| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 04, 2012 |
referred to investigations and government operations |
| Apr 14, 2011 |
referred to investigations and government operations |
Senate Bill S4687
2011-2012 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
Actions
2011-S4687 (ACTIVE) - Details
2011-S4687 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4687
TITLE OF BILL:
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
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this bill is to
increases to $1.75 million in New York city the sale price threshold
that triggers the so-called "Mansion Tax." Section 1402-a of the New
York state Tax Law currently imposes a 1% tax from buyers who
purchase a one, two or three family home or an individual condominium
or cooperative unit for $1 million or more.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1. Amends Section 1402-a of
the Tax Law by distinguishing between New York city and other
localities in New York State. It maintains the current baseline level
for the triggering of the Mansion Tax at $1 million dollars, but
increases the baseline to $1.75 million for New York city.
JUSTIFICATION:
The "Mansion Tax" as it is popularly known was
promulgated in 1989 when the average price of a New York City
2011-S4687 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4687
2011-2012 Regular Sessions
I N S E N A T E
April 14, 2011
___________
Introduced by Sen. KLEIN -- 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, 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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