Assembly Bill A7523

Signed By Governor
2017-2018 Legislative Session

Extends 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

download bill text pdf

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Archive: Last Bill Status - 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

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2017-A7523 (ACTIVE) - Details

See Senate Version of this Bill:
S5739
Law Section:
Tax Law
Laws Affected:
Amd §§1402 & 1201, Tax L; amd §11-2102, NYC Ad Cd

2017-A7523 (ACTIVE) - Summary

Extends 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.

2017-A7523 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7523
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 28, 2017
                                ___________
 
 Introduced  by M. of A. FARRELL -- read once and referred to the Commit-
   tee on Ways and Means
 
 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
 the  foregoing,  a transaction described in the preceding sentence shall

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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