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Senate Bill S1768

2017-2018 Legislative Session

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

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Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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2017-S1768 (ACTIVE) - Details

See Assembly Version of this Bill:
A5871
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §1402-a, Tax L
Versions Introduced in 2015-2016 Legislative Session:
S8064, A10695

2017-S1768 (ACTIVE) - Summary

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

2017-S1768 (ACTIVE) - Sponsor Memo

2017-S1768 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1768
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 10, 2017
                                ___________
 
 Introduced  by  Sen.  GOLDEN -- 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 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.
   § 2. This act shall take effect January 1, 2018.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05076-01-7

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