Bill Text: NY A07977 | 2011-2012 | General Assembly | Introduced

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Bill Title: Repeals the additional tax imposed on the conveyance of residential real property where the consideration is $1,000,000 or more; provides that this additional tax presently is set at a rate of 1% of the consideration to be paid.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-01-04 - referred to ways and means [A07977 Detail]

Download: New_York-2011-A07977-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7977
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 25, 2011
                                      ___________
       Introduced by M. of A. THIELE -- read once and referred to the Committee
         on Ways and Means
       AN  ACT  to  repeal  section  1402-a of the tax law, relating to the tax
         imposed on the conveyance of certain residential real property
         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 Section 1402-a of the tax law is REPEALED.
    2    S  2.  This act shall take effect on the first of July next succeeding
    3  the date on which it shall have become a law  and  shall  apply  to  all
    4  conveyances occurring on or after such date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11641-01-1