Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Jan 03, 2018 | referred to ways and means |
Apr 25, 2017 | referred to ways and means |
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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Co-Sponsors
Maritza Davila
Latrice Walker
Multi-Sponsors
Joseph Lentol
A7406 (ACTIVE) - Details
A7406 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7406 2017-2018 Regular Sessions I N A S S E M B L Y April 25, 2017 ___________ Introduced by M. of A. DILAN -- read once and referred to the Committee on Ways and Means AN ACT to amend the administrative code of the city of New York, in relation to a tax on the transfer of certain real property within three years of the prior transfer of such property THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 11-2101 of the administrative code of the city of New York is amended by adding four new subdivisions 19, 20, 21 and 22 to read as follows: 19. "PRIOR CONVEYANCE OF THE PROPERTY." THE MOST RECENT CONVEYANCE OF THE REAL PROPERTY, WHETHER CONVEYED ON ITS OWN OR AS PART OF A LARGER CONVEYANCE. 20. "FAMILY MEMBER." A PERSON'S CHILD, SPOUSE, DOMESTIC PARTNER, PARENT, SIBLING, GRANDCHILD OR GRANDPARENT, OR THE CHILD OR PARENT OF A PERSON'S SPOUSE OR DOMESTIC PARTNER. 21. "PRINCIPAL PLACE OF RESIDENCE." A PERSON'S PERMANENT OR PRIMARY HOME THAT THE PERSON OCCUPIES FOR MORE THAN A TEMPORARY OR TRANSITORY PURPOSE. 22. "NEW HOUSING." A RESIDENTIAL UNIT OR UNITS THAT DID NOT EXIST AT THE TIME OF THE PRIOR CONVEYANCE OF THE PROPERTY TO THE EXTENT THAT THE PROPERTY HAD NO RESIDENTIAL UNITS AT THE TIME OF THE PRIOR CONVEYANCE AND AT LEAST ONE RESIDENTIAL UNIT WAS SUBSEQUENTLY ADDED. § 2. The administrative code of the city of New York is amended by adding a new section 11-2120 to read as follows: § 11-2120 IMPOSITION OF FLIP TAX. A. IN ADDITION TO THE TAX IMPOSED BY SECTION 11-2102 OF THIS CHAPTER, THERE IS HEREBY IMPOSED ON EACH DEED, INSTRUMENT OR TRANSACTION AT THE TIME OF THE TRANSFER WHEREBY ANY PROP- ERTIES OF ONE TO FIVE SEPARATE RESIDENTIAL UNITS ARE TRANSFERRED BY A GRANTOR TO A GRANTEE, AND SUCH TRANSFER IS MADE WITHIN TWO YEARS FROM EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09992-05-7