Assembly Bill A10695

2015-2016 Legislative Session

Relates to the additional tax imposed on certain conveyances of residential real property

download bill text pdf

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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

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2015-A10695 (ACTIVE) - Details

See Senate Version of this Bill:
S8064
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §1402-a, Tax L
Versions Introduced in 2017-2018 Legislative Session:
A5871, S1768

2015-A10695 (ACTIVE) - Summary

Increases the threshold sale amount triggering the additional tax imposed on certain conveyances of residential real property to $1.5 million.

2015-A10695 (ACTIVE) - Bill Text download pdf 

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

                                  10695

                          I N  A S S E M B L Y

                              June 13, 2016
                               ___________

Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Cusick) --
  read once and referred to the Committee on Ways and Means

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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