Bill Text: NY A01611 | 2023-2024 | General Assembly | Introduced

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Bill Title: Exempts the conveyance of real property for open space, parks, or historic preservation purposes to any not-for-profit tax exempt corporation operated for conservation, environmental, or historic preservation purposes from the state real estate transfer tax and the additional tax on real estate transfers of residential real property where the consideration is one million dollars or more.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A01611 Detail]

Download: New_York-2023-A01611-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1611

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 17, 2023
                                       ___________

        Introduced by M. of A. THIELE -- read once and referred to the Committee
          on Ways and Means

        AN  ACT to amend the tax law, in relation to exempting the conveyance of
          real property for open space, parks, or historic preservation purposes
          to any not-for-profit tax exempt corporation  operated  for  conserva-
          tion,  environmental, or historic preservation purposes from the state
          real estate transfer tax and the additional tax on real estate  trans-
          fers  of  residential  real  property  where  the consideration is one
          million dollars or more

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Section  1402-a of the tax law is amended by adding a new
     2  subdivision (d) to read as follows:
     3    (d) Notwithstanding any provision of law  to  the  contrary,  the  tax
     4  imposed  pursuant to section one thousand four hundred two of this arti-
     5  cle and the additional tax imposed by this section shall  not  apply  to
     6  the conveyance of real property for open space, parks, or historic pres-
     7  ervation  purposes to any not-for-profit tax exempt corporation operated
     8  for conservation, environmental or historic preservation purposes.
     9    § 2. This act shall take effect immediately.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05670-01-3