N.Y. Tax Law § 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.