Bill Text: NY A02626 | 2025-2026 | General Assembly | Introduced

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Bill Title: Enacts the "mansion tax adjustment act"; increases the sales price threshold for real property conveyances that will trigger additional sales tax.

Spectrum: Slight Partisan Bill (Democrat 4-2)

Status: (Introduced) 2025-01-21 - referred to ways and means [A02626 Detail]

Download: New_York-2025-A02626-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2626

                               2025-2026 Regular Sessions

                   IN ASSEMBLY

                                    January 21, 2025
                                       ___________

        Introduced by M. of A. SAYEGH, GLICK, STERN, LEMONDES, SHIMSKY, GALLAHAN
          -- read once and referred to the Committee on Ways and Means

        AN  ACT  to  amend  the tax law, in relation to increasing the amount on
          which additional taxes are imposed for conveyances of real property

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

     1    Section  1.  This  act shall be known and may be cited as the "mansion
     2  tax adjustment act".
     3    § 2. Subdivision (a) of section 1402-a of the tax  law,  as  added  by
     4  chapter 61 of the laws of 1989, is amended to read as follows:
     5    (a)  In addition to the tax imposed by section fourteen hundred two of
     6  this article, a tax is hereby imposed on each conveyance of  residential
     7  real  property or interest therein when the consideration for the entire
     8  conveyance is [one] two million  dollars  (adjusted  for  inflation)  or
     9  more.  For  purposes  of  this  section, residential real property shall
    10  include any premises that is or may be used in whole or  in  part  as  a
    11  personal residence, and shall include a one, two, or three-family house,
    12  an  individual  condominium  unit,  or a cooperative apartment unit. The
    13  rate of such tax shall be one percent of the consideration or part ther-
    14  eof attributable to the residential real property.  Such  tax  shall  be
    15  paid  at  the  same  time  and  in the same manner as the tax imposed by
    16  section fourteen hundred two of this article.    For  purposes  of  this
    17  section,  the  two million dollar amount shall be adjusted for inflation
    18  in each calendar year starting on and after January first, two  thousand
    19  twenty-seven  by  multiplying the amount by the ratio of (i) the average
    20  monthly value of the consumer price index for the  twelve  month  period
    21  ending  on  June  thirtieth  of  the immediately preceding calendar year
    22  divided by (ii) the average monthly value of the  consumer  price  index
    23  for  the  twelve  month  period  ending on June thirtieth of the year in
    24  which this subdivision became a law, and  rounding  the  amount  to  the
    25  nearest  thousand  dollars.  For  purposes of this section, the consumer

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02707-01-5
        A. 2626                             2

     1  price index means the consumer price index  (for  all  urban  consumers,
     2  U.S.  city  average, all items, not seasonally adjusted) as published by
     3  the United States department of labor.
     4    § 3. This act shall take effect immediately.