senate Bill S6488

2017-2018 Legislative Session

Imposes a tax on the transfer of certain real property within two years of the prior transfer of such property

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Cities 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 03, 2018 referred to cities
May 25, 2017 referred to cities

Co-Sponsors

S6488 (ACTIVE) - Details

See Assembly Version of this Bill:
A7406
Current Committee:
Senate Cities
Law Section:
New York City Administrative Code
Laws Affected:
Amd §11-2101, add §11-2120, NYC Ad Cd
Versions Introduced in 2019-2020 Legislative Session:
S3060, A5375

S6488 (ACTIVE) - Summary

Imposes a tax on the transfer of certain real property within two years of the prior transfer of such property and provides for exemptions from such tax.

S6488 (ACTIVE) - Sponsor Memo

S6488 (ACTIVE) - Bill Text download pdf


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

                                  6488

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                              May 25, 2017
                               ___________

Introduced  by Sen. HAMILTON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Cities

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

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