Assembly Bill A8638

2011-2012 Legislative Session

Increases the amount on which additional taxes are imposed for conveyances of real property in N.Y. city

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A8638 (ACTIVE) - Details

See Senate Version of this Bill:
S4687
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §1402-a, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A955
2013-2014: A160
2015-2016: A5885
2017-2018: A8594

2011-A8638 (ACTIVE) - Summary

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

2011-A8638 (ACTIVE) - Bill Text download pdf

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

                                  8638

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                           September 21, 2011
                               ___________

Introduced  by  M.  of  A.  KAVANAGH,  BROOK-KRASNY,  LANCMAN,  MILLMAN,
  CYMBROWITZ, ZEBROWSKI, M. MILLER, WEPRIN -- Multi-Sponsored by  --  M.
  of  A.  BOYLAND,  FARRELL,  GABRYSZAK,  V. LOPEZ, ROBINSON, 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:

  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: (I) IN CITIES WITH A POPULATION
OF LESS THAN ONE MILLION, the consideration for the entire conveyance is
one million dollars or more; OR (II) IN CITIES WITH A POPULATION OF  ONE
MILLION  OR  MORE,  THE  CONSIDERATION  FOR THE ENTIRE CONVEYANCE IS ONE
MILLION SEVEN HUNDRED FIFTY THOUSAND 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 immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00654-01-1


              

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