Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Sep 01, 2017 |
signed chap.272 |
Aug 31, 2017 |
delivered to governor |
Jun 20, 2017 |
returned to assembly passed senate 3rd reading cal.2043 substituted for s5739 |
Jun 20, 2017 |
substituted by a7523 ordered to third reading cal.2043 |
Jun 06, 2017 |
reported and committed to rules |
May 23, 2017 |
reported and committed to finance |
Apr 27, 2017 |
referred to investigations and government operations |
Senate Bill S5739
Signed By Governor2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A7523 - Signed by Governor
- 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
Actions
Votes
2017-S5739 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7523
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§1402 & 1201, Tax L; amd §11-2102, NYC Ad Cd
2017-S5739 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5739 TITLE OF BILL : An act to amend the tax law and the administrative code of the city of New York, in relation to extending the tax rate reduction under the New York state real estate transfer tax and the New York city real property transfer tax for conveyances of real property to existing real estate investment funds PURPOSE : To extend the tax rate reduction under the state and New York city real estate transfer tax for conveyances for real property to existing real estate investment trusts (REITs). SUMMARY OF PROVISIONS : Section one amends the opening paragraph of subparagraph (B) of paragraph 2 of subdivision (b) of section 1402 of the tax law to extend the existing state tax rate reduction for conveyances of real property to existing REITs until September 1, 2020. Section 2 amends paragraph (xi) of subdivision (b) of section 1201 of the tax law to extend the New York City tax rate for conveyances of real property to existing real estate investment trusts until
2017-S5739 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5739 2017-2018 Regular Sessions I N S E N A T E April 27, 2017 ___________ Introduced by Sen. YOUNG -- 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 and the administrative code of the city of New York, in relation to extending the tax rate reduction under the New York state real estate transfer tax and the New York city real property transfer tax for conveyances of real property to existing real estate investment funds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The opening paragraph of subparagraph (B) of paragraph 2 of subdivision (b) of section 1402 of the tax law, as amended by chapter 500 of the laws of 2014, is amended to read as follows: For purposes of this subdivision, the phrase "real estate investment trust transfer" shall mean any conveyance of real property or an inter- est therein to a REIT, or to a partnership or corporation in which a REIT owns a controlling interest immediately following the conveyance, which conveyance (I) occurs in connection with the initial formation of the REIT, provided that the conditions set forth in clauses (i) and (ii) of this subparagraph are satisfied, or (II) in the case of any real estate investment trust transfer occurring on or after July thirteenth, nineteen hundred ninety-six and before September first, two thousand [seventeen] TWENTY, is described in the last sentence of this subpara- graph. § 2. Subparagraph 2 of paragraph (xi) of subdivision (b) of section 1201 of the tax law, as amended by chapter 500 of the laws of 2014, is amended to read as follows: (2) any issuance or transfer of an interest in a REIT, or in a part- nership or corporation in which a REIT owns a controlling interest imme- diately following the issuance or transfer, in connection with a trans- action described in subparagraph one of this paragraph. Notwithstanding EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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