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Assembly Bill A8531

2021-2022 Legislative Session

Increases the sales price threshold for real property conveyances that will trigger additional sales tax

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Archive: Last Bill Status - In Assembly Committee

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2021-A8531 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §1402-a, Tax L
Versions Introduced in Other Legislative Sessions:
2023-2024: A73
2025-2026: A2626

2021-A8531 (ACTIVE) - Summary

Increases the sales price threshold for real property conveyances that will trigger additional sales tax.

2021-A8531 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8531
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             December 13, 2021
                                ___________
 
 Introduced by M. of A. SAYEGH -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT  to  amend  the tax law, in relation to increasing the amount on
   which additional taxes are imposed for conveyances of real property
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Subdivision (a) of section 1402-a of the tax law, as added
 by chapter 61 of the laws of 1989, is amended to read as follows:
   (a) In addition to the tax imposed by section fourteen hundred two  of
 this  article, a tax is hereby imposed on each conveyance of residential
 real property or interest therein when the consideration for the  entire
 conveyance  is  [one]  TWO  million  dollars (ADJUSTED FOR INFLATION) or
 more. For purposes of this  section,  residential  real  property  shall
 include  any  premises  that  is or may be used in whole or in part as a
 personal residence, and shall include a one, two, or three-family house,
 an individual condominium unit, or a  cooperative  apartment  unit.  The
 rate of such tax shall be one percent of the consideration or part ther-
 eof  attributable  to  the  residential real property. Such tax shall be
 paid at the same time and in the same  manner  as  the  tax  imposed  by
 section  fourteen  hundred  two  of this article.   FOR PURPOSES OF THIS
 SECTION, THE TWO MILLION DOLLAR AMOUNT SHALL BE ADJUSTED  FOR  INFLATION
 IN  EACH CALENDAR YEAR STARTING ON AND AFTER JANUARY FIRST, TWO THOUSAND
 TWENTY-THREE BY MULTIPLYING THE AMOUNT BY THE RATIO OF (I)  THE  AVERAGE
 MONTHLY  VALUE  OF  THE CONSUMER PRICE INDEX FOR THE TWELVE MONTH PERIOD
 ENDING ON JUNE THIRTIETH OF  THE  IMMEDIATELY  PRECEDING  CALENDAR  YEAR
 DIVIDED  BY  (II)  THE AVERAGE MONTHLY VALUE OF THE CONSUMER PRICE INDEX
 FOR THE TWELVE MONTH PERIOD ENDING ON JUNE  THIRTIETH  OF  THE  YEAR  IN
 WHICH  THIS  SUBDIVISION  BECAME  A  LAW, AND ROUNDING THE AMOUNT TO THE
 NEAREST THOUSAND DOLLARS. FOR PURPOSES OF  THIS  SECTION,  THE  CONSUMER
 PRICE  INDEX  MEANS  THE  CONSUMER PRICE INDEX (FOR ALL URBAN CONSUMERS,
 U.S. CITY AVERAGE, ALL ITEMS, NOT SEASONALLY ADJUSTED) AS  PUBLISHED  BY
 THE UNITED STATES DEPARTMENT OF LABOR.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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