assembly Bill A6574

2021-2022 Legislative Session

Establishes the COVID-19 community protection act of 2021

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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 19, 2021 referred to ways and means

Co-Sponsors

A6574 (ACTIVE) - Details

See Senate Version of this Bill:
S5376
Law Section:
New York City Administrative Code
Laws Affected:
Add §§11-2120 & 11-2121, NYC Ad Cd; amd §252-a, Tax L

A6574 (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.

A6574 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6574
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 19, 2021
                                ___________
 
 Introduced  by  M. of A. CRUZ -- read once and referred to the Committee
   on Ways and Means
 
 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.