N.Y. Tax Law § 270-E — Maximum amounts of tax

§ 270-e. Maximum amounts of tax. 1. Notwithstanding the provisions\nof section two hundred seventy of this chapter, where any transaction\nsubject to the tax imposed by this article involves a sale which relates\nto shares or certificates of the same class and issued by the same\nissuer, the amount of tax upon any such transaction which involves such\nsingle qualifying sale shall not exceed the sum of three hundred fifty\ndollars, provided, however, that such transactions involving sales by\nany member of a securities exchange or by any registered dealer, who is\npermitted or required pursuant to any rules and regulations promulgated\nby the tax commission pursuant to the provisions of section two hundred\neighty-one-a of this chapter to pay the taxes imposed by this article\nwithout the use of the stamps prescribed by this article, pursuant to\none or more orders to sell such shares or certificates placed with the\nsame member of a securities exchange or the same registered dealer on\none day, by the same person, each relating to shares or certificates of\nthe same class and issued by the same issuer, all of which sales are\nexecuted on the same day (regardless of whether it be the day of the\nplacing of the orders to sell), shall, for the purposes of this\nsubdivision one, be considered to constitute a single qualifying sale.\n 2. All the provisions of this article shall apply with respect to the\nmaximum amounts of tax provided for by this section to the same extent\nand in the same manner and with the same force and effect as if the\nlanguage of such provisions had been incorporated in full into this\nsection and had expressly referred to the maximum amounts of tax\nprovided for under this section, except to the extent that any such\nprovision is either inconsistent with a provision of this section or is\nnot relevant to this section. Provided, further, any reference in this\narticle to the maximum amounts of tax on a single taxable sale under\nsubdivision two of section two hundred seventy-a of this article shall\nmean the maximum amounts of tax on a single qualifying sale provided for\nby this section. The term "tax" as used in this article shall include\nthe maximum amounts of tax provided for by this section as well as the\ntaxes imposed by subdivisions one of sections two hundred seventy and\ntwo hundred seventy-d of this article, and a reference to such tax,\nsubdivision one of section two hundred seventy or subdivision two of\nsection two hundred seventy-a shall include the maximum amounts of tax\nprovided for by this section or this subdivision, as the case may be.\n