assembly Bill A7945

2015-2016 Legislative Session

Imposes a tax on conveyances in the city of New York on conveyances of residential property for $1,750,000 or more, with the revenue therefrom to be used by the city housing authority for bond payments

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2016 referred to housing
Jun 01, 2015 referred to housing

A7945 - Details

Law Section:
Private Housing Finance Law
Laws Affected:
Amd §655, Priv Hous Fin L; amd §§11-2102 & 11-2104, NYC Ad Cd; amd §421-a, RPT L

A7945 - Summary

Imposes a tax on conveyances in the city of New York on conveyances of residential property for $1,750,000 or more, with the revenue therefrom to be used by the city housing authority for bond payments; amends certain provisions relating to the property tax exemption for certain new multiple dwellings.

A7945 - Bill Text download pdf

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

                                  7945

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              June 1, 2015
                               ___________

Introduced by M. of A. WRIGHT -- read once and referred to the Committee
  on Housing

AN  ACT  to  amend  the  private housing finance law, in relation to the
  issuance of notes and bonds by the New York city  housing  development
  corporation; to amend the administrative code of the city of New York,
  in  relation to imposing a tax on conveyances or transfers of residen-
  tial real property  for  one  million  seven  hundred  fifty  thousand
  dollars or more (Part A); and to amend section 421-a of the real prop-
  erty  tax  law,  in  relation  to tax exemption for multiple dwellings
  (Part B)

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  This  act enacts into law major components of legislation
relating to an affordable housing program in cities having a  population
of one million or more. Each component is wholly contained within a Part
identified  as  Parts  A  and  B. The effective date for each particular
provision contained within such Part is set forth in the last section of
such Part.   Any provision in  any  section  contained  within  a  Part,
including  the  effective date of the Part, which makes a reference to a
section "of this act", when used  in  connection  with  that  particular
component,  shall  be  deemed  to  mean  and  refer to the corresponding
section of the Part in which it is found. Section three of this act sets
forth the general effective date of this act.

                                 PART A

  Section 1. The legislature hereby finds that New York city is  experi-
encing  an extreme shortage of affordable housing. The city's diversity,
competitiveness, and economic strength are imperiled by  the  fact  that
more  and more people struggle to afford to live here. The mayor's Hous-
ing New York: A Five-Borough, Ten-Year Plan has laid out a blueprint for

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11337-01-5

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