A# |
5660 |
P&S #: |
5230 |
DATE: |
August 5, 2003 |
| TO: |
ALL PARTICIPANTS |
ATTENTION: |
Managing Partner/Officer, |
FROM: |
Enterprise Service Center |
| SUBJECT: | NEW YORK STATE STOCK TRANSFER TAX REBATE PROGRAM |
National Securities Clearing Corporation will have accumulated the allowable transfer tax rebates reported by participants for the period June 30, 2003 through September 29, 2003. The State requires that these amounts be applied to participants’ settlement accounts. Accordingly, on September 30, 2003 Preliminary and Final Settlement Statements, these amounts will appear as a Debit (Code 70) and Credit (Code 71).
The payment and return of the rebate amounts taking place on the same day is contingent upon New York State’s ability to authorize the return of the rebate amounts prior to the close of business September 30, 2003. Participants will be advised prior to settlement time (4:00 P.M., New York time), should the state fail to authorize the return of the rebate on this date. Further information regarding the distribution of the rebate will be made available to Participants at that time.
Questions regarding this notice should be addressed to Walter Gates at (212) 855-2422. Questions regarding the calculation of the stock transfer tax should be addressed to your tax counsel or accountants or the New York State Department of Taxation and Finance at (518) 474-5472.
Louis Recco
Manager
Enterprise Service Center