Assembly Bill A6612A

2013-2014 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 - 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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Bill Amendments

2013-A6612 - Details

See Senate Version of this Bill:
S2061
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §1402-a, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A228
2011-2012: A307
2015-2016: A79, S548
2017-2018: A2194, S1962
2019-2020: A56
2021-2022: A7167
2023-2024: A2914

2013-A6612 - Summary

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

2013-A6612 - Bill Text download pdf 

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

                                  6612

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                             April 12, 2013
                               ___________

Introduced by M. of A. BUCHWALD -- read once and referred to the Commit-
  tee 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] TWO million 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 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
                      [ ] is old law to be omitted.
                                                           LBD06261-01-3

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2013-A6612A (ACTIVE) - Details

See Senate Version of this Bill:
S2061
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §1402-a, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A228
2011-2012: A307
2015-2016: A79, S548
2017-2018: A2194, S1962
2019-2020: A56
2021-2022: A7167
2023-2024: A2914

2013-A6612A (ACTIVE) - Summary

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

2013-A6612A (ACTIVE) - Bill Text download pdf 

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

                                 6612--A

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                             April 12, 2013
                               ___________

Introduced by M. of A. BUCHWALD -- read once and referred to the Commit-
  tee  on  Ways  and  Means  -- recommitted to the Committee on Ways and
  Means in  accordance  with  Assembly  Rule  3,  sec.  2  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06261-04-4

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