senate Bill S5739

Signed By Governor
2017-2018 Legislative Session

Extends the real estate transfer tax rate reduction for conveyances of real property to existing real estate investment funds

download bill text pdf

Sponsored By

Current Bill Status Via A7523 - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (11)
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

Votes

view votes

Jun 20, 2017 - Rules committee Vote

S5739
22
1
committee
22
Aye
1
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

Jun 6, 2017 - Finance committee Vote

S5739
34
1
committee
34
Aye
1
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Finance committee vote details

May 23, 2017 - Investigations and Government Operations committee Vote

S5739
8
1
committee
8
Aye
1
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Investigations and Government Operations committee vote details

Investigations and Government Operations Committee Vote: May 23, 2017

nay (1)

S5739 - 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

S5739 - Summary

Extends the real estate transfer tax rate reduction for conveyances of real property to existing real estate investment funds.

S5739 - Sponsor Memo

S5739 - 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.
  S  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.
                                                           LBD11222-02-7

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