On 3 February, FIA PTG joined over two dozen trade groups in sending letters to the New York legislature in opposition to re-imposing any form of a New York State Stock Transaction Tax (STT). The joint-trade letters stated that such a tax would damage New York’s position as a global financial capital, resulting in shrinkage of an industry that is the largest contributor to New York’s economy and tax base. The letters acknowledged that New York is facing budget deficits and economic uncertainty, but cautioned that it will only be made worse by adding a tax that diminishes financial market activity in the state.
