Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 17, 2014 |
signed chap.500 |
Dec 05, 2014 |
delivered to governor |
Jun 10, 2014 |
returned to assembly passed senate 3rd reading cal.1220 substituted for s7208 |
Jun 10, 2014 |
substituted by a9394 |
Jun 09, 2014 |
ordered to third reading cal.1220 committee discharged and committed to rules |
Jun 02, 2014 |
reported and committed to finance |
May 06, 2014 |
referred to investigations and government operations |
Senate Bill S7208
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A9394 - Signed by Governor
- 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
Actions
Votes
2013-S7208 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9394
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§1402 & 1201, Tax L; amd §11-2102, NYC Ad Cd
2013-S7208 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7208 TITLE OF BILL: An act to amend the tax law and the administrative code of the city of New York, in relation to extending the tax rate reduction under the New York state real estate transfer tax and the New York city real property transfer tax for conveyances of real property to existing real estate investment funds PURPOSE OR GENERAL IDEA OF BILL: To extend the tax rate reduction under the state and New York City real estate transfer tax for conveyances for real property to existing real estate investment trusts (REITs). SUMMARY OF SPECIFIC PROVISIONS: The bill extends the tax rate reduction under the State and New York City real estate transfer tax for conveyances of real property to existing real estate investment trusts until September 1, 2017. Currently, both the New York State and New York City real estate transfer taxes to REITs are set to expire on September 1, 2014. JUSTIFICATION: The implementation of the REIT tax credit in 1996 contributed to robust sales activity with REITs along with a surge in transfer tax
2013-S7208 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7208 I N S E N A T E May 6, 2014 ___________ Introduced by Sen. DeFRANCISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law and the administrative code of the city of New York, in relation to extending the tax rate reduction under the New York state real estate transfer tax and the New York city real property transfer tax for conveyances of real property to existing real estate investment funds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The opening paragraph of subparagraph (B) of paragraph 2 of subdivision (b) of section 1402 of the tax law, as amended by chapter 493 of the laws of 2011, is amended to read as follows: For purposes of this subdivision, the phrase "real estate investment trust transfer" shall mean any conveyance of real property or an inter- est therein to a REIT, or to a partnership or corporation in which a REIT owns a controlling interest immediately following the conveyance, which conveyance (I) occurs in connection with the initial formation of the REIT, provided that the conditions set forth in clauses (i) and (ii) of this subparagraph are satisfied, or (II) in the case of any real estate investment trust transfer occurring on or after July thirteenth, nineteen hundred ninety-six and before September first, two thousand [fourteen] SEVENTEEN, is described in the last sentence of this subpara- graph. S 2. Subparagraph 2 of paragraph (xi) of subdivision (b) of section 1201 of the tax law, as amended by chapter 493 of the laws of 2011, is amended to read as follows: (2) any issuance or transfer of an interest in a REIT, or in a part- nership or corporation in which a REIT owns a controlling interest imme- diately following the issuance or transfer, in connection with a trans- action described in subparagraph one of this paragraph. Notwithstanding the foregoing, a transaction described in the preceding sentence shall not constitute a real estate investment trust transfer unless (A) it occurs in connection with the initial formation of the REIT and the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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