| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Mar 18, 2016 |
referred to investigations and government operations |
Senate Bill S7043
2015-2016 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
Actions
2015-S7043 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7174
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยง1402-a, Tax L
2015-S7043 (ACTIVE) - Summary
Exempts the conveyance of real property for open space, parks, or historic preservation purposes to any not-for-profit tax exempt corporation operated for conservation, environmental, or historic preservation purposes from the additional tax on real estate transfers of residential real property where the consideration is one million dollars or more.
2015-S7043 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7043
TITLE OF BILL : An act to amend the tax law, in relation to
exempting the conveyance of real property for open space, parks, or
historic preservation purposes to any not-for-profit tax exempt
corporation operated for conservation, environmental, or historic
preservation purposes from the state real estate transfer tax and the
additional tax on real estate transfers of residential real property
where the consideration is one million dollars or more
PURPOSE :
To exempt the conveyance of real property for open space, parks or
historic preservation purposes to any not-for-profit tax exempt
corporation operated for conservation, environmental or historic
preservation purposes from the state real estate transfer tax and the
additional tax on real estate transfers of residential real property
where the consideration is one million dollars or more.
SUMMARY OF PROVISIONS :
Section 1402-a of the tax law is amended by adding a new subdivision
(d) to exempt the conveyance of real property for open space, park or
historic preservation purposes to any not-for-profit tax exempt
corporation operated for conservation, environmental or historic
preservation purposes from the state real estate transfer tax and the
2015-S7043 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
7043
I N S E N A T E
March 18, 2016
___________
Introduced by Sen. LAVALLE -- 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 exempting the conveyance of
real property for open space, parks, or historic preservation purposes
to any not-for-profit tax exempt corporation operated for conserva-
tion, environmental, or historic preservation purposes from the state
real estate transfer tax and the additional tax on real estate trans-
fers of residential real property where the consideration is one
million dollars or more
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 1402-a of the tax law is amended by adding a new
subdivision (d) to read as follows:
(D) NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, THE TAX
IMPOSED PURSUANT TO SECTION ONE THOUSAND FOUR HUNDRED TWO OF THIS ARTI-
CLE AND THE ADDITIONAL TAX IMPOSED BY THIS SECTION SHALL NOT APPLY TO
THE CONVEYANCE OF REAL PROPERTY FOR OPEN SPACE, PARKS, OR HISTORIC PRES-
ERVATION PURPOSES TO ANY NOT-FOR-PROFIT TAX EXEMPT CORPORATION OPERATED
FOR CONSERVATION, ENVIRONMENTAL OR HISTORIC PRESERVATION PURPOSES.
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10569-03-6
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