Bill Text: NY A10512 | 2015-2016 | General Assembly | Amended
Bill Title: Relates to the taxation of the transfer of real property to any housing development fund company or an entity of which a controlling interest is held by such company and such real property is subject to a certain regulatory agreement or restrictive covenant.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2016-08-19 - signed chap.264 [A10512 Detail]
Download: New_York-2015-A10512-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 10512--A IN ASSEMBLY May 31, 2016 ___________ Introduced by M. of A. FARRELL -- read once and referred to the Commit- tee on Ways and Means -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the administrative code of the city of New York, in relation to the taxation of the transfer of real property The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision b of section 11-2106 of the administrative code 2 of the city of New York is amended by adding a new paragraph 9 to read 3 as follows: 4 9. A deed, instrument or transaction conveying or transferring real 5 property or an economic interest therein by or to any housing develop- 6 ment fund company organized pursuant to article eleven of the private 7 housing finance law or to an entity, the controlling interest of which 8 is held by such a company, if at the time of such conveyance or trans- 9 fer, such real property is subject to, or simultaneously with such 10 conveyance or transfer is made subject to, a regulatory agreement with 11 the state of New York, a municipal corporation or any other public 12 corporation created by or pursuant to any law of the state of New York 13 that: encumbers the real property for thirty years or more, requires 14 mutual consent for revocation or amendment, restricts more than fifty 15 percent of the floor area, other than common areas, to residential real 16 property, and restricts at least sixty-six and two-thirds percent of 17 such residential real property to purchase, lease, license or other use 18 by persons of low income and families of low income within the meaning 19 of section two of the private housing finance law; provided, however, 20 that if such regulatory agreement restricts less than one hundred 21 percent of the floor area, other than common areas, to purchase, lease, 22 license or other use by persons of low income and families of low income 23 within the meaning of section two of the private housing finance law, 24 the tax shall apply to the consideration less the product of the consid- 25 eration and a fraction, the numerator of which is the floor area that 26 such regulatory agreement restricts to purchase, lease, license or other 27 use by persons of low income and families of low income within the mean- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15655-02-6A. 10512--A 2 1 ing of section two of the private housing finance law and the denomina- 2 tor of which is the entire floor area, minus the floor area of common 3 areas; provided further, that if such real property is made subject to a 4 regulatory agreement that meets the terms of this paragraph within two 5 years of the conveyance or transfer then the commissioner of finance may 6 issue a refund based on the application of this paragraph pursuant to 7 the provisions of section 11-2108 of this chapter, treating the transfer 8 or conveyance as if such real property were subject to such regulatory 9 agreement as of the date of such transfer or conveyance, if, notwith- 10 standing any other time limitation set forth in section 11-2108 of this 11 chapter, application to the commissioner of finance for such refund is 12 made within twelve months of the effective date of such regulatory 13 agreement. 14 § 2. This act shall take effect immediately and shall be retroactive 15 to, and be deemed to apply to, all conveyances or transfers occurring on 16 or after January 1, 2010.