270-E - Maximum amounts of tax. - New York Statutes

§ 270-e. Maximum amounts of tax. 1. Notwithstanding the provisions of section two hundred seventy of this chapter, where any transaction subject to the tax imposed by this article involves a sale which relates to shares or certificates of the same class and issued by the same issuer, the amount of tax upon any such transaction which involves such single qualifying sale shall not exceed the sum of three hundred fifty dollars, provided, however, that such transactions involving sales by any member of a securities exchange or by any registered dealer, who is permitted or required pursuant to any rules and regulations promulgated by the tax commission pursuant to the provisions of section two hundred eighty-one-a of this chapter to pay the taxes imposed by this article without the use of the stamps prescribed by this article, pursuant to one or more orders to sell such shares or certificates placed with the same member of a securities exchange or the same registered dealer on one day, by the same person, each relating to shares or certificates of the same class and issued by the same issuer, all of which sales are executed on the same day (regardless of whether it be the day of the placing of the orders to sell), shall, for the purposes of this subdivision one, be considered to constitute a single qualifying sale. 2. All the provisions of this article shall apply with respect to the maximum amounts of tax provided for by this section to the same extent and in the same manner and with the same force and effect as if the language of such provisions had been incorporated in full into this section and had expressly referred to the maximum amounts of tax provided for under this section, except to the extent that any such provision is either inconsistent with a provision of this section or is not relevant to this section. Provided, further, any reference in this article to the maximum amounts of tax on a single taxable sale under subdivision two of section two hundred seventy-a of this article shall mean the maximum amounts of tax on a single qualifying sale provided for by this section. The term "tax" as used in this article shall include the maximum amounts of tax provided for by this section as well as the taxes imposed by subdivisions one of sections two hundred seventy and two hundred seventy-d of this article, and a reference to such tax, subdivision one of section two hundred seventy or subdivision two of section two hundred seventy-a shall include the maximum amounts of tax provided for by this section or this subdivision, as the case may be.