Bill Text: NY A08594 | 2017-2018 | General Assembly | Introduced

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Bill Title: Increases the amount of real property conveyance in cities with a population of one million or more that triggers an additional tax.

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Introduced - Dead) 2017-12-15 - enacting clause stricken [A08594 Detail]

Download: New_York-2017-A08594-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          8594
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                      July 10, 2017
                                       ___________
        Introduced  by  M.  of A. KAVANAGH, CYMBROWITZ, ZEBROWSKI, M. G. MILLER,
          WEPRIN -- Multi-Sponsored by -- M. of A. FARRELL, ROSENTHAL, THIELE --
          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 in
          cities with a population of one million or more
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision (a) of section 1402-a of the tax law, as  added
     2  by chapter 61 of the laws of 1989, is amended to read as follows:
     3    (a)  In addition to the tax imposed by section fourteen hundred two of
     4  this article, a tax is hereby imposed on each conveyance of  residential
     5  real  property or interest therein when: (i) in cities with a population
     6  of less than one million, the consideration for the entire conveyance is
     7  one million dollars or more; or (ii) in cities with a population of  one
     8  million  or  more,  the  consideration  for the entire conveyance is one
     9  million seven hundred fifty thousand dollars or more.  For  purposes  of
    10  this  section, residential real property shall include any premises that
    11  is or may be used in whole or in part as a personal residence, and shall
    12  include a one, two, or three-family  house,  an  individual  condominium
    13  unit, or a cooperative apartment unit. The rate of such tax shall be one
    14  percent  of  the consideration or part thereof attributable to the resi-
    15  dential real property. Such tax shall be paid at the same  time  and  in
    16  the  same  manner  as the tax imposed by section fourteen hundred two of
    17  this article.
    18    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02830-01-7