Bill Text: NY S08821 | 2021-2022 | General Assembly | Introduced
Bill Title: Authorizes the board of trustees of the village of Saltaire in the county of Suffolk to adopt a local law imposing a 2% tax on real estate transfers for ten years to lessen the real property tax burden and fund infrastructure improvements; provides for the repeal of such provisions upon expiration thereof.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2022-04-20 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S08821 Detail]
Download: New_York-2021-S08821-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 8821 IN SENATE April 20, 2022 ___________ Introduced by Sen. BOYLE -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law and the village law, in relation to author- izing the village of Saltaire, county of Suffolk, to impose a tax on real estate transfers; and providing for the repeal of such provisions upon expiration thereof The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The tax law is amended by adding a new article 31-H to read 2 as follows: 3 ARTICLE 31-H 4 TAX ON REAL ESTATE TRANSFERS IN THE VILLAGE OF SALTAIRE 5 Section 1449-aaaaaa. Definitions. 6 1449-bbbbbb. Imposition of tax. 7 1449-cccccc. Payment of tax. 8 1449-dddddd. Liability for tax. 9 1449-eeeeee. Exemptions. 10 1449-ffffff. Credit. 11 1449-gggggg. Cooperative housing corporation transfers. 12 1449-hhhhhh. Designation of agents. 13 1449-iiiiii. Liability of recording officer. 14 1449-jjjjjj. Refunds. 15 1449-kkkkkk. Deposit and disposition of revenue. 16 1449-llllll. Judicial review. 17 1449-mmmmmm. Apportionment. 18 1449-nnnnnn. Miscellaneous. 19 1449-oooooo. Returns to be secret. 20 1449-pppppp. Foreclosure. 21 § 1449-aaaaaa. Definitions. When used in this article, unless other- 22 wise expressly stated: 23 1. "Person" means an individual, partnership, society, association, 24 joint stock company, corporation, estate, receiver, trustee, assignee, 25 referee or any other person acting in a fiduciary or representative EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14394-01-2S. 8821 2 1 capacity, whether appointed by a court or otherwise, any combination of 2 individuals, and any other form of unincorporated enterprise owned or 3 conducted by two or more persons. 4 2. "Controlling interest" means (a) in the case of a corporation, 5 either fifty percent or more of the total combined voting power of all 6 classes of stock of such corporation, or fifty percent or more of the 7 capital, profits or beneficial interest in such voting stock of such 8 corporation, and (b) in the case of a partnership, association, trust or 9 other entity, fifty percent or more of the capital, profits or benefi- 10 cial interest in such partnership, association, trust or other entity. 11 3. "Real property" means every estate or right, legal or equitable, 12 present or future, vested or contingent, in lands, tenements or heredi- 13 taments, including buildings, structures and other improvements thereon, 14 which are located in whole or in part within the village of Saltaire, in 15 the county of Suffolk. It shall not include rights to sepulture. 16 4. "Consideration" means the price actually paid or required to be 17 paid for the real property or interest therein, including payment for an 18 option or contract to purchase real property, whether or not expressed 19 in the deed and whether paid or required to be paid by money, property, 20 or any other thing of value. It shall include the cancellation or 21 discharge of an indebtedness or obligation. It shall also include the 22 amount of any mortgage, purchase money mortgage, lien or other encum- 23 brance, whether or not the underlying indebtedness is assumed or taken 24 subject to. 25 (a) In the case of a creation of a leasehold interest or the granting 26 of an option with use and occupancy of real property, consideration 27 shall include, but not be limited to, the value of the rental and other 28 payments attributable to the use and occupancy of the real property or 29 interest therein, the value of any amount paid for an option to purchase 30 or renew and the value of rental or other payments attributable to the 31 exercise of any option to renew. 32 (b) In the case of a creation of a subleasehold interest, consider- 33 ation shall include, but not be limited to, the value of the sublease 34 rental payments attributable to the use and occupancy of the real prop- 35 erty, the value of any amount paid for an option to renew and the value 36 of rental or other payments attributable to the exercise of any option 37 to renew less the value of the remaining prime lease rental payments 38 required to be made. 39 (c) In the case of a controlling interest in any entity that owns real 40 property, consideration shall mean the fair market value of the real 41 property or interest therein, apportioned based on the percentage of the 42 ownership interest transferred or acquired in the entity. 43 (d) In the case of an assignment or surrender of a leasehold interest 44 or the assignment or surrender of an option or contract to purchase real 45 property, consideration shall not include the value of the remaining 46 rental payments required to be made pursuant to the terms of such lease 47 or the amount to be paid for the real property pursuant to the terms of 48 the option or contract being assigned or surrendered. 49 (e) In the case of (1) the original conveyance of shares of stock in a 50 cooperative housing corporation in connection with the grant or transfer 51 of a proprietary leasehold by the cooperative corporation or cooperative 52 plan sponsor and (2) the subsequent conveyance by the owner thereof of 53 such stock in a cooperative housing corporation in connection with the 54 grant or transfer of a proprietary leasehold for a cooperative unit 55 other than an individual residential unit, consideration shall include a 56 proportionate share of the unpaid principal of any mortgage on the realS. 8821 3 1 property of the cooperative housing corporation comprising the cooper- 2 ative dwelling or dwellings. Such share shall be determined by multiply- 3 ing the total unpaid principal of the mortgage by a fraction, the numer- 4 ator of which shall be the number of shares of stock being conveyed in 5 the cooperative housing corporation in connection with the grant or 6 transfer of a proprietary leasehold and the denominator of which shall 7 be the total number of shares of stock in the cooperative housing corpo- 8 ration. 9 5. "Conveyance" means the transfer or transfers of any interest in 10 real property by any method, including but not limited to, sale, 11 exchange, assignment, surrender, mortgage foreclosure, transfer in lieu 12 of foreclosure, option, trust indenture, taking by eminent domain, 13 conveyance upon liquidation or by a receiver, or transfer or acquisition 14 of a controlling interest in any entity with an interest in real proper- 15 ty. Transfer of an interest in real property shall include the creation 16 of a leasehold or sublease only where (a) the sum of the term of the 17 lease or sublease and any options for renewal exceeds forty-nine years, 18 (b) substantial capital improvements are or may be made by or for the 19 benefit of the lessee or sublessee, and (c) the lease or sublease is for 20 substantially all of the premises constituting the real property. 21 Notwithstanding the foregoing, conveyance of real property shall not 22 include the creation, modification, extension, spreading, severance, 23 consolidation, assignment, transfer, release or satisfaction of a mort- 24 gage; a mortgage subordination agreement, a mortgage severance agree- 25 ment, an instrument given to perfect or correct a recorded mortgage; or 26 a release of lien of tax pursuant to this chapter or the internal reven- 27 ue code. 28 6. "Interest in the real property" includes title in fee, a leasehold 29 interest, a beneficial interest, an encumbrance, development rights, air 30 space and air rights, or any other interest with the right to use or 31 occupancy of real property or the right to receive rents, profits or 32 other income derived from real property. It shall also include an option 33 or contract to purchase real property. It shall not include a right of 34 first refusal to purchase real property. 35 7. "Grantor" means the person making the conveyance of real property 36 or interest therein. Where the conveyance consists of a transfer or an 37 acquisition of a controlling interest in an entity with an interest in 38 real property, "grantor" means the entity with an interest in real prop- 39 erty or a shareholder or partner transferring stock or partnership 40 interest. 41 8. "Grantee" means the person who obtains real property or interest 42 therein as a result of a conveyance. 43 9. "Recording officer" means the village clerk of the village of 44 Saltaire. 45 10. "Treasurer" means the chief fiscal officer of the village 46 Saltaire. 47 11. "Local legislative body" means the board of trustees of the 48 village of Saltaire. 49 12. "Village" means the village of Saltaire, town of Islip, county of 50 Suffolk. 51 § 1449-bbbbbb. Imposition of tax. Notwithstanding any other provisions 52 of law to the contrary, the village of Saltaire, in the county of 53 Suffolk, acting through its local legislative body, is hereby authorized 54 and empowered to adopt and amend local laws imposing in such village a 55 tax on each conveyance of real property or interest therein when the 56 consideration exceeds five hundred dollars, at a rate not to exceed aS. 8821 4 1 maximum of two percent of the consideration for such conveyance. Such 2 local law may apply to any conveyance occurring on or after the date 3 designated by such legislative body, but shall not apply to conveyances 4 made on or after such date pursuant to binding written contracts entered 5 into prior to such date, provided that the date of execution of such 6 contract is confirmed by independent evidence such as the recording of 7 the contract, payment of a deposit or other facts and circumstances as 8 determined by the treasurer. 9 § 1449-cccccc. Payment of tax. 1. The real estate transfer tax imposed 10 pursuant to this article shall be paid to the treasurer or the recording 11 officer acting as the agent of the treasurer. Such tax shall be paid at 12 the same time as the real estate transfer tax imposed by article thir- 13 ty-one of this chapter is required to be paid. Such treasurer or record- 14 ing officer shall endorse upon each deed or instrument effecting a 15 conveyance a receipt for the amount of the tax so paid. 16 2. A return shall be required to be filed with such treasurer or 17 recording officer for purposes of the real estate transfer tax imposed 18 pursuant to this article at the same time as a return is required to be 19 filed for purposes of the real estate transfer tax imposed by article 20 thirty-one of this chapter. The return, for purposes of the real estate 21 transfer tax imposed pursuant to this article, shall be a photocopy or 22 carbon copy of the real estate transfer tax return required to be filed 23 pursuant to section fourteen hundred nine of this chapter. However, when 24 an apportionment is required to be made pursuant to section fourteen 25 hundred forty-nine-mmmmmm of this article, a supplemental form shall 26 also be required to be filed. The real estate transfer tax returns and 27 supplemental forms required to be filed pursuant to this section shall 28 be preserved for three years and thereafter until such treasurer or 29 recording officer orders them to be destroyed. 30 3. The recording officer shall not record an instrument effecting a 31 conveyance unless the return required by this section has been filed and 32 the tax imposed pursuant to this article shall have been paid as 33 provided in this section. 34 § 1449-dddddd. Liability for tax. 1. The real estate transfer tax 35 shall be paid by the grantee. If the grantee has failed to pay the tax 36 imposed pursuant to this article or if the grantee is exempt from such 37 tax, the grantor shall have the duty to pay the tax. Where the grantor 38 has the duty to pay the tax because the grantee has failed to pay, such 39 tax shall be the joint and several liability of the grantor and the 40 grantee. 41 2. For the purpose of the proper administration of this article and to 42 prevent evasion of the tax hereby authorized, it shall be presumed that 43 all conveyances are taxable. Where the consideration includes property 44 other than money, it shall be presumed that the consideration is the 45 fair market value of the real property or interest therein. These 46 presumptions shall prevail until the contrary is proven, and the burden 47 of proving the contrary shall be on the person liable for payment of the 48 tax. 49 § 1449-eeeeee. Exemptions. 1. The following shall be exempt from 50 payment of the real estate transfer tax: 51 (a) The state of New York, or any of its agencies, instrumentalities, 52 political subdivisions, or public corporations (including a public 53 corporation created pursuant to agreement or compact with another state 54 or the Dominion of Canada). 55 (b) The United Nations, the United States of America and any of its 56 agencies and instrumentalities.S. 8821 5 1 2. The tax shall not apply to any of the following conveyances: 2 (a) Conveyances to the United Nations, the United States of America, 3 the state of New York, or any of their instrumentalities, agencies or 4 political subdivisions (or any public corporation, including a public 5 corporation created pursuant to agreement or compact with another state 6 or the Dominion of Canada); 7 (b) Conveyances which are or were used to secure a debt or other obli- 8 gation; 9 (c) Conveyances which, without additional consideration, confirm, 10 correct, modify or supplement a prior conveyance; 11 (d) Conveyances of real property without consideration and otherwise 12 than in connection with a sale, including conveyances conveying realty 13 as bona fide gifts; 14 (e) Conveyances given in connection with a tax sale; 15 (f) Conveyances to effectuate a mere change of identity or form of 16 ownership or organization where there is no change in beneficial owner- 17 ship, other than conveyances to a cooperative housing corporation of the 18 real property comprising the cooperative dwelling or dwellings; 19 (g) Conveyances which consist of a deed of partition; 20 (h) Conveyances given pursuant to the federal bankruptcy act; 21 (i) Conveyances of real property which consist of the execution of a 22 contract to sell real property without the use or occupancy of such 23 property or the granting of an option to purchase real property without 24 the use or occupancy of such property; and 25 (j) Conveyances of real property or a portion or portions of real 26 property that are the subject of one or more of the following develop- 27 ment restrictions: 28 (i) agricultural, conservation, scenic, or an open space easement, 29 (ii) covenants or restrictions prohibiting development where the prop- 30 erty or portion of property being conveyed has had its development 31 rights permanently removed, 32 (iii) a purchase of development rights agreement where the property or 33 portion of property being conveyed has had its development rights perma- 34 nently removed, 35 (iv) a transfer of development rights agreement, where the property 36 being conveyed has had its development rights removed, 37 (v) real property subject to any locally adopted land preservation 38 agreement, provided said exemption is included in the local law imposing 39 the tax authorized by this article; 40 (k) Conveyances of real property, where the property is viable agri- 41 cultural land as defined in subdivision seven of section three hundred 42 one of the agriculture and markets law and the entire property to be 43 conveyed is to be made subject to one of the development restrictions 44 provided for in subparagraph (ii) of paragraph (j) of this subdivision 45 provided that said development restriction precludes the conversion of 46 the property to a non-agricultural use for at least eight years from the 47 date of transfer, and said development restriction is evidenced by an 48 easement, agreement, or other suitable instrument which is to be 49 conveyed to the village simultaneously with the conveyance of the real 50 property; or 51 (l) Conveyances of real property for open space, parks, or historic 52 preservation purposes to any not-for-profit tax exempt corporation oper- 53 ated for conservation, environmental, or historic preservation purposes. 54 3. An exemption of one hundred thousand dollars shall be allowed on 55 the consideration of the conveyance of improved real property or an 56 interest therein, and an exemption of fifty thousand dollars shall beS. 8821 6 1 allowed on the consideration of the conveyance of unimproved real prop- 2 erty. 3 § 1449-ffffff. Credit. A grantee shall be allowed a credit against the 4 tax due on a conveyance of real property to the extent tax was paid by 5 such grantee on a prior creation of a leasehold of all or a portion of 6 the same real property or on the granting of an option or contract to 7 purchase all or a portion of the same real property, by such grantee. 8 Such credit shall be computed by multiplying the tax paid on the 9 creation of the leasehold or on the granting of the option or contract 10 by a fraction, the numerator of which is the value of the consideration 11 used to compute such tax paid which is not yet due to such grantee on 12 the date of the subsequent conveyance (and which such grantee will not 13 be entitled to receive after such date), and the denominator of which is 14 the total value of the consideration used to compute such tax paid. 15 § 1449-gggggg. Cooperative housing corporation transfers. 1. Notwith- 16 standing the definition of "controlling interest" contained in subdivi- 17 sion two of section fourteen hundred forty-nine-aaaaaa of this article 18 or anything to the contrary contained in subdivision five of section 19 fourteen hundred forty-nine-aaaaaa of this article, the tax imposed 20 pursuant to this article shall apply to (a) the original conveyance of 21 shares of stock in a cooperative housing corporation in connection with 22 the grant or transfer of a proprietary leasehold by the cooperative 23 corporation or cooperative plan sponsor, and (b) the subsequent convey- 24 ance of such stock in a cooperative housing corporation in connection 25 with the grant or transfer of a proprietary leasehold by the owner ther- 26 eof. With respect to any such subsequent conveyance where the property 27 is an individual residential unit, the consideration for the interest 28 conveyed shall exclude the value of any liens on certificates of stock 29 or other evidences of an ownership interest in and a proprietary lease 30 from a corporation or partnership formed for the purpose of cooperative 31 ownership of residential interest in real estate remaining thereon at 32 the time of conveyance. In determining the tax on a conveyance described 33 in paragraph (a) of this subdivision, a credit shall be allowed for a 34 proportionate part of the amount of any tax paid upon the conveyance to 35 the cooperative housing corporation of the real property comprising the 36 cooperative dwelling or dwellings to the extent that such conveyance 37 effectuated a mere change of identity or form of ownership of such prop- 38 erty and not a change in the beneficial ownership of such property. The 39 amount of the credit shall be determined by multiplying the amount of 40 tax paid upon the conveyance to the cooperative housing corporation by a 41 percentage representing the extent to which such conveyance effectuated 42 a mere change of identity or form of ownership and not a change in the 43 beneficial ownership of such property, and then multiplying the result- 44 ing product by a fraction, the numerator of which shall be the number of 45 shares of stock conveyed in a transaction described in paragraph (a) of 46 this subdivision and the denominator of which shall be the total number 47 of shares of stock of the cooperative housing corporation (including any 48 stock held by the corporation). In no event, however, shall such credit 49 reduce the tax, on a conveyance described in paragraph (a) of this 50 subdivision, below zero, nor shall any such credit be allowed for a tax 51 paid more than twenty-four months prior to the date on which occurs the 52 first in a series of conveyances of shares of stock in an offering of 53 cooperative housing corporation shares described in paragraph (a) of 54 this subdivision. 55 2. Every cooperative housing corporation shall be required to file an 56 information return with the treasurer by July fifteenth of each yearS. 8821 7 1 covering the preceding period of January first through June thirtieth 2 and by January fifteenth of each year covering the preceding period of 3 July first through December thirty-first. The return shall contain such 4 information regarding the conveyance of shares of stock in the cooper- 5 ative housing corporation as the treasurer may deem necessary, includ- 6 ing, but not limited to, the names, addresses and employee identifica- 7 tion numbers or social security numbers of the grantor and the grantee, 8 the number of shares conveyed, the date of the conveyance and the 9 consideration paid for such conveyance. 10 § 1449-hhhhhh. Designation of agents. The treasurer is authorized to 11 designate the recording officer to act as its agent for purposes of 12 collecting the tax authorized by this article. The treasurer shall 13 provide for the manner in which such person may be designated as its 14 agent subject to such terms and conditions as it shall prescribe. The 15 real estate transfer tax shall be paid to such agent as provided in 16 section fourteen hundred forty-nine-cccccc of this article. 17 § 1449-iiiiii. Liability of recording officer. A recording officer 18 shall not be liable for any inaccuracy in the amount of tax imposed 19 pursuant to this article that he or she shall collect so long as he or 20 she shall compute and collect such tax on the amount of consideration or 21 the value of the interest conveyed as such amounts are provided to him 22 or her by the person paying the tax. 23 § 1449-jjjjjj. Refunds. Whenever the treasurer shall determine that 24 any moneys received under the provisions of the local law enacted pursu- 25 ant to this article were paid in error, it may cause such moneys to be 26 refunded pursuant to such rules and regulations it may prescribe, 27 provided any application for such refund is filed with the treasurer 28 within two years from the date the erroneous payment was made. When 29 making any findings or determinations the treasurer may rely upon any 30 findings or determinations of the commissioner and any rules and regu- 31 lations promulgated pursuant to article thirty-one of this chapter. 32 § 1449-kkkkkk. Deposit and disposition of revenue. All taxes collected 33 or received by the treasurer or his or her duly authorized agent under 34 the provisions of the local law enacted pursuant to this article shall 35 be deposited in accordance with provisions of a local law adopted by the 36 legislative body of the village of Saltaire which local law shall desig- 37 nate proper officers to be responsible for deposit of revenue collected 38 or received under this article. Such local law shall also provide that 39 any officer designated to collect, receive, or deposit such revenue 40 shall maintain a system of accounts showing the revenue collected or 41 received from the tax imposed pursuant to this article. Such local law 42 shall also provide that all revenue derived from the imposition of such 43 tax shall be deposited into the special reserve account fund of the 44 village of Saltaire established pursuant to section 5-532-a of the 45 village law and shall be used for purposes authorized by subdivision 46 three of such section. 47 § 1449-llllll. Judicial review. 1. Any final determination of the 48 amount of any tax payable under section fourteen hundred forty-nine- 49 cccccc of this article shall be reviewable for error, illegality or 50 unconstitutionality or any other reason whatsoever by a proceeding under 51 article seventy-eight of the civil practice law and rules if application 52 therefor is made to the supreme court within four months after the 53 giving of the notice of such final determination, provided, however, 54 that any such proceeding under article seventy-eight of the civil prac- 55 tice law and rules shall not be instituted unless (a) the amount of any 56 tax sought to be reviewed, with such interest and penalties thereon asS. 8821 8 1 may be provided for by local law shall be first deposited and there is 2 filed an undertaking, issued by a surety company authorized to transact 3 business in this state and approved by the superintendent of financial 4 services of this state as to solvency and responsibility, in such amount 5 as a justice of the supreme court shall approve to the effect that if 6 such proceeding be dismissed or the tax confirmed the petitioner will 7 pay all costs and charges which may accrue in the prosecution of such 8 proceeding or (b) at the option of the petitioner, such undertaking may 9 be in a sum sufficient to cover the taxes, interest and penalties stated 10 in such determination, plus the costs and charges which may accrue 11 against it in the prosecution of the proceeding, in which event the 12 petitioner shall not be required to pay such taxes, interest or penal- 13 ties as a condition precedent to the application. 14 2. Where any tax imposed hereunder shall have been erroneously, ille- 15 gally or unconstitutionally assessed or collected and application for 16 the refund or revision thereof duly made to the proper fiscal officer or 17 officers, and such officer or officers shall have made a determination 18 denying such refund or revision, such determination shall be reviewable 19 by a proceeding under article seventy-eight of the civil practice law 20 and rules; provided, however, that (a) such proceeding is instituted 21 within four months after the giving of the notice of such denial, (b) a 22 final determination of tax due was not previously made, and (c) an 23 undertaking is filed with the proper fiscal officer or officers in such 24 amount and with such sureties as a justice of the supreme court shall 25 approve to the effect that if such proceeding be dismissed or the tax 26 confirmed, the petitioner will pay all costs and charges which may 27 accrue in the prosecution of such proceeding. 28 3. In any proceedings instituted pursuant to this article the rules 29 and regulations of the commissioner shall be applied where applicable. 30 § 1449-mmmmmm. Apportionment. The local law adopted by the legislative 31 body of the village of Saltaire shall provide for a method of apportion- 32 ment for determining the amount of tax due whenever the real property or 33 interest therein is situated within and without the village of Saltaire. 34 § 1449-nnnnnn. Miscellaneous. The local law adopted by the legislative 35 body of the village of Saltaire may contain such other provisions as 36 such legislative body deems necessary for the proper administration of 37 the tax imposed pursuant to this article, including provisions concern- 38 ing the determination of tax, the imposition of interest on underpay- 39 ments and overpayments and the imposition of civil penalties. Such 40 provisions shall be identical to the corresponding provisions of the 41 real estate transfer tax imposed by article thirty-one of this chapter, 42 so far as such provisions can be made applicable to the tax imposed 43 pursuant to this article. 44 § 1449-oooooo. Returns to be secret. 1. Except in accordance with 45 proper judicial order or as otherwise provided by law, it shall be 46 unlawful for the treasurer or any officer or employee of the village of 47 Saltaire or any person engaged or retained by such village on an inde- 48 pendent contract basis to divulge or make known in any manner the 49 particulars set forth or disclosed in any return required under a local 50 law enacted pursuant to this article. However, that nothing in this 51 section shall prohibit the recording officer from making a notation on 52 an instrument effecting a conveyance indicating the amount of tax paid. 53 No recorded instrument effecting a conveyance shall be considered a 54 return for purposes of this section. 55 2. The officers charged with the custody of such returns shall not be 56 required to produce any of them or evidence of anything contained inS. 8821 9 1 them in any action or proceeding in any court, except on behalf of the 2 village in any action or proceeding involving the collection of a tax 3 due under a local law enacted pursuant to this article to which such 4 village or an officer or employee of such village is a party or a claim- 5 ant, or on behalf of any party to any action or proceeding under the 6 provisions of a local law enacted pursuant to this article when the 7 returns or facts shown thereby are directly involved in such action or 8 proceeding, in any of which events the court may require the production 9 of, and may admit in evidence, so much of said returns or of the facts 10 shown thereby, as are pertinent to the action or proceeding and no more. 11 3. Nothing herein shall be construed to prohibit the delivery to a 12 grantor or grantee of an instrument effecting a conveyance or the duly 13 authorized representative of a grantor or grantee of a certified copy of 14 any return filed in connection with such instrument or to prohibit the 15 publication of statistics so classified as to prevent the identification 16 of particular returns and the items thereof, or the inspection by the 17 legal representatives of such village of the return of any taxpayer who 18 shall bring action to set aside or review the tax based thereon. 19 4. Any officer or employee of such village who willfully violates the 20 provisions of this section shall be dismissed from office and be incapa- 21 ble of holding any public office in this state for a period of five 22 years thereafter. 23 § 1449-pppppp. Foreclosure. Where the conveyance consists of a trans- 24 fer of property made as a result of an order of the court in a foreclo- 25 sure proceeding ordering the sale of such property, the referee or sher- 26 iff effectuating such transfer shall not be liable for any interest or 27 penalties that are authorized pursuant to this article or article thir- 28 ty-seven of this chapter. 29 § 2. The village law is amended by adding a new section 5-532-a to 30 read as follows: 31 § 5-532-a Village of Saltaire authorized to impose a transfer tax on 32 conveyances of real property. 1. Notwithstanding any other provision of 33 law to the contrary, the village of Saltaire, in the county of Suffolk, 34 is hereby authorized and empowered to adopt and amend a local law impos- 35 ing in such village a tax pursuant to article thirty-one-H of the tax 36 law, and may make provision for the collection thereof by the chief 37 fiscal officer of such village; provided, however, that nothing herein 38 contained shall be construed so as to prevent such village from adopting 39 local laws exempting from such tax omnibus corporations subject to the 40 supervision of the state department of public service under the public 41 service law. A tax imposed pursuant to this section shall have applica- 42 tion only within the territorial limits of any such village, and shall 43 be in addition to any and all other taxes. This section shall not 44 authorize the imposition of a tax on any transaction originating or 45 consummated outside of the territorial limits of any such village, 46 notwithstanding that some act be necessarily performed with respect to 47 such transaction within such limits. 48 2. Revenues resulting from the imposition of taxes authorized by this 49 section and article thirty-one-H of the tax law heretofore or hereafter 50 imposed shall be paid to the treasurer of the village imposing the same, 51 and shall be credited to and deposited to the special reserve account 52 established pursuant to subdivision three of this section. 53 3. A local law adopted pursuant to this section shall provide for the 54 establishment and maintenance of a special reserve account for infras- 55 tructure resiliency and sustainability initiatives. The purposes of such 56 account shall be to stabilize the annual real property tax burden andS. 8821 10 1 preserve the environment and character of the community by funding 2 improvements to and continuing maintenance of public water delivery 3 systems, wastewater and stormwater systems, and other coastal 4 protections and providing incentives for sustainability and resiliency 5 projects. 6 § 3. Severability. If any provision of this act or the application 7 thereof shall for any reason be adjudged by any court of competent 8 jurisdiction to be invalid, such judgment shall not affect, impair, or 9 invalidate the remainder of this act, but shall be confined in its oper- 10 ation to the provision thereof directly involved in the controversy in 11 which such judgment shall have been rendered. 12 § 4. This act shall take effect immediately and shall expire ten years 13 after it shall have become a law.
