New York Laws
Article 12 - Tax on Transfers of Stock and Other Corporate Certificates
270-E - Maximum Amounts of Tax.

§ 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.