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Assembly Bill A2914

2023-2024 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 - Stricken

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2023-A2914 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §1402-a, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A228
2011-2012: A307
2013-2014: A6612
2015-2016: A79
2017-2018: A2194
2019-2020: A56
2021-2022: A7167

2023-A2914 (ACTIVE) - Summary

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

2023-A2914 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2914
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 1, 2023
                                ___________
 
 Introduced  by  M.  of A. ZEBROWSKI, LAVINE -- 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 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 resi-
 dence, and shall include a one, two, or three-family house, an  individ-
 ual  condominium unit, or a cooperative apartment unit. The rate of such
 tax shall be one percent of the consideration or part thereof  attribut-
 able  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 ONE
 MILLION DOLLAR AMOUNT SHALL BE ADJUSTED FOR INFLATION IN  EACH  CALENDAR
 YEAR  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  THOU-
 SAND  DOLLARS.  FOR  PURPOSES  OF THIS SECTION, THE CONSUMER PRICE INDEX
 MEANS THE CONSUMER PRICE INDEX (FOR ALL URBAN CONSUMERS, U.S. CITY AVER-
 AGE, ALL ITEMS, NOT SEASONALLY ADJUSTED)  AS  PUBLISHED  BY  THE  UNITED
 STATES DEPARTMENT OF LABOR.
   §  2. This act shall take effect on the first of April next succeeding
 the date on which it shall have become a law.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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