|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 03, 2021||referred to cities 1|
senate Bill S5376
Current Bill Status - In Senate Committee Cities Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S5376 (ACTIVE) - Details
- See Assembly Version of this Bill:
- Law Section:
- New York City Administrative Code
- Laws Affected:
- Add §§11-2120 & 11-2121, NYC Ad Cd; amd §252-a, Tax L
S5376 (ACTIVE) - Summary
Establishes the COVID-19 community protection act of 2021; imposes a tax on the transfer of certain residential properties which are sold within two years of the prior conveyance of such property; exempts certain purchases of residential properties from mortgage recording taxes; imposes a tax on the transfer of certain properties in the city of New York which are sold for one million dollars or more.
S5376 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5376 SPONSOR: SALAZAR TITLE OF BILL: An act to amend the administrative code of the city of New York and the tax law, in relation to the imposition of tax on the transfer of certain properties in the city of New York PURPOSE OR GENERAL IDEA OF BILL: This bill seeks to create more opportunity and equity in the New York City housing market for first time homebuyers by taxing home flipping, exempting certain homebuyers from the Mortgage Recording Tax, and creat- ing a 1% tax on the purchase price of homes for buyers of expensive properties. SUMMARY OF PROVISIONS: Section 1 provides that the title of this Act is the "COVID-19 Community Protection Act of 2021."
S5376 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5376 2021-2022 Regular Sessions I N S E N A T E March 3, 2021 ___________ Introduced by Sen. SALAZAR -- read twice and ordered printed, and when printed to be committed to the Committee on Cities 1 AN ACT to amend the administrative code of the city of New York and the tax law, in relation to the imposition of tax on the transfer of certain properties in the city of New York THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "COVID-19 community protection act of 2021". § 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 RESIDENTIAL REAL PROPERTY SOLD WITHIN TWO YEARS. A. IN ADDI- TION 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 TRANSFER WHEREBY ANY PROPERTIES OF ONE TO THREE 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 TIME PERIOD. THE TAX WHICH SHALL BE PAID BY THE GRANTOR SHALL BE AT THE RATE OF: (1) SIXTY-FIVE PERCENT OF THE DIFFERENCE BETWEEN THE CURRENT SALES PRICE AND THE SALES PRICE OF THE PRIOR CONVEYANCE WHEN THE TIME SINCE THE PRIOR CONVEYANCE OF THE PROPERTY IS LESS THAN ONE YEAR; AND (2) FIFTY PERCENT OF THE DIFFERENCE BETWEEN THE CURRENT SALES PRICE AND THE SALES PRICE OF THE PRIOR CONVEYANCE 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. (1) THE FOLLOWING QUALIFIED PERSONS SHALL BE EXEMPT FROM THE PAYMENT OF THE TAX IMPOSED BY THIS SECTION: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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