New York State Votes Five-Percent Market Data Tax? Say It Ain't So

Effective Sept. 1, the New York State legislature is tacking a five percent tax on information services delivered by "telephony...or telephone," which means all the data that is electronically delivered to investment managers. The tax will be levied on top of state and local sales taxes, and as such brings the total tariff for New York City-based data consumers to 13 1/2 percent.

But few, if any, September data bills will reflect the added five percent: Data vendors are seeking clarification