The Investment Company Institute ("ICI") expressed opposition to New York State bills (see here and here) that would reduce the rebate of stock transfer sales tax from 100 percent to 60 percent.
In a comment letter, the ICI claimed that the proposed reduced rebate would substantially increase the cost of funds' portfolio transactions. The ICI said that at the very least any reduction of the rebate on stock transfer tax must not apply to Investment Company Act-registered funds. The ICI further argued that any reduction in the rebate to funds would impact investors, specifically "average Americans saving for their long-term needs."
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.