Assembly Bill A9394

Signed By Governor
2013-2014 Legislative Session

Relates to extending the tax rate reduction for conveyances of real property to existing real estate investment funds

download bill text pdf

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Archive: Last Bill Status - 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

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2013-A9394 (ACTIVE) - Details

See Senate Version of this Bill:
S7208
Law Section:
Tax Law
Laws Affected:
Amd §§1402 & 1201, Tax L; amd §11-2102, NYC Ad Cd

2013-A9394 (ACTIVE) - Summary

Extends the tax rate reduction under the NY state real estate transfer tax and the NYC real property transfer tax for conveyances of real property to existing real estate investment funds.

2013-A9394 (ACTIVE) - Bill Text download pdf 

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

                                  9394

                          I N  A S S E M B L Y

                             April 25, 2014
                               ___________

Introduced  by M. of A. FARRELL -- read once and referred to the Commit-
  tee on Ways and Means

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
conditions  described  in subparagraphs three and four of this paragraph

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

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