Repeals the rebates for stock transfer tax paid; dedicates funds of the stock transfer tax fund and stock transfer incentive fund to various funds

2025 Regular Session Introduced by Khaleel Anderson and 37 co-sponsors

Repeals stock transfer tax rebates and directs the stock transfer tax and incentive funds to designated state programs, ending rebates for taxpayers and shifting revenues.

PRINT NUMBER 1494A

Overview

Bill: A1494A (PRINT NUMBER 1494A)

Title: Repeals the rebates for stock transfer tax paid; dedicates funds of the stock transfer tax fund and stock transfer incentive fund to various funds

Introduced: January 10, 2025

Current Status: Referred to Ways and Means; amendments and print version issued (A1494A) on January 28, 2025

Primary Sponsor: Phil Steck (with a large slate of cosponsors)

Main purpose and intent

The bill repeals the rebate program tied to the stock transfer tax (i.e., no longer providing rebates to taxpayers who paid the stock transfer tax).

It also changes how revenue from the stock transfer tax fund and the stock transfer incentive fund is distributed, by dedicating those funds to other state programs or funds described in the bill.

Key provisions and changes

Repeal of stock transfer tax rebates

Ends the rebate mechanism for taxpayers who have paid the stock transfer tax.

Dedicated funding allocations

Mandates that funds within the stock transfer tax fund and the stock transfer incentive fund be dedicated to other funds or programs as specified in the bill.
The exact recipients or allocations are defined in A1494A (i.e., the bill designates specific uses for these funds rather than allowing discretionary use or general appropriation).

Who would be affected

Taxpayers who currently receive rebates related to the stock transfer tax would no longer receive those rebates.

State funds and programs specified by the bill would gain dedicated revenue from the stock transfer tax fund and the stock transfer incentive fund, potentially altering annual allocations to those recipients.

Government agencies and programs that rely on stock transfer tax revenues could see changes in funding streams depending on how the funds are redirected.

Procedural and timeline aspects

January 10, 2025: Bill introduced and referred to Ways and Means.

January 28, 2025: Amendments to Ways and Means; Print Number 1494A issued (reflecting the revised version).

Related actions: Multiple amendments and other related bills from prior sessions are listed (e.g., S 6203, S 1237; A3353, A4574) indicating ongoing discussion of stock transfer tax policies in related legislation.

A substantial number of sponsors and cosponsors are listed, signaling broad legislative interest.

Fiscal and policy considerations

The bill would reduce or eliminate rebates that reduced taxpayers’ stock transfer tax burden and redirect dedicated funds to other state priorities.

The specific fiscal impact (e.g., total rebate reductions, exact amounts redirected, or how funding levels compare to current allocations) would be determined by the bill’s final text and the allocations it prescribes.

Implications for the state budget depend on the revenue baseline from the stock transfer tax and how the redirected funds are allocated.

Notable nearby context

Related and companion bills exist in prior sessions (e.g., S 1237) and several related Assembly bills (A 3353, A 4574), suggesting ongoing policy consideration around stock transfer tax rebates and fund allocations.

If you’d like, I can tailor this summary to include specific sections of the bill text (when available) or compare A1494A to its related bills for a clearer policy context.

Bill