Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jun 16, 2016 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1919 |
Jun 09, 2016 |
referred to rules |
Senate Bill S8064
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
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
Actions
Votes
2015-S8064 (ACTIVE) - Details
2015-S8064 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8064 REVISED MEMO 06/13/2016 TITLE OF BILL : An act to amend the tax law, in relation to the tax imposed on certain conveyance of residential real property PURPOSE OR GENERAL IDEA OF BILL : This bill raises the threshold before the imposition of the State's mansion tax from $ 1 million to a $ million and a half to enable middle class residents greater opportunity to purchase housing. SUMMARY OF SPECIFIC PROVISIONS : This bill would amend subdivision (a) of section 1402-a of the tax law to increase the level at which additional real estate transfer taxes are imposed from one million dollars to a million and a half dollars. JUSTIFICATION : The State's "mansion" tax was imposed in 1988 as an additional real estate transfer tax on residences sold and bought for more than $1 million. Since then, the average price of a home in most parts of the State has at least doubled, and in large areas of the State, the average price of a home is approaching or has passed a million dollars.
2015-S8064 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8064 I N S E N A T E June 9, 2016 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to the tax imposed on certain conveyance of residential 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 FIVE HUNDRED 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 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. S 2. This act shall take effect January 1, 2017. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15807-02-6
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