Last month, Lt. Gov. Antonio Delgado publicly threw his weight behind repealing the stock transfer tax rebate to stop the state from returning tens of billions in tax money back to Wall Street annually. Proponents see the move as an opportunity to deepen the state’s pockets to fund programs and services ranging from NYCHA housing to green energy. All by collecting on an already existing tax.
“For decades, Wall Street has made billions off New Yorkers — and paid nothing in stock transfer taxes,” tweeted Delgado on Dec. 23. “It’s time to collect the revenue already on the books and invest it back into our schools, transit, and communities. Let’s make the ultra-wealthy pay what they owe.”
New York’s stock transfer tax dates back to 1905 and remained in full effect until 1977 when then-Gov. Hugh Carey passed the bill to establish the rebate. For the next few years, the state returned a percentage back to Wall Street. By Oct. 1981, the entire tax was rebated back although “complex” laws prevented a full repeal. Still, the stock transfer tax is now ostensibly dormant.
In theory, everyone pays the same each time they sell their stock in New York: a few cents to the dollar. The movement’s supporters argue the impact on everyday investors will be nominal. Instead, the tens of billions in potential state revenue overwhelmingly stem from taxing “high-frequency” traders and speculators. They often rely on automation and algorithms to move high volumes of stock within milliseconds. So even a few cents a transaction would add up to tens of billions at the fiscal year’s end.
Other stock exchanges like Hong Kong and London already levy and collect on a similar tax. Additionally, non-resident investors would still be subject to pay. High-frequency traders cannot escape a stock transfer tax simply by moving out of the state, or even the country. Instead, they can only threaten to form or bolster another stock exchange.
Recently, assembly member Phil Steck championed repealing the rebate to offset federal budget cuts from the Trump administration. His bill continues growing in support from Albany, adding on Assembly Majority Leader Crystal Peoples-Stokes as a co-sponsor last year. Queens lawmaker James Sanders Jr. sponsors the state senate’s version of the bill. Beyond Albany, key proponents in the movement include former presidential candidate Ralph Nader and labor organizer Ray Rogers.
“Primary elections often promote new policies,” wrote Steck in an unpublished op-ed obtained by the AmNews. “Lt. Gov. Antonio Delgado has endorsed the Stock Transfer Tax (STT), which would produce billions of dollars for funding green energy. STT requires stepping on some toes, albeit some very tiny toes at 1/10 of 1 percent.”
“Lt. Governor Delgado’s historic decision, if elected, to end the stock transfer tax rebate should motivate the majority of educated voters who believe in justice for all and that dire poverty, homelessness and crumbling infrastructure should cease to exist, to vigorously campaign and vote for him” added Rogers.
Delgado becomes another key political heavyweight backing the stock transfer tax repeal as he primaries former running mate Gov. Kathy Hochul this year. Steck’s bill will likely require the governor’s signature to pass into law unless there is supermajority support in the state legislature. Additionally, the lieutenant governor’s vote serves as a tie-breaker on the state senate floor.
Delgado’s public split with Hochul led up to his gubernatorial campaign announcement last year. He would become New York’s second Black governor if he won. The primary election will take place on June 23.
“What drew me to the stock transfer tax rebate conversation is how clearly it shows what’s upside-down in our economy,” said Delgado over email to the AmNews. “New York is the financial capital of the world, yet we’re leaving billions of dollars a year on the table while families struggle to afford child care, housing, health care and clean air and water. As governor, I would make it a priority to finally collect this revenue and invest it back into the communities that have been locked out for too long: Black and Brown neighborhoods that have faced generations of disinvestment.
“Rural communities that are losing hospitals, schools, and basic infrastructure. This is about making sure the wealth generated in New York actually lifts up working people.”
While the bill unsurprisingly faces opposition from Wall Street and interest groups who argue repealing the rebate will drive away the securities industry — which contributed to nearly 20% of total state tax revenue in State Fiscal Year 2023-24 — awareness of the state’s stock transfer tax also poses a challenge. Delgado’s support may bring renewed attention to repealing the rebate.
“Most New Yorkers are not even aware that for almost 50 years, leaders in both parties continued to sign-off on this disastrous and indefensible refund to Wall Street, of a tax that’s been on the books for 120 years,” said organizer Judy Jorrisch. “This amounted to a $600 billion giveaway from NY’s treasury! Meanwhile, they’re telling us we can only afford austerity budgets with decaying infrastructure and dismantling of vital services. Antonio Delgado’s support for this bill could finally ignite the public to demand an immediate end to this outrageous refund.”
Exactly how much would go towards social programs depends on the money raised? Yale University fellow and former McKinsey Chief Economist James Henry now estimates the state could generate $40 to 75 billion each year, up from the $13 to 20 billion he gauged last year when he spoke to the AmNews.
Steck’s bill proportions the money from a stock transfer tax into percentages. For example, as the legislation stands, 10% would go to the Clean Energy Fund while 5% would go to funding NYCHA. Funding would also be guaranteed to go towards transit, mental health services and public education, including both CUNY and SUNY.
Delgado continues breaking ranks with Hochul, eschewing her State of the State address this week for his own State of the People tour of roundtables and town halls. He also kicked off the year receiving endorsements from Brooklyn-based lawmakers Emily Gallagher and Jabari Brisport, two democratic socialists who backed Zohran Mamdani in this past mayoral election. Brisport, the state’s first gay Black state senator, also co-sponsors his chamber’s version of the stock transfer tax rebate repeal bill.
“Antonio Delgado has shown he is willing to take on powerful interests, tax the ultra-wealthy, and partner with movements and legislators to deliver real change,” said Brisport in a Jan. 5 statement. “From housing and healthcare to childcare and workers’ rights, Antonio understands that half-measures won’t solve a crisis decades in the making. I’m proud to endorse him because New York deserves a governor who will fight unapologetically for working class people.”
For Residents To Preserve Public Housing (RPPH), the support of New York State gubernatorial candidate Antonio Delgado to end the Stock Transfer Tax Rebate is a critical victory for social and economic justice across New York. Ending the rebate would generate billions in dedicated revenue, including long-overdue funding for Section 9 public housing, which would help NYCHA address capital repairs, and preserve affordability for hundreds of thousands of residents. This position affirms that public housing is essential infrastructure—and that working families must take precedence over Wall Street giveaways
I appreciate Amsterdam News highlighting Lt. Gov. Delgado’s support for reinstating New York’s stock transfer tax. This is an important conversation for communities like the 68th Assembly District.
As a candidate for New York State Assembly, I support the stock transfer tax because it is a fair and responsible way to invest back into our neighborhoods without placing additional burdens on working families. This policy benefits everyone in our district—renters, homeowners, and residents of public housing—by creating sustainable revenue for essential services.
I am especially proud that this legislation earmarks 5% specifically for Section 9 public housing. That commitment matters. It means real resources for capital repairs, long-term affordability, and stability for families who depend on public housing. Preserving and strengthening affordable housing is how we keep our communities intact and prevent displacement.
The stock transfer tax is about shared responsibility and shared benefit—and it is exactly the kind of policy New York needs right now.
— Tamika Mapp
Candidate for New York State Assembly, 68th AD
For Residents To Preserve Public Housing (RPPH), the support of New York State gubernatorial candidate Antonio Delgado to end the Stock Transfer Tax Rebate is a critical victory for social and economic justice across New York. Ending the rebate would generate billions in dedicated revenue, including long-overdue funding for Section 9 public housing, which would help NYCHA address capital repairs, and preserve affordability for hundreds of thousands of residents. This position affirms that public housing is essential infrastructure—and that working families must take precedence over Wall Street giveaways.”
Lt. Governor Delgado is a huge breath of fresh air in NYS politics. His decision to advocate for ending the Stock Transfer Tax Rebate and passage of the New York Health Act shows that he is, by far, the best candidate running for governor who truly represents the best interests of twenty million New Yorkers.
For NYCHA Section 9 public housing residents, him becoming governor will assure the Stock Transfer Tax rebate will end and the billions needed to invest in quality public housing will become a reality!
For the more than half-a-million NYC and NYS public sector workers and their unions, collective bargaining should become much less adversarial because funds will be available to fairly compensate workers.
In Mr. Delgado, we have a candidate who stands head and shoulders above all others on social and economic justice. Trump will think twice before trying to mess with him!
Thank you for this coverage, and thank you to Lt. Gov. Delgado. The stock transfer tax, if it passes, will render the arguments in favor of privatizing public housing completely irrelevant.
Thank you for clarifying this issue. The stock transfer tax needs to pass to help sustain public housing from becoming privatized. This needs to be amplified more!!!
This stock transfer bill would not only sustain Public Housing (Section 9), since HUD has not supplied funding; but it will also benefit many agencies within New York City. It’s a Win/Win situation that needs to happen! Billions of dollars would help to improve services throughout the city and bring adequate and much needed funding that the city desperately needs!
Thank you for this reporting. I am in support of repealing this tax rebate to transfer wealth to the working poor in nyc and ny state. And I plan to vote for Delgado.
For anyone who unnecessarily worries of ny exchanges moving out-of-state, it’s an invalid argument. The exchanges physically here will stay, because at scale, nanoseconds translate into real dollar gains. And where are the nanosecond factors possible? Physically in New York.