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Assembly Bill A307

2011-2012 Legislative Session

Increases the sales price threshold for real property conveyances that will trigger additional sales tax

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Archive: Last Bill Status - In Assembly Committee

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2011-A307 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง1402-a, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A228
2013-2014: A6612
2015-2016: A79
2017-2018: A2194
2019-2020: A56
2021-2022: A7167
2023-2024: A2914

2011-A307 (ACTIVE) - Summary

Increases the sales price threshold to two million dollars for real property conveyances that will trigger additional sales tax.

2011-A307 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   307

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  M.  of  A. LATIMER, ZEBROWSKI, LAVINE, SCHIMEL -- Multi-
  Sponsored by -- M. of A.  AMEDORE, McENENY, WRIGHT --  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

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Subdivision (a) of section 1402-a of the tax law, as added
by chapter 61 of the laws of 1989, is amended to read as follows:
  (a) In addition to the tax imposed by section fourteen hundred two  of
this  article, a tax is hereby imposed on each conveyance of residential
real property or interest therein when the consideration for the  entire
conveyance  is  [one] TWO million dollars or more.  For purposes of this
section, residential real property shall include any premises that is or
may be used in whole or in part  as  a  personal  residence,  and  shall
include  a  one,  two,  or three-family house, an individual condominium
unit, or a cooperative apartment unit. The rate of such tax shall be one
percent of the consideration or part thereof attributable to  the  resi-
dential  real  property.  Such tax shall be paid at the same time and in
the same manner as the tax imposed by section fourteen  hundred  two  of
this article.
  S  2. This act shall take effect on the first of April next succeeding
the date on which it shall have become a law.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00294-01-1

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