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BOSTON STOCK EXCH v. TAX COMM

37 N.Y.2d 535 (1975)

Boston Stock Exchange et al., Appellants, v. State Tax Commission et al., Respondents.

Court of Appeals of the State of New York.

Decided October 21, 1975.

Attorney(s) appearing for the Case

Roger Pascal of the Illinois Bar, admitted pro hac vice, Milton H. Cohen and Allan Horwich for appellants.

Louis J. Lefkowitz, Attorney-General (Robert W. Bush and Ruth Kessler Toch of counsel), for respondents.

Adrian P. Burke, Corporation Counsel (Samuel J. Warms and Robert J. Metzler, II, of counsel), for the City of New York, amicus curiae.

Chief Judge BREITEL and Judges JASEN, GABRIELLI, JONES, FUCHSBERG and COOKE concur.

WACHTLER, J.

Since the turn of the century this State has levied a stock transfer tax (Tax Law, § 270). Recently the law was amended to reduce the tax on sales by nonresidents and to fix a maximum tax on all bulk sales within the State (Tax Law, § 270-a). The appellants, all of whom are stock exchanges located outside New York, seek a judgment declaring section 270-a unconstitutional on the grounds...

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