§ 281-a. Alternative method of collection. 1. Notwithstanding any
other provisions of this article, the tax commission may by rules,
regulations or instructions provide that the taxes imposed by this
article on any sale, delivery or transfer executed or effected within
this state by any member of any securities exchange located within this
state which is registered with the securities and exchange commission of
the United States or by any member of a qualified securities exchange
shall be paid to or through such exchange located within this state or
in the discretion of the tax commission to or through its affiliated
clearing corporation by the person, firm, company or association
executing or effecting the sale, delivery or transfer, without the use
of the stamps prescribed by this article; provided that if such taxes
are paid through such exchange located within this state or through an
affiliated clearing corporation, payment by any member of a qualified
securities exchange shall be made to a qualified securities exchange or
a qualified clearing corporation which has agreed to abide by the rules,
regulations and instructions of the state tax commission and which the
commission has authorized to accept payment and any such qualified
securities exchange or qualified clearing corporation shall pay such
taxes to such exchange located within this state or its affiliated
clearing corporation. The taxes imposed by this article on any sale or
transfer executed or effected within this state by any person, firm,
corporation, company or association required to be registered with the
attorney general of the state of New York as a dealer in securities,
other than upon any such exchange, may also be paid without the use of
the stamps prescribed by this article, under such rules and regulations
as the tax commission may prescribe, to any agency duly authorized by
the tax commission or to the tax commission, by the person, firm,
company, corporation or association executing or effecting such sale or
transfer without the use of the stamps prescribed by this article. In
such event, a written report shall be made to such exchange located
within this state, affiliated clearing corporation, authorized agency or
the tax commission for each business day or such period as the tax
commission may prescribe, by each such person, corporation, firm,
company or association showing the amount of tax payable on all
transactions taxable under this article and such other reasonable
information as the tax commission may prescribe, provided, however, that
if such taxes are paid through such exchange located within this state
or its affiliated clearing corporation by a member of a qualified
securities exchange, such written report shall be made to the qualified
securities exchange or qualified clearing corporation, and such
qualified securities exchange or qualified clearing corporation shall
render a report to such exchange located within this state or its
affiliated clearing corporation through which such taxes are paid
showing the amount of tax payable on all transactions taxable under this
article and such other reasonable information as the tax commission may
prescribe. Such reports shall be preserved for such period as the tax
commission may prescribe. At the time of making such reports, the
amount of tax shown to be due thereon shall be paid to the tax
commission or for the account of the tax commission to or through such
exchange located within this state, affiliated clearing corporation or
authorized agency and shall be remitted daily, unless otherwise
prescribed by the tax commission, by such exchange, affiliated clearing
corporation or authorized agency to the tax commission together with a
report in such form as may be prescribed by the tax commission. The
payment of the tax to or through an exchange, affiliated clearing
corporation, authorized agency or the tax commission on each transaction
as hereinbefore provided shall be evidenced by a certification in such
form and manner as the tax commission may prescribe. In the event that
collection of the tax is prescribed without the use of stamps as
hereinbefore provided, all of the provisions of this article not
inconsistent with this section shall apply.

2. For the purposes of this article the following terms shall have
the following meanings: (a) An "affiliated clearing corporation"
shall, if it has a place of business in this state, include a clearing
corporation as defined in section 8--102 of the uniform commercial code
and a clearing corporation affiliated with a national securities
exchange or association registered with the securities and exchange
commission of the United States, and the persons, firms, corporations,
companies or associations by whom taxes may be paid without the use of
stamps may, in the discretion of the tax commission, include depositors
in the system maintained by such clearing corporation.

(b) A "qualified securities exchange" shall include any securities
exchange located outside this state or any national securities
association which is registered with the securities and exchange
commission of the United States and which is a participant in an
intermarket linkage system in which one or more national securities
exchanges located within this state is a participant of such system.

(c) A "qualified clearing corporation" shall include a clearing
corporation as defined in section 8--102 of the uniform commercial code
which is affiliated with a qualified securities exchange.