Senate Bill S3254

                                 
BILL NUMBER: S3254

SPONSOR: PALUMBO
 
TITLE OF BILL:

An act in relation to authorizing the town board of the town of Sout-
hold, county of Suffolk, to accept from GKLF, LLC, grantee, an applica-
tion for a refund from the town real estate transfer tax paid pursuant
to section 1449-bb of the tax law for certain real property conveyed on
June 22, 2021; and providing for the repeal of such provisions upon
expiration thereof

 
PURPOSE:

This bill would authorize the town board of the town of Southold to
accept from GKLF, LLC grantee, an application for a refund from the town
real estate transfer tax.

 
SUMMARY OF PROVISIONS:

Section 1. Authorizes the Southold town board to accept from GKLF, LLC,
grantee, a petition for a refund from the town real estate transfer tax
              

with respect to a conveyance of real property occurring on June 22, 2021
for the parcel conveyed to such grantee located at 7800 Alvahs Lane, in
the hamlet of Cutchogue, town of Southold, county of Suffolk. Such peti-
tion shall be filed no later than one (1) year from the effective date
of this act.

Section 2. Effective date.

 
JUSTIFICATION:

Subdivision 2(j) of section 1449-ee of the tax law provides an exemption
for certain conveyances of real property from the payment of the real
estate transfer tax where the entire parcel of real property is subject
to the development restriction of an agricultural district or individual
commitment, pursuant to article twenty-five-AA of the agriculture and
markets law.

Subsequently, an application was made where the entire parcel would be
subject to Subdivision 2(j) of section 1449-ee of the tax law provides
an exemption for certain conveyances of real property from the payment
of the real estate transfer tax where the entire parcel of real property
is subject to the development restriction of an agricultural district or
individual commitment, pursuant to article twenty-five-AA of the agri-
culture and markets law.

A parcel of land located at 7800 Alvahs Lane, in the hamlet of Cutc-
hogue, town of Southold, was conveyed to GKLF, LLC on June 22, 2021.
However, the property was not eligible for exemption at the time of the
closing. Subsequently, an application was made where the entire parcel
would be subject to development restriction of an agricultural district,
pursuant to article twenty-five-AA of the agriculture and markets law.
This bill authorizes the town board of the town of Southold to accept
from GKLF, LLC, grantee, a petition for a refund from the real estate
transfer tax payment no later than one (1) year from the effective date
of this act.


If satisfied that such grantee would otherwise be entitled to such
exemption if such grantee had complied with the provisions of section
1449-e (2)(j) of the tax law before June 22, 2021, the town board of the
town of Southold, may grant the refund.

 
LEGISLATIVE HISTORY:

2024 S.6589

 
FISCAL IMPLICATIONS:

None to the State.

 
EFFECTIVE DATE:
This act shall take effect immediately and shall expire one year after
it shall have become a law when upon such date the provisions of this
act shall be deemed repealed.