NY Legislators Propose Stock-Transfer Tax, New York Stock Exchange Threatens to Move Out of State

Due to a new finance tax proposed by state legislators in New York, the New York Stock Exchange (NYSE) may consider packing their bags and moving to another state to avoid the extra fees.

In a Wall Street Journal op-ed by NYSE President Stacey Cunningham, New York state legislators are considering introducing a tax on stocks sales which may send the NYSE to another state if it is passed.

NYSE chief warns it may exit New York if stock transfer tax is imposed https://t.co/fyHl2kwhvS pic.twitter.com/62dL7vMZX3

— New York Post (@nypost) February 9, 2021

"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,” wrote Cunningham.

The West Palm Beach Stock Exchange doesn't quite have the same ring to it, but the name matters less than the economics. https://t.co/mH9hOG4EWq

— Tom Bevan (@TomBevanRCP) February 10, 2021

According to sources, Governor Cuomo’s and other state officials are not enthusiastic about the proposed tax.

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