Assembly Bill A5375A

2019-2020 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

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Archive: Last Bill Status - In Assembly Committee


  • 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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Bill Amendments

2019-A5375 - Details

See Senate Version of this Bill:
S3060
Current Committee:
Assembly Ways And Means
Law Section:
New York City Administrative Code
Laws Affected:
Amd §11-2101, add §11-2120, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2017-2018: A7406, S6488
2021-2022: A3259
2023-2024: A2638

2019-A5375 - 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.

2019-A5375 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5375
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 11, 2019
                                ___________
 
 Introduced  by M. of A. DILAN -- read once and referred to the Committee
   on Ways and Means
 
 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 two
   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.
                                                            LBD04848-02-9
              

co-Sponsors

multi-Sponsors

2019-A5375A (ACTIVE) - Details

See Senate Version of this Bill:
S3060
Current Committee:
Assembly Ways And Means
Law Section:
New York City Administrative Code
Laws Affected:
Amd §11-2101, add §11-2120, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2017-2018: A7406, S6488
2021-2022: A3259
2023-2024: A2638

2019-A5375A (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.

2019-A5375A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5375--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 11, 2019
                                ___________
 
 Introduced  by M. of A. DILAN -- read once and referred to the Committee
   on Ways and Means  --  committee  discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee
 
 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  two
   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. Short title. This act shall be known and may  be  cited  as
 the "New York state small home anti-speculation act".
   §  2.  Section  11-2101  of the administrative code of the city of New
 York is amended by adding six new subdivisions 19, 20, 21, 22, 23 and 24
 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.
   23.  "QUALIFIED PERSONS." QUALIFIED PERSONS SHALL NOT INCLUDE BUSINESS
 TRUSTS, ESTATES, TRUSTS, LIMITED LIABILITY COMPANIES, LIMITED  LIABILITY
 PARTNERSHIPS,  LIMITED  LIABILITY  INVESTMENT  COMPANIES,  ASSOCIATIONS,
 JOINT VENTURES, BUSINESS OR  NONPROFIT  ENTITIES,  PUBLIC  CORPORATIONS,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04848-13-9
              

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