgetary shortfalls due to the COVID-19 pandemic, prompting some state lawmakers to introduce a bill here that would tax certain financial transactions…
Continue Reading