senate Bill S2061A

2013-2014 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

do you support this bill?

Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 27, 2014 print number 2061a
amend and recommit to investigations and government operations
Jan 08, 2014 referred to investigations and government operations
Jan 10, 2013 referred to investigations and government operations

Bill Amendments

Original
A (Active)
Original
A (Active)

S2061 - Details

See Assembly Version of this Bill:
A6612A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §1402-a, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: A307
2009-2010: A228

S2061 - Summary

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

S2061 - Sponsor Memo

S2061 - Bill Text download pdf

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

                                  2061

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 10, 2013
                               ___________

Introduced  by  Sen. LATIMER -- 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

  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.
                                                           LBD06261-01-3

S2061A (ACTIVE) - Details

See Assembly Version of this Bill:
A6612A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §1402-a, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: A307
2009-2010: A228

S2061A (ACTIVE) - Summary

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

S2061A (ACTIVE) - Sponsor Memo

S2061A (ACTIVE) - Bill Text download pdf

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

                                 2061--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 10, 2013
                               ___________

Introduced  by  Sen. LATIMER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations -- recommitted to the Committee on Investigations  and
  Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

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 million dollars (ADJUSTED FOR INFLATION) 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  resi-
dence,  and shall include a one, two, or three-family house, an individ-
ual condominium unit, or a cooperative apartment unit. The rate of  such
tax  shall be one percent of the consideration or part thereof attribut-
able to the residential 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.   FOR PURPOSES OF  THIS  SECTION,  THE  ONE
MILLION  DOLLAR  AMOUNT SHALL BE ADJUSTED FOR INFLATION IN EACH CALENDAR
YEAR BY MULTIPLYING THE AMOUNT BY THE RATIO OF (I) THE  AVERAGE  MONTHLY
VALUE  OF THE CONSUMER PRICE INDEX FOR THE TWELVE MONTH PERIOD ENDING ON
JUNE THIRTIETH OF THE IMMEDIATELY PRECEDING  CALENDAR  YEAR  DIVIDED  BY
(II)  THE  AVERAGE  MONTHLY  VALUE  OF  THE CONSUMER PRICE INDEX FOR THE
TWELVE MONTH PERIOD ENDING ON JUNE THIRTIETH OF THE YEAR IN  WHICH  THIS
SUBDIVISION  BECAME  A LAW, AND ROUNDING THE AMOUNT TO THE NEAREST THOU-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06261-05-4

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.