Bill Text: NY S02196 | 2013-2014 | General Assembly | Introduced
Bill Title: Relates to calculations of enhanced STAR upon sale of a parcel of real property with such exemption.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-04-30 - REPORTED AND COMMITTED TO FINANCE [S02196 Detail]
Download: New_York-2013-S02196-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 2196 2013-2014 Regular Sessions I N S E N A T E January 14, 2013 ___________ Introduced by Sen. CARLUCCI -- read twice and ordered printed, and when printed to be committed to the Committee on Aging AN ACT to amend the real property tax law, in relation to certain calcu- lations for enhanced STAR THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Subdivision 9-b of section 425 of the real property tax 2 law is amended by adding a new paragraph (e) to read as follows: 3 (E) NOTWITHSTANDING THE FOREGOING PROVISIONS OF THIS SUBDIVISION, AT 4 THE TIME OF SALE OF A PARCEL OF REAL PROPERTY WITH THE ENHANCED STAR 5 EXEMPTION, IF A PURCHASER IS NOT ENTITLED TO SUCH EXEMPTION, THEN SUCH 6 PURCHASER SHALL MAKE THE MUNICIPALITY WHOLE BY PAYING THE DIFFERENCE 7 BETWEEN THE SELLER'S TAX LIABILITY AND THAT DUE FROM THE PURCHASER BASED 8 ON SUCH PURCHASER'S TAX LIABILITY. THE PURCHASER SHALL PAY THE PRO-RATED 9 PORTION OF THE NON-ENHANCED STAR EXEMPTION TAX LIABILITY. 10 S 2. This act shall take effect immediately; provided, however, that 11 effective immediately, the addition, amendment and/or repeal of any rule 12 or regulation necessary for the implementation of this act on its effec- 13 tive date is authorized and directed to be made and completed on or 14 before such effective date. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05325-01-3