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

Sponsored By

Current Bill Status - In Assembly 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 (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 08, 2019 print number 5375a
May 08, 2019 amend and recommit to ways and means
Feb 11, 2019 referred to ways and means

A5375 - Details

See Senate Version of this Bill:
S3060
Law Section:
New York City Administrative Code
Laws Affected:
Amd §11-2101, add §11-2120, NYC Ad Cd
Versions Introduced in 2017-2018 Legislative Session:
A7406, S6488

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.

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

view additional co-sponsors

Multi-Sponsors

A5375A (ACTIVE) - Details

See Senate Version of this Bill:
S3060
Law Section:
New York City Administrative Code
Laws Affected:
Amd §11-2101, add §11-2120, NYC Ad Cd
Versions Introduced in 2017-2018 Legislative Session:
A7406, S6488

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.

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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