NY State Senate Bill 2019-S3060E

Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	referred to cities
May 14, 2019	print number 3060e
May 14, 2019	amend and recommit to cities
Apr 29, 2019	print number 3060d
Apr 29, 2019	amend and recommit to cities
Apr 17, 2019	print number 3060c
Apr 17, 2019	amend and recommit to cities
Mar 26, 2019	print number 3060b
Mar 26, 2019	amend and recommit to cities
Feb 21, 2019	print number 3060a
Feb 21, 2019	amend and recommit to cities
Feb 01, 2019	referred to cities

2019-S3060 - Details

See Assembly Version of this Bill:: A5375
Current Committee:: Senate Cities
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: S6488, A7406
2021-2022: A3259
2023-2024: A2638
2025-2026: A3625

2019-S3060 - 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-S3060 - Sponsor Memo

                                
 
BILL NUMBER: S3060               REVISED 05/15/19

SPONSOR: SALAZAR
 
PURPOSE:

Incorporate an additional 20% tax on properties sold within one year and
15% tax on properties sold after one year but less than two years after
purchase in an effort deter property speculation and flipping in vulner-
able neighborhoods.

 
SUMMARY OF PROVISIONS:

Section 1 provides that the act shall be known as the "New York state
small home anti-speculation act".

Section 2 amends section 11-2101 of the administrative code of the city
of New York by adding six new subdivisions, 19, 20, 21, 22, 23, and 24.

The new section 19 defines "prior conveyance of the property" to mean
the most recent conveyance of the real property.

The new section 20 defines "family member" to include 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.

The new section 21 defines "principal place of residence".

The new section 22 defines "new housing" to mean residential unit(s)
that did not exist at the time of the prior conveyance of the property
if the property had no residential units at the time of the prior
conveyance.

The new section 23 defines "qualified persons" to exclude business
trusts, estates, trusts, limited liability companies, limited liability
partnerships, limited liability investment, companies, associations,
joint ventures, business or nonprofit entities, public corporations,
government or governmental subdivisions, agencies, instrumentalities, or
other legal or commercial entities.

The new section 24 defines "mortgagee".

Section 3 amends the administrative code of the city of New York by
adding a new section 11-2120 titled "Imposition of speculation tax",
which, in subdivision (a) imposes a tax on each deed or other instrument
of transfer of properties of one to five residential units when such
transfer is made within two years of the prior conveyance of the proper-
ty, including if purchase is made in cash.

Section 11-2120(a)(1) imposes a tax of 20 percent when the time since
the prior conveyance is less than one year.

Section 11-2120(a)(2) imposes a tax of fifteen percent when the time
since the prior conveyance is greater than one year but less than two
years.

Section 11-2120(b) states that the tax defined in subdivision (a)
expires when the time since the prior conveyance is two years.


Section 11-2120(c) provides that all revenues from the taxes under this
law shall be deposited into a special account by the commissioner of
finance. Moneys in such account shall be used by New York state homes
and community renewal through the affordable housing corporation and the
neighborhood preservation program for affordable housing purposes in
cities of one million or more.

The new subdivision 11-2120(d)(1) exempts property owners conveying
property to a family member and property owners who can demonstrate a
financial hardship which justifies a conveyance in less than two years
from payment of the flip tax.

The new subdivision 11-2120(d)(2) exempts property conveyed within one
year of the death of the owner, property sold as new housing, property
for which the consideration or value conveyed is less than or equal to
the consideration or value of such property at the time of the prior
conveyance, property conveyed to a mortgagee by a mortgagor in lieu of
foreclosure or in satisfaction of the mortgage debt, and property which
is otherwise exempt from the payment of real property transfer tax from
the payment of the flip tax.

Section 3 provides that the act shall take effect on the 90th day after
it becomes law.

 
JUSTIFICATION:

Imposing a "flip-tax" or "speculation tax" on the transfers of multi-
unit residential buildings within two years of their acquisition is
intended to discourage short-term real estate speculation, known as
"flipping". "Flipping" is a widespread practice which significantly
decreases the availability of affordable housing in New York City and
causes hardship to many families, while offering lucrative windfalls to
property owners engaged in such practices.

To discourage this practice, this bill will impose a "speculation" tax.
As such, all residential properties sold within one year of the prior
conveyance would incur a 20% tax. If sold after one year, but less than
two years from purchase, the penalty would be reduced to 15%.

To avoid undue harm to private homeowners, this bill would exempt trans-
fers to family members and homeowners who can establish a reasonable
financial hard-ship; or properties sold within one year of the death of
the owner, sites which had no existing residential units, and properties
exempt from payment of property tax.

 
LEGISLATIVE HISTORY:

S6488 and A7406 Died in committees

 
FISCAL IMPLICATIONS:

None.

 
LOCAL FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect on the 90th day after is shall have become a
law.

2019-S3060 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3060
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2019
                                ___________
 
 Introduced  by  Sen. SALAZAR -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities
 
 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

 S. 3060                             2
 
 THE PRIOR CONVEYANCE OF THE PROPERTY. THE TAX, WHICH SHALL  BE  PAID  BY
 THE GRANTOR, SHALL BE AT THE RATE OF:
   (1)  FIFTEEN  PERCENT  WHEN THE TIME SINCE THE PRIOR CONVEYANCE OF THE
 PROPERTY IS LESS THAN ONE YEAR; AND
   (2) TEN PERCENT WHEN THE TIME SINCE THE PRIOR CONVEYANCE OF THE  PROP-
 ERTY IS GREATER THAN OR EQUAL TO ONE YEAR BUT LESS THAN TWO YEARS.
   B.  THE TAX DEFINED IN SUBDIVISION A OF THIS SECTION SHALL EXPIRE WHEN
 THE TIME SINCE THE PRIOR CONVEYANCE OF THE PROPERTY IS TWO YEARS.
   C. ALL REVENUES RESULTING FROM THE IMPOSITION OF THE  TAX  UNDER  THIS
 SECTION SHALL BE PAID INTO THE TREASURY OF THE CITY AND SHALL BE CREDIT-
 ED TO AND DEPOSITED IN THE GENERAL FUND OF THE CITY.
   D.  (1)  THE FOLLOWING PERSONS SHALL BE EXEMPT FROM THE PAYMENT OF THE
 TAX IMPOSED BY THIS SECTION:
   (I) PROPERTY OWNERS CONVEYING PROPERTY TO A FAMILY MEMBER.
   (II) PROPERTY OWNERS WHO CAN DEMONSTRATE A  FINANCIAL  HARDSHIP  WHICH
 JUSTIFIES A CONVEYANCE OF PROPERTY IN LESS THAN OR EQUAL TO TWO YEARS.
   (2)  THE  FOLLOWING PROPERTIES SHALL BE EXEMPT FROM THE PAYMENT OF THE
 TAX IMPOSED BY THIS SECTION:
   (I) PROPERTY WHICH WAS CONVEYED WITHIN ONE YEAR OF THE  DEATH  OF  THE
 PROPERTY OWNER.
   (II) PROPERTY BEING SOLD AS NEW HOUSING.
   (III)  PROPERTY  WHICH  THE  CONSIDERATION OR VALUE CONVEYED, WHICH IS
 OTHERWISE SUBJECT TO THE TAX IMPOSED IN THIS SECTION, IS  LESS  THAN  OR
 EQUAL  TO  THE  CONSIDERATION  OR VALUE OF SUCH PROPERTY CONVEYED AT THE
 TIME OF THE PRIOR CONVEYANCE OF PROPERTY.
   (IV) PROPERTY WHICH IS OTHERWISE EXEMPT FROM PAYMENT OF A REAL PROPER-
 TY TRANSFER TAX, AS DEFINED IN THIS CHAPTER.
   § 3. This act shall take effect on the ninetieth day  after  it  shall
 have  become  a law and shall apply to conveyances occurring on or after
 such date.

2019-S3060A - Details

See Assembly Version of this Bill:: A5375
Current Committee:: Senate Cities
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: S6488, A7406
2021-2022: A3259
2023-2024: A2638
2025-2026: A3625

2019-S3060A - 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-S3060A - Sponsor Memo

                                
 
BILL NUMBER: S3060A

SPONSOR: SALAZAR
 
TITLE OF BILL:

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

 
PURPOSE:

Incorporate an additional 15% tax on properties sold within one year and
10% tax on properties sold after one year but less than two years after
purchase in an effort deter property speculation and flipping in vulner-
able neighborhoods.

 
SUMMARY OF PROVISIONS:

Section 1 will amend section 11-2101 of the administrative code of the
city of New York by adding four new subdivisions, 19, 20, 21, and 22.

The new section 19 defines "prior conveyance of the property" to mean
the most recent conveyance of the real property.

The new section 20 defines "family member to include 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.

The new section 21 defines "principal place of residence".

The new section 22 defines "new housing" to mean residential unit(s)
that did not exist at the time of the prior conveyance of the property
if the property had no residential units at the time of the prior
conveyance.

Section 2 will amend the administrative code of the city of New York by
adding a new section 11-2120 titled "Imposition of flip tax", which, in
subdivision (a) imposes a tax on each deed or other instrument of trans-
fer of properties of one to five residential units when such transfer is
made within two years of the prior conveyance of the property, including
if purchase is made in cash.

Section 11-2120(a)(1) imposes a tax of fifteen percent when the time
since the prior conveyance is less than one year.

Section 11-2120(a)(2) imposes a tax of ten percent when the time since
the prior conveyance is greater than one year but less than two years.

Section 11-2120(b) states that the tax defined in subdivision (a)
expires when the time since the prior conveyance is two years.

Section 11-2120(c) provides that all revenues from the taxes under this
law shall be paid into the treasury of the city and be credited to the
general fund of the city.

The new subdivision 11-2120(d)(1) exempts property owners conveying
property to a family member and property owners who can demonstrate a
financial hardship which justifies a conveyance in less than two years
from payment of the flip tax.
The new subdivision 11-2120(d)(2) exempts property conveyed within one
year of the death of the owner, property sold as new housing, property
for which the consideration or value conveyed is less than or equal to
the consideration or value of such property at the time of the prior
conveyance, and property which is otherwise exempt from the payment of
real property transfer tax from the payment of the flip tax.

Section 3 provides that the act shall take effect on the 90th day after
it becomes law.

 
JUSTIFICATION:

Imposing a "flip-tax" on the transfers of multi-unit residential build-
ings within two years of their acquisition is intended to discourage
short-term real estate speculation, known as "flipping". "Flipping" is a
widespread practice which significantly decreases the availability of
affordable housing in New York City and causes hardship to many fami-
lies, while offering lucrative windfalls to property owners engaged in
such practices.

To discourage this practice, this bill will impose a "flip" tax. As
such, all residential properties sold within one year of the prior
conveyance would incur a 15% tax. If sold after one year, but less than
two years from purchase, the penalty would be reduced to 10%.

To avoid undue harm to private homeowners, this bill would exempt trans-
fers to family members and homeowners who can establish a reasonable
financial hardship; or properties sold within one year of the death of
the owner, sites which had no existing residential units, and properties
exempt from payment of property tax.

 
LEGISLATIVE HISTORY:

S6488 and A7406 Died in committees

 
FISCAL IMPLICATIONS:

None.

 
LOCAL FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect on the 90th day after it shall have become a
law.

2019-S3060A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3060--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2019
                                ___________
 
 Introduced  by  Sen. SALAZAR -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Cities  --  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. 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD04848-03-9

 S. 3060--A                          2
 
 GRANTOR TO A GRANTEE AND SUCH TRANSFER IS MADE WITHIN TWO YEARS FROM THE
 PRIOR CONVEYANCE OF THE PROPERTY, INCLUDING BUT NOT LIMITED TO TRANSFERS
 WHICH ARE ALL CASH TRANSACTIONS AND TRANSFERS OF PROPERTY WHICH HAS BEEN
 RENTED  OUT  DURING  SUCH TWO-YEAR TIME PERIOD.  THE TAX, WHICH SHALL BE
 PAID BY THE GRANTOR, SHALL BE AT THE RATE OF:
   (1) FIFTEEN PERCENT WHEN THE TIME SINCE THE PRIOR  CONVEYANCE  OF  THE
 PROPERTY IS LESS THAN ONE YEAR; AND
   (2)  TEN PERCENT WHEN THE TIME SINCE THE PRIOR CONVEYANCE OF THE PROP-
 ERTY IS GREATER THAN OR EQUAL TO ONE YEAR BUT LESS THAN TWO YEARS.
   B. THE TAX IMPOSED PURSUANT TO SUBDIVISION A OF THIS SECTION SHALL NOT
 BE INCURRED ON ANY TRANSFER WHICH OCCURS MORE THAN TWO YEARS  AFTER  THE
 PRIOR CONVEYANCE OF THE PROPERTY.
   C.  ALL  REVENUES  RESULTING FROM THE IMPOSITION OF THE TAX UNDER THIS
 SECTION SHALL BE PAID INTO THE TREASURY OF THE CITY AND SHALL BE CREDIT-
 ED TO AND DEPOSITED IN THE GENERAL FUND OF THE CITY.
   D. (1) THE FOLLOWING PERSONS SHALL BE EXEMPT FROM THE PAYMENT  OF  THE
 TAX IMPOSED BY THIS SECTION:
   (I) PROPERTY OWNERS CONVEYING PROPERTY TO A FAMILY MEMBER.
   (II)  PROPERTY  OWNERS  WHO CAN DEMONSTRATE A FINANCIAL HARDSHIP WHICH
 JUSTIFIES A CONVEYANCE OF PROPERTY IN LESS THAN OR EQUAL TO TWO YEARS.
   (2) THE FOLLOWING PROPERTIES SHALL BE EXEMPT FROM THE PAYMENT  OF  THE
 TAX IMPOSED BY THIS SECTION:
   (I)  PROPERTY  WHICH  WAS CONVEYED WITHIN ONE YEAR OF THE DEATH OF THE
 PROPERTY OWNER.
   (II) PROPERTY BEING SOLD AS NEW HOUSING.
   (III) PROPERTY WHICH THE CONSIDERATION OR  VALUE  CONVEYED,  WHICH  IS
 OTHERWISE  SUBJECT  TO  THE TAX IMPOSED IN THIS SECTION, IS LESS THAN OR
 EQUAL TO THE CONSIDERATION OR VALUE OF SUCH  PROPERTY  CONVEYED  AT  THE
 TIME OF THE PRIOR CONVEYANCE OF PROPERTY.
   (IV) PROPERTY WHICH IS OTHERWISE EXEMPT FROM PAYMENT OF A REAL PROPER-
 TY TRANSFER TAX, AS DEFINED IN THIS CHAPTER.
   §  3.  This  act shall take effect on the ninetieth day after it shall
 have become a law and shall apply to conveyances occurring on  or  after
 such date.

2019-S3060B - Details

See Assembly Version of this Bill:: A5375
Current Committee:: Senate Cities
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: S6488, A7406
2021-2022: A3259
2023-2024: A2638
2025-2026: A3625

2019-S3060B - 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-S3060B - Sponsor Memo

                                
 
BILL NUMBER: S3060B

SPONSOR: SALAZAR
 
TITLE OF BILL:  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

 
PURPOSE:

Incorporate an additional 15% tax on properties sold within one year and
10% tax on properties sold after one year but less than two years after
purchase in an effort deter property speculation and flipping in vulner-
able neighborhoods.

 
SUMMARY OF PROVISIONS:

Section 1 will amend section 11-2101 of the administrative code of the
city of New York by adding four new subdivisions, 19, 20, 21, and 22.

The new section 19 defines "prior conveyance of the property" to mean
the most recent conveyance of the real property.

The new section 20 defines "family member" to include 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.

The new section 21 defines "principal place of residence".

The new section 22 defines "new housing" to mean residential unit(s)
that did not exist at the time of the prior conveyance of the property
if the property had no residential units at the time of the prior
conveyance.

Section 2 will amend the administrative code of the city of New York by
adding a new section 11-2120 titled "Imposition of flip tax", which, in
subdivision (a) imposes a tax on each deed or other instrument of trans-
fer of properties of one to five residential units when such transfer is
made within two years of the prior conveyance of the property, including
if purchase is made in cash.

Section 11-2120(a)(1) imposes a tax of 20 percent when the time since
the prior conveyance is less than one year.

Section 11-2120(a)(2) imposes a tax of fifteen percent when the time
since the prior conveyance is greater than one year but less than two
years.

Section 11-2120(b) states that the tax defined in subdivision (a)
expires when the time since the prior conveyance is two years.

Section 11-2120(c) provides that all revenues from the taxes under this
law shall be paid and transmitted to the Office of the State Comptroller
and distributed to the division of housing and community renewal to be
used to support neighborhood preservation companies in a city with a
population of one million or more.

The new subdivision 11-2120(d)(1) exempts property owners conveying
property to a family member and property owners who can demonstrate a

financial hardship which justifies a conveyance in less than two years
from payment of the flip tax.

The new subdivision 11-2120(d)(2) exempts property conveyed within one
year of the death of the owner, property sold as new housing, property
for which the consideration or value conveyed is less than or equal to
the consideration or value of such property at the time of the prior
conveyance, and property which is otherwise exempt from the payment of
real property transfer tax from the payment of the flip tax.

Section 3 provides that the act shall take effect on the 90th day after
it becomes law.

 
JUSTIFICATION:

Imposing a "flip-tax" on the transfers of multi-unit residential build-
ings within two years of their acquisition is intended to discourage
short-term real estate speculation, known as "flipping".  "Flipping" is
a widespread practice which significantly decreases the availability of
affordable housing in New York City and causes hardship to many fami-
lies, while offering lucrative windfalls to property owners engaged in
such practices.

To discourage this practice, this bill will impose a "flip" tax. As
such, all residential properties sold within one year of the prior
conveyance would incur a 15% tax. If sold after one year, but less than
two years from purchase, the penalty would be reduced to 10%.

To avoid undue harm to private homeowners, this bill would exempt trans-
fers to family members and homeowners who can establish a reasonable
financial hard-ship; or properties sold within one year of the death of
the owner, sites which had no existing residential units, and properties
exempt from payment of property tax.

 
LEGISLATIVE HISTORY:

S6488 and A7406 Died in committees

 
FISCAL IMPLICATIONS:

None.

 
LOCAL FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect on the 90th day after it shall have become a
law.

2019-S3060B - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3060--B
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2019
                                ___________
 
 Introduced  by  Sen. SALAZAR -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Cities  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to  said  committee  --  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.  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-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD04848-05-9

 S. 3060--B                          2
 
 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 THE
 PRIOR CONVEYANCE OF THE PROPERTY, INCLUDING BUT NOT LIMITED TO TRANSFERS
 WHICH ARE ALL CASH TRANSACTIONS AND TRANSFERS OF PROPERTY WHICH HAS BEEN
 RENTED  OUT  DURING  SUCH TWO-YEAR TIME PERIOD.  THE TAX, WHICH SHALL BE
 PAID BY THE GRANTOR, SHALL BE AT THE RATE OF:
   (1) TWENTY PERCENT WHEN THE TIME SINCE THE  PRIOR  CONVEYANCE  OF  THE
 PROPERTY IS LESS THAN ONE YEAR; AND
   (2)  FIFTEEN  PERCENT  WHEN THE TIME SINCE THE PRIOR CONVEYANCE OF THE
 PROPERTY IS GREATER THAN OR EQUAL TO ONE YEAR BUT LESS THAN TWO YEARS.
   B. THE TAX IMPOSED PURSUANT TO SUBDIVISION A OF THIS SECTION SHALL NOT
 BE INCURRED ON ANY TRANSFER WHICH OCCURS MORE THAN TWO YEARS  AFTER  THE
 PRIOR CONVEYANCE OF THE PROPERTY.
   C.  ALL  REVENUES  RESULTING FROM THE IMPOSITION OF THE TAX UNDER THIS
 SECTION SHALL BE PAID TO THE STATE COMPTROLLER AND SHALL BE  DISTRIBUTED
 TO  THE  DIVISION OF HOUSING AND COMMUNITY RENEWAL TO BE USED TO SUPPORT
 NEIGHBORHOOD PRESERVATION COMPANIES IN A CITY WITH A POPULATION  OF  ONE
 MILLION OR MORE.
   D.  (1)  THE FOLLOWING PERSONS SHALL BE EXEMPT FROM THE PAYMENT OF THE
 TAX IMPOSED BY THIS SECTION:
   (I) PROPERTY OWNERS CONVEYING PROPERTY TO A FAMILY MEMBER.
   (II) PROPERTY OWNERS WHO CAN DEMONSTRATE A  FINANCIAL  HARDSHIP  WHICH
 JUSTIFIES A CONVEYANCE OF PROPERTY IN LESS THAN OR EQUAL TO TWO YEARS.
   (2)  THE  FOLLOWING PROPERTIES SHALL BE EXEMPT FROM THE PAYMENT OF THE
 TAX IMPOSED BY THIS SECTION:
   (I) PROPERTY WHICH WAS CONVEYED WITHIN ONE YEAR OF THE  DEATH  OF  THE
 PROPERTY OWNER.
   (II) PROPERTY BEING SOLD AS NEW HOUSING.
   (III)  PROPERTY  WHICH  THE  CONSIDERATION OR VALUE CONVEYED, WHICH IS
 OTHERWISE SUBJECT TO THE TAX IMPOSED IN THIS SECTION, IS  LESS  THAN  OR
 EQUAL  TO  THE  CONSIDERATION  OR VALUE OF SUCH PROPERTY CONVEYED AT THE
 TIME OF THE PRIOR CONVEYANCE OF PROPERTY.
   (IV) PROPERTY WHICH IS OTHERWISE EXEMPT FROM PAYMENT OF A REAL PROPER-
 TY TRANSFER TAX, AS DEFINED IN THIS CHAPTER.
   § 3. This act shall take effect on the ninetieth day  after  it  shall
 have  become  a law and shall apply to conveyances occurring on or after
 such date.

2019-S3060C - Details

See Assembly Version of this Bill:: A5375
Current Committee:: Senate Cities
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: S6488, A7406
2021-2022: A3259
2023-2024: A2638
2025-2026: A3625

2019-S3060C - 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-S3060C - Sponsor Memo

                                
 
BILL NUMBER: S3060C

SPONSOR: SALAZAR
 
TITLE OF BILL:  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

 
PURPOSE:

Incorporate an additional 15% tax on properties sold within one year and
10% tax on properties sold after one year but less than two years after
purchase in an effort deter property speculation and flipping in vulner-
able neighborhoods.

 
SUMMARY OF PROVISIONS:

Section 1 will amend section 11-2101 of the administrative code of the
city of New York by adding four new subdivisions, 19, 20, 21, and 22.

The new section 19 defines "prior conveyance of the property" to mean
the most recent conveyance of the real property.

The new section 20 defines "family member" to include 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.

The new section 21 defines "principal place of residence".

The new section 22 defines "new housing" to mean residential unit(s)
that did not exist at the time of the prior conveyance of the property
if the property had no residential units at the time of the prior
conveyance.

Section 2 will amend the administrative code of the city of New York by
adding a new section 11-2120 titled "Imposition of flip tax", which, in
subdivision (a) imposes a tax on each deed or other instrument of trans-
fer of properties of one to five residential units when such transfer is
made within two years of the prior conveyance of the property, including
if purchase is made in cash..

Section 11-2120(a)(1) imposes a tax of 20 percent when the time since
the prior conveyance is less than one year.

Section 11-2120(a)(2) imposes a tax of fifteen percent when the time
since the prior conveyance is greater than one year but less than two
years.

Section 11-2120(b) states that the tax defined in subdivision (a)
expires when the time since the prior conveyance is two years.

Section 11-2120(c) provides that all revenues from the taxes under this
law shall be paid and transmitted to the Office of the State Comptroller
and distributed to the division of housing and community renewal to be
used to support neighborhood preservation companies in a city with a
population of one million or more.

The new subdivision 11-2120(d)(1) exempts property owners conveying
property to a family member and property owners who can demonstrate a

financial hardship which justifies a conveyance in less than two years
from payment of the flip tax.

The new subdivision 11-2120(d)(2) exempts property conveyed within one
year of the death of the owner, property sold as new housing, property
for which the consideration or value conveyed is less than or equal to
the consideration or value of such property at the time of the prior
conveyance, and property which is otherwise exempt from the payment of
real property transfer tax from the payment of the flip tax.

Section 3 provides that the act shall take effect on the 90th day after
it becomes law.

 
JUSTIFICATION:

Imposing a "flip-tax" on the transfers of multi-unit residential build-
ings within two years of their acquisition is intended to discourage
short-term real estate speculation, known as "flipping". "Flipping" is a
widespread practice which significantly decreases the availability of
affordable housing in New York City and causes hardship to many fami-
lies, while offering lucrative windfalls to property owners engaged in
such practices.

To discourage this practice, this bill will impose a "flip" tax. As
such, all residential properties sold within one year of the prior
conveyance would incur a 15% tax. If sold after one year, but less than
two years from purchase, the penalty would be reduced to 10%.

To avoid undue harm to private homeowners, this bill would exempt trans-
fers to family members and homeowners who can establish a reasonable
financial hard-ship; or properties sold within one year of the death of
the owner, sites which had no existing residential units, and properties
exempt from payment of property tax.

 
LEGISLATIVE HISTORY:

S6488 and A7406 Died in committees

 
FISCAL IMPLICATIONS:

None.

 
LOCAL FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect on the 90th day after is shall have become a
law.

2019-S3060C - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3060--C
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2019
                                ___________
 
 Introduced  by  Sen. SALAZAR -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Cities  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to  said  committee  --  committee  discharged,  bill amended, ordered
   reprinted as amended and recommitted to said  committee  --  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 city small home anti-speculation act".
   §  2.  Section  11-2101  of the administrative code of the city of New
 York is amended by adding five new subdivisions 19, 20, 21, 22 and 23 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. "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.
   22.  "QUALIFIED  PERSONS." QUALIFIED PERSONS, AS USED IN THIS CHAPTER,
 SHALL NOT INCLUDE BUSINESS TRUSTS, ESTATES,  TRUSTS,  LIMITED  LIABILITY
 COMPANIES,  LIMITED LIABILITY PARTNERSHIPS, LIMITED LIABILITY INVESTMENT
 COMPANIES, ASSOCIATIONS, JOINT VENTURES, BUSINESS OR NONPROFIT ENTITIES,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD04848-09-9

 S. 3060--C                          2
 
 PUBLIC CORPORATIONS, GOVERNMENT OR GOVERNMENTAL SUBDIVISIONS,  AGENCIES,
 INSTRUMENTALITIES, OR OTHER LEGAL OR COMMERCIAL ENTITIES.
   23. "MORTGAGEE." THE HOLDER OF A MORTGAGE AND/OR NOTE SECURED BY RESI-
 DENTIAL  REAL  PROPERTY,  INCLUDING,  AS APPLICABLE, THE ORIGINAL LENDER
 UNDER A MORTGAGE, ITS SUCCESSORS AND ASSIGNS, AND THE HOLDERS OF  CREDIT
 INSTRUMENTS  ISSUED  UNDER  A TRUST INDENTURE, MORTGAGE OR DEED OF TRUST
 PURSUANT TO WHICH SUCH HOLDERS ACT BY AND THROUGH A TRUSTEE NAMED IN  OR
 ON SUCH CREDIT INSTRUMENT.
   §  3.  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
 THE PRIOR CONVEYANCE OF THE PROPERTY. THE TAX, WHICH SHALL  BE  PAID  BY
 THE GRANTOR, SHALL BE AT THE RATE OF:
   (1)  TWENTY  PERCENT  WHEN  THE TIME SINCE THE PRIOR CONVEYANCE OF THE
 PROPERTY IS LESS THAN ONE YEAR; AND
   (2) FIFTEEN PERCENT WHEN THE TIME SINCE THE PRIOR  CONVEYANCE  OF  THE
 PROPERTY IS GREATER THAN OR EQUAL TO ONE YEAR BUT LESS THAN TWO YEARS.
   B.  THE TAX DEFINED IN SUBDIVISION A OF THIS SECTION SHALL EXPIRE WHEN
 THE TIME SINCE THE PRIOR CONVEYANCE OF THE PROPERTY IS TWO YEARS.
   C. ALL REVENUES RESULTING FROM THE IMPOSITION OF THE  TAX  UNDER  THIS
 SECTION  SHALL BE PAID TO THE STATE COMPTROLLER AND SHALL BE DISTRIBUTED
 TO THE DIVISION OF HOUSING AND COMMUNITY RENEWAL TO BE USED  TO  SUPPORT
 NEIGHBORHOOD  PRESERVATION  COMPANIES IN A CITY WITH A POPULATION OF ONE
 MILLION OR MORE.
   D. (1) THE FOLLOWING  QUALIFIED  PERSONS  SHALL  BE  EXEMPT  FROM  THE
 PAYMENT OF THE TAX IMPOSED BY THIS SECTION:
   (I) PROPERTY OWNERS CONVEYING PROPERTY TO A FAMILY MEMBER.
   (II)  PROPERTY  OWNERS  WHO CAN DEMONSTRATE A FINANCIAL HARDSHIP WHICH
 JUSTIFIES A CONVEYANCE OF PROPERTY IN LESS THAN OR EQUAL TO TWO YEARS.
   (2) THE FOLLOWING PROPERTIES SHALL BE EXEMPT FROM THE PAYMENT  OF  THE
 TAX IMPOSED BY THIS SECTION:
   (I)  PROPERTY  WHICH  WAS CONVEYED WITHIN ONE YEAR OF THE DEATH OF THE
 PROPERTY OWNER.
   (II) PROPERTY BEING SOLD AS NEW HOUSING.
   (III) PROPERTY WHICH THE CONSIDERATION OR  VALUE  CONVEYED,  WHICH  IS
 OTHERWISE  SUBJECT  TO  THE TAX IMPOSED IN THIS SECTION, IS LESS THAN OR
 EQUAL TO THE CONSIDERATION OR VALUE OF SUCH  PROPERTY  CONVEYED  AT  THE
 TIME OF THE PRIOR CONVEYANCE OF PROPERTY.
   (IV)  PROPERTY WHICH WAS CONVEYED TO A MORTGAGEE OR AN AFFILIATE AGENT
 OF SUCH MORTGAGEE BY A MORTGAGOR BY DEED IN LIEU OF  FORECLOSURE  OR  IN
 SATISFACTION OF THE MORTGAGE DEBT.
   (V)  PROPERTY WHICH WAS CONVEYED TO A MORTGAGEE OR AN AFFILIATED AGENT
 OF SUCH MORTGAGEE PURSUANT TO A FORECLOSURE SALE THAT FOLLOWS A  DEFAULT
 IN THE SATISFACTION OF AN OBLIGATION THAT IS SECURED BY A MORTGAGE.
   (VI) PROPERTY WHICH IS OTHERWISE EXEMPT FROM PAYMENT OF A REAL PROPER-
 TY TRANSFER TAX, AS DEFINED IN THIS CHAPTER.
   §  4.  This  act shall take effect on the ninetieth day after it shall
 have become a law and shall apply to conveyances occurring on  or  after
 such date.

co-Sponsors

2019-S3060D - Details

See Assembly Version of this Bill:: A5375
Current Committee:: Senate Cities
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: S6488, A7406
2021-2022: A3259
2023-2024: A2638
2025-2026: A3625

2019-S3060D - 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-S3060D - Sponsor Memo

                                
 
BILL NUMBER: S3060D

SPONSOR: SALAZAR
 
TITLE OF BILL:  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

 
PURPOSE:

Incorporate an additional 15% tax on properties sold within one year and
10% tax on properties sold after one year but less than two years after
purchase in an effort deter property speculation and flipping in vulner-
able neighborhoods.

 
SUMMARY OF PROVISIONS:

Section 1 will amend section 11-2101 of the administrative code of the
city of New York by adding four new subdivisions, 19, 20, 21, and 22.

The new section 19 defines "prior conveyance of the property" to mean
the most recent conveyance of the real property.

The new section 20 defines "family member" to include 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.

The new section 21 defines "principal place of residence".

The new section 22 defines "new housing" to mean residential unit(s)
that did not exist at the time of the prior conveyance of the property
if the property had no residential units at the time of the prior
conveyance.

Section 2 will amend the administrative code of the city of New York by
adding a new section 11-2120 titled "Imposition of flip tax", which, in
subdivision (a) imposes a tax on each deed or other instrument of trans-
fer of properties of one to five residential units when such transfer is
made within two years of the prior conveyance of the property, including
if purchase is made in cash..

Section 11-2120(a)(1) imposes a tax of 20 percent when the time since
the prior conveyance is less than one year.

Section 11-2120(a)(2) imposes a tax of fifteen percent when the time
since the prior conveyance is greater than one year but less than two
years.

Section 11-2120(b) states that the tax defined in subdivision (a)
expires when the time since the prior conveyance is two years.

Section 11-2120(c) provides that all revenues from the taxes under this
law shall be paid and transmitted to the Office of the State Comptroller
and distributed to the division of housing and community renewal to be
used to support neighborhood preservation companies in a city with a
population of one million or more.

The new subdivision 11-2120(d)(1) exempts property owners conveying
property to a family member and property owners who can demonstrate a

financial hardship which justifies a conveyance in less than two years
from payment of the flip tax.

The new subdivision 11-2120(d)(2) exempts property conveyed within one
year of the death of the owner, property sold as new housing, property
for which the consideration or value conveyed is less than or equal to
the consideration or value of such property at the time of the prior
conveyance, and property which is otherwise exempt from the payment of
real property transfer tax from the payment of the flip tax.

Section 3 provides that the act shall take effect on the 90th day after
it becomes law.

 
JUSTIFICATION:

Imposing a "flip-tax" on the transfers of multi-unit residential build-
ings within two years of their acquisition is intended to discourage
short-term real estate speculation, known as "flipping". "Flipping" is a
widespread practice which significantly decreases the availability of
affordable housing in New York City and causes hardship to many fami-
lies, while offering lucrative windfalls to property owners engaged in
such practices.

To discourage this practice, this bill will impose a "flip" tax. As
such, all residential properties sold within one year of the prior
conveyance would incur a 15% tax. If sold after one year, but less than
two years from purchase, the penalty would be reduced to 10%.

To avoid undue harm to private homeowners, this bill would exempt trans-
fers to family members and homeowners who can establish a reasonable
financial hard-ship; or properties sold within one year of the death of
the owner, sites which had no existing residential units, and properties
exempt from payment of property tax.

 
LEGISLATIVE HISTORY:

S6488 and A7406 Died in committees

 
FISCAL IMPLICATIONS:

None.

 
LOCAL FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect on the 90th day after is shall have become a
law.

2019-S3060D - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3060--D
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2019
                                ___________
 
 Introduced  by  Sen. SALAZAR -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Cities  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to  said  committee  --  committee  discharged,  bill amended, ordered
   reprinted as amended and recommitted to said  committee  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to  said  committee  --  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 city small home anti-speculation act".
   § 2. Section 11-2101 of the administrative code of  the  city  of  New
 York is amended by adding five new subdivisions 19, 20, 21, 22 and 23 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.  "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.
   22. "QUALIFIED PERSONS." QUALIFIED PERSONS, AS USED IN  THIS  CHAPTER,
 SHALL  NOT  INCLUDE  BUSINESS TRUSTS, ESTATES, TRUSTS, LIMITED LIABILITY
 COMPANIES, LIMITED LIABILITY PARTNERSHIPS, LIMITED LIABILITY  INVESTMENT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD04848-11-9

 S. 3060--D                          2
 
 COMPANIES, ASSOCIATIONS, JOINT VENTURES, BUSINESS OR NONPROFIT ENTITIES,
 PUBLIC  CORPORATIONS, GOVERNMENT OR GOVERNMENTAL SUBDIVISIONS, AGENCIES,
 INSTRUMENTALITIES, OR OTHER LEGAL OR COMMERCIAL ENTITIES.
   23. "MORTGAGEE." THE HOLDER OF A MORTGAGE AND/OR NOTE SECURED BY RESI-
 DENTIAL  REAL  PROPERTY,  INCLUDING,  AS APPLICABLE, THE ORIGINAL LENDER
 UNDER A MORTGAGE, ITS SUCCESSORS AND ASSIGNS, AND THE HOLDERS OF  CREDIT
 INSTRUMENTS  ISSUED  UNDER  A TRUST INDENTURE, MORTGAGE OR DEED OF TRUST
 PURSUANT TO WHICH SUCH HOLDERS ACT BY AND THROUGH A TRUSTEE NAMED IN  OR
 ON SUCH CREDIT INSTRUMENT.
   §  3.  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
 THE PRIOR CONVEYANCE OF THE  PROPERTY,  INCLUDING  BUT  NOT  LIMITED  TO
 TRANSFERS  WHICH  ARE  ALL  CASH  TRANSACTIONS AND TRANSFERS OF PROPERTY
 WHICH HAS BEEN RENTED OUT DURING SUCH TWO-YEAR PERIOD.   THE TAX,  WHICH
 SHALL BE PAID BY THE GRANTOR, SHALL BE AT THE RATE OF:
   (1)  TWENTY  PERCENT  WHEN  THE TIME SINCE THE PRIOR CONVEYANCE OF THE
 PROPERTY IS LESS THAN ONE YEAR; AND
   (2) FIFTEEN PERCENT WHEN THE TIME SINCE THE PRIOR  CONVEYANCE  OF  THE
 PROPERTY IS GREATER THAN OR EQUAL TO ONE YEAR BUT LESS THAN TWO YEARS.
   B.  THE TAX DEFINED IN SUBDIVISION A OF THIS SECTION SHALL EXPIRE WHEN
 THE TIME SINCE THE PRIOR CONVEYANCE OF THE PROPERTY IS TWO YEARS.
   C. ALL REVENUES RESULTING FROM THE IMPOSITION OF THE  TAX  UNDER  THIS
 SECTION SHALL BE DEPOSITED INTO A SPECIAL ACCOUNT BY THE COMMISSIONER OF
 FINANCE.  MONEYS  IN  SUCH ACCOUNT SHALL BE USED BY NEW YORK STATE HOMES
 AND COMMUNITY RENEWAL THROUGH THE AFFORDABLE HOUSING CORPORATION AND THE
 NEIGHBORHOOD PRESERVATION PROGRAM FOR  AFFORDABLE  HOUSING  PURPOSES  IN
 CITIES OF ONE MILLION OR MORE.
   D.  (1)  THE  FOLLOWING  QUALIFIED  PERSONS  SHALL  BE EXEMPT FROM THE
 PAYMENT OF THE TAX IMPOSED BY THIS SECTION:
   (I) PROPERTY OWNERS CONVEYING PROPERTY TO A FAMILY MEMBER.
   (II) PROPERTY OWNERS WHO CAN DEMONSTRATE A  FINANCIAL  HARDSHIP  WHICH
 JUSTIFIES A CONVEYANCE OF PROPERTY IN LESS THAN OR EQUAL TO TWO YEARS.
   (2)  THE  FOLLOWING PROPERTIES SHALL BE EXEMPT FROM THE PAYMENT OF THE
 TAX IMPOSED BY THIS SECTION:
   (I) PROPERTY WHICH WAS CONVEYED WITHIN ONE YEAR OF THE  DEATH  OF  THE
 PROPERTY OWNER.
   (II) PROPERTY BEING SOLD AS NEW HOUSING.
   (III)  PROPERTY  WHICH  THE  CONSIDERATION OR VALUE CONVEYED, WHICH IS
 OTHERWISE SUBJECT TO THE TAX IMPOSED IN THIS SECTION, IS  LESS  THAN  OR
 EQUAL  TO  THE  CONSIDERATION  OR VALUE OF SUCH PROPERTY CONVEYED AT THE
 TIME OF THE PRIOR CONVEYANCE OF PROPERTY.
   (IV) PROPERTY WHICH WAS CONVEYED TO A MORTGAGEE OR AN AFFILIATE  AGENT
 OF  SUCH  MORTGAGEE  BY A MORTGAGOR BY DEED IN LIEU OF FORECLOSURE OR IN
 SATISFACTION OF THE MORTGAGE DEBT.
   (V) PROPERTY WHICH WAS CONVEYED TO A MORTGAGEE OR AN AFFILIATED  AGENT
 OF  SUCH MORTGAGEE PURSUANT TO A FORECLOSURE SALE THAT FOLLOWS A DEFAULT
 IN THE SATISFACTION OF AN OBLIGATION THAT IS SECURED BY A MORTGAGE.
   (VI) PROPERTY WHICH IS OTHERWISE EXEMPT FROM PAYMENT OF A REAL PROPER-
 TY TRANSFER TAX, AS DEFINED IN THIS CHAPTER.

 S. 3060--D                          3
 
   § 4. This act shall take effect on the ninetieth day  after  it  shall
 have  become  a law and shall apply to conveyances occurring on or after
 such date.

co-Sponsors

View additional co-sponsors

2019-S3060E (ACTIVE) - Details

See Assembly Version of this Bill:: A5375
Current Committee:: Senate Cities
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: S6488, A7406
2021-2022: A3259
2023-2024: A2638
2025-2026: A3625

2019-S3060E (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-S3060E (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S3060E              REVISED 05/15/19

SPONSOR: SALAZAR
 
TITLE OF BILL:  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

 
PURPOSE:

Incorporate an additional 20% tax on properties sold within one year and
15% tax on properties sold after one year but less than two years after
purchase in an effort deter property speculation and flipping in vulner-
able neighborhoods.

 
SUMMARY OF PROVISIONS:

Section 1 provides that the act shall be known as the "New York state
small home anti-speculation act".

Section 2 amends section 11-2101 of the administrative code of the city
of New York by adding six new subdivisions, 19, 20, 21, 22, 23, and 24.

The new section 19 defines "prior conveyance of the property" to mean
the most recent conveyance of the real property.

The new section 20 defines "family member" to include 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.

The new section 21 defines "principal place of residence".

The new section 22 defines "new housing" to mean residential unit(s)
that did not exist at the time of the prior conveyance of the property
if the property had no residential units at the time of the prior
conveyance.

The new section 23 defines "qualified persons" to exclude business
trusts, estates, trusts, limited liability companies, limited liability
partnerships, limited liability investment, companies, associations,
joint ventures, business or nonprofit entities, public corporations,
government or governmental subdivisions, agencies, instrumentalities, or
other legal or commercial entities.

The new section 24 defines "mortgagee".

Section 3 amends the administrative code of the city of New York by
adding a new section 11-2120 titled "Imposition of speculation tax",
which, in subdivision (a) imposes a tax on each deed or other instrument
of transfer of properties of one to five residential units when such
transfer is made within two years of the prior conveyance of the proper-
ty, including if purchase is made in cash.

Section 11-2120(a)(1) imposes a tax of 20 percent when the time since
the prior conveyance is less than one year.

Section 11-2120(a)(2) imposes a tax of fifteen percent when the time
since the prior conveyance is greater than one year but less than two
years.

Section 11-2120(b) states that the tax defined in subdivision (a)
expires when the time since the prior conveyance is two years.

Section 11-2120(c) provides that all revenues from the taxes under this
law shall be deposited into a special account by the commissioner of
finance. Moneys in such account shall be used by New York state homes
and community renewal through the affordable housing corporation and the
neighborhood preservation program for affordable housing purposes in
cities of one million or more.

The new subdivision 11-2120(d)(1) exempts property owners conveying
property to a family member and property owners who can demonstrate a
financial hardship which justifies a conveyance in less than two years
from payment of the flip tax.

The new subdivision 11-2120(d)(2) exempts property conveyed within one
year of the death of the owner, property sold as new housing, property
for which the consideration or value conveyed is less than or equal to
the consideration or value of such property at the time of the prior
conveyance, property conveyed to a mortgagee by a mortgagor in lieu of
foreclosure or in satisfaction of the mortgage debt, and property which
is otherwise exempt from the payment of real property transfer tax from
the payment of the flip tax.

Section 3 provides that the act shall take effect on the 90th day after
it becomes law.

 
JUSTIFICATION:

Imposing a "flip-tax" or "speculation tax" on the transfers of multi-
unit residential buildings within two years of their acquisition is
intended to discourage short-term real estate speculation, known as
"flipping". "Flipping" is a widespread practice which significantly
decreases the availability of affordable housing in New York City and
causes hardship to many families, while offering lucrative windfalls to
property owners engaged in such practices.

To discourage this practice, this bill will impose a "speculation" tax.
As such, all residential properties sold within one year of the prior
conveyance would incur a 20% tax. If sold after one year, but less than
two years from purchase, the penalty would be reduced to 15%.

To avoid undue harm to private homeowners, this bill would exempt trans-
fers to family members and homeowners who can establish a reasonable
financial hard-ship; or properties sold within one year of the death of
the owner, sites which had no existing residential units, and properties
exempt from payment of property tax.

 
LEGISLATIVE HISTORY:

S6488 and A7406 Died in committees

 
FISCAL IMPLICATIONS:

None.

 
LOCAL FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect on the 90th day after is shall have become a
law.

2019-S3060E (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3060--E
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2019
                                ___________
 
 Introduced  by Sens. SALAZAR, BIAGGI, JACKSON, SANDERS -- read twice and
   ordered printed, and when printed to be committed to the Committee  on
   Cities  --  committee  discharged,  bill amended, ordered reprinted as
   amended and recommitted to said  committee  --  committee  discharged,
   bill  amended,  ordered  reprinted  as amended and recommitted to said
   committee -- committee discharged, bill amended, ordered reprinted  as
   amended  and  recommitted  to  said committee -- committee discharged,
   bill amended, ordered reprinted as amended  and  recommitted  to  said
   committee  -- 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

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

                                                            LBD04848-14-9

 S. 3060--E                          2
 
 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,
 GOVERNMENT OR GOVERNMENTAL SUBDIVISIONS, AGENCIES, INSTRUMENTALITIES, OR
 OTHER LEGAL OR COMMERCIAL ENTITIES.
   24. "MORTGAGEE." THE HOLDER OF A MORTGAGE AND/OR NOTE SECURED BY RESI-
 DENTIAL  REAL  PROPERTY,  INCLUDING,  AS APPLICABLE, THE ORIGINAL LENDER
 UNDER A MORTGAGE, ITS SUCCESSORS AND ASSIGNS, AND THE HOLDERS OF  CREDIT
 INSTRUMENTS  ISSUED  UNDER  A TRUST INDENTURE, MORTGAGE OR DEED OF TRUST
 PURSUANT TO WHICH SUCH HOLDERS ACT BY  AND  THROUGH  A  TRUSTEE  THEREIN
 NAMED.
   §  3.  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 SPECULATION 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 PROPERTIES OF ONE TO FIVE SEPARATE RESIDENTIAL UNITS ARE TRANSFERRED
 BY A GRANTOR TO A GRANTEE, AND SUCH TRANSFER IS MADE  WITHIN  TWO  YEARS
 FROM  THE PRIOR CONVEYANCE OF THE PROPERTY, INCLUDING BUT NOT LIMITED TO
 TRANSFERS WHICH ARE ALL CASH  TRANSACTIONS  AND  TRANSFERS  OF  PROPERTY
 WHICH  HAVE  BEEN RENTED OUT DURING SUCH TWO-YEAR PERIOD. THE TAX, WHICH
 SHALL BE PAID BY THE GRANTOR, SHALL BE AT THE RATE OF:
   (1) TWENTY PERCENT WHEN THE TIME SINCE THE  PRIOR  CONVEYANCE  OF  THE
 PROPERTY IS LESS THAN ONE YEAR; AND
   (2)  FIFTEEN  PERCENT  WHEN THE TIME SINCE THE PRIOR CONVEYANCE OF THE
 PROPERTY IS GREATER THAN OR EQUAL TO ONE YEAR BUT LESS THAN TWO YEARS.
   B. THE TAX DEFINED IN SUBDIVISION A OF THIS SECTION SHALL EXPIRE  WHEN
 THE TIME SINCE THE PRIOR CONVEYANCE OF THE PROPERTY IS TWO YEARS.
   C.  ALL  REVENUES  RESULTING FROM THE IMPOSITION OF THE TAX UNDER THIS
 SECTION SHALL BE DEPOSITED INTO A SPECIAL ACCOUNT BY THE COMMISSIONER OF
 FINANCE. MONEYS IN SUCH ACCOUNT SHALL BE USED BY NEW  YORK  STATE  HOMES
 AND COMMUNITY RENEWAL THROUGH THE AFFORDABLE HOUSING CORPORATION AND THE
 NEIGHBORHOOD  PRESERVATION  PROGRAM  FOR  AFFORDABLE HOUSING PURPOSES IN
 CITIES OF ONE MILLION OR MORE.
   D. (1) THE FOLLOWING  QUALIFIED  PERSONS  SHALL  BE  EXEMPT  FROM  THE
 PAYMENT OF THE TAX IMPOSED BY THIS SECTION:
   (I) PROPERTY OWNERS CONVEYING PROPERTY TO A FAMILY MEMBER.
   (II)  PROPERTY  OWNERS  WHO CAN DEMONSTRATE A FINANCIAL HARDSHIP WHICH
 JUSTIFIES A CONVEYANCE OF PROPERTY IN LESS THAN OR EQUAL TO TWO YEARS.
   (2) THE FOLLOWING PROPERTIES SHALL BE EXEMPT FROM THE PAYMENT  OF  THE
 TAX IMPOSED BY THIS SECTION:
   (I)  PROPERTY  WHICH  WAS CONVEYED WITHIN ONE YEAR OF THE DEATH OF THE
 PROPERTY OWNER.
   (II) PROPERTY BEING SOLD AS NEW HOUSING.
   (III) PROPERTY WHICH THE CONSIDERATION OR  VALUE  CONVEYED,  WHICH  IS
 OTHERWISE  SUBJECT  TO  THE TAX IMPOSED IN THIS SECTION, IS LESS THAN OR
 EQUAL TO THE CONSIDERATION OR VALUE OF SUCH  PROPERTY  CONVEYED  AT  THE
 TIME OF THE PRIOR CONVEYANCE OF PROPERTY.
   (IV)  PROPERTY WHICH WAS CONVEYED TO A MORTGAGEE OR AN AFFILIATE AGENT
 THEREOF BY A MORTGAGOR BE DEED IN LIEU OF FORECLOSURE OR IN SATISFACTION
 OF THE MORTGAGE DEBT.

 S. 3060--E                          3
 
   (V) PROPERTY WHICH WAS CONVEYED TO A MORTGAGEE OR AN  AFFILIATE  AGENT
 THEREOF  PURSUANT  TO  A  FORECLOSURE SALE THAT FOLLOWS A DEFAULT IN THE
 SATISFACTION OF AN OBLIGATION THAT IS SECURED BY A MORTGAGE.
   (VI) PROPERTY WHICH IS OTHERWISE EXEMPT FROM PAYMENT OF A REAL PROPER-
 TY TRANSFER TAX PURSUANT TO THIS CHAPTER.
   §  4.  This  act shall take effect on the ninetieth day after it shall
 have become a law and shall apply to conveyances occurring on  or  after
 such date.

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