Assembly Bill A160

2013-2014 Legislative Session

Increases the amount on which additional taxes are imposed for conveyances of real property in N.Y. city

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-A160 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง1402-a, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A955
2011-2012: A1164, A8638
2015-2016: A5885
2017-2018: A8594

2013-A160 (ACTIVE) - Summary

Increases the amount of real property conveyance in cities with a population of one million or more that triggers an additional tax.

2013-A160 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   160

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  M.  of  A.  KAVANAGH, BROOK-KRASNY, MILLMAN, CYMBROWITZ,
  ZEBROWSKI, MILLER, WEPRIN -- Multi-Sponsored by -- M. of  A.  BOYLAND,
  FARRELL, GABRYSZAK, ROSENTHAL, THIELE -- 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 in
  cities with a population of one million or more

  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: (I) IN CITIES WITH A  POPULATION
OF LESS THAN ONE MILLION, the consideration for the entire conveyance is
one  million dollars or more; OR (II) IN CITIES WITH A POPULATION OF ONE
MILLION OR MORE, THE CONSIDERATION FOR  THE  ENTIRE  CONVEYANCE  IS  ONE
MILLION  SEVEN  HUNDRED  FIFTY THOUSAND DOLLARS 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 thereof attributable to  the  resi-
dential  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.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03485-01-3

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