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Senate Bill S3531

2019-2020 Legislative Session

Relates to calculations of enhanced STAR upon sale of a parcel of real property with such exemption

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Aging Committee

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2019-S3531 (ACTIVE) - Details

Current Committee:
Senate Aging
Law Section:
Real Property Tax Law
Laws Affected:
Amd §425, RPT L
Versions Introduced in Other Legislative Sessions:
2011-2012: S6245
2013-2014: S2196
2015-2016: S1746
2017-2018: S699

2019-S3531 (ACTIVE) - Summary

Relates to calculations of enhanced STAR upon sale of a parcel of real property with such exemption.

2019-S3531 (ACTIVE) - Sponsor Memo

2019-S3531 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3531
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 8, 2019
                                ___________
 
 Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
   printed to be committed to the Committee on Aging
 
 AN ACT to amend the real property tax law, in relation to certain calcu-
   lations for enhanced STAR
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.    Subdivision 9-b of section 425 of the real property tax
 law is amended by adding a new paragraph (c) to read as follows:
   (C) NOTWITHSTANDING THE FOREGOING PROVISIONS OF THIS  SUBDIVISION,  AT
 THE  TIME  OF  SALE  OF A PARCEL OF REAL PROPERTY WITH THE ENHANCED STAR
 EXEMPTION, IF A PURCHASER IS NOT ENTITLED TO SUCH EXEMPTION,  THEN  SUCH
 PURCHASER  SHALL  MAKE  THE  MUNICIPALITY WHOLE BY PAYING THE DIFFERENCE
 BETWEEN THE SELLER'S TAX LIABILITY AND THAT DUE FROM THE PURCHASER BASED
 ON SUCH PURCHASER'S TAX LIABILITY. THE PURCHASER SHALL PAY THE PRO-RATED
 PORTION OF THE NON-ENHANCED STAR EXEMPTION TAX LIABILITY.
   § 2. This act shall take effect immediately.    Effective  immediately
 the  addition,  amendment and/or repeal of any rule or regulation neces-
 sary for the implementation of  this  act  on  its  effective  date  are
 authorized to be made and completed on or before such date.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06257-01-9

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