Assembly Bill A79

2015-2016 Legislative Session

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

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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2015-A79 (ACTIVE) - Details

See Senate Version of this Bill:
S548
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: A228
2011-2012: A307
2013-2014: A6612, S2061
2017-2018: A2194, S1962
2019-2020: A56
2021-2022: A7167
2023-2024: A2914

2015-A79 (ACTIVE) - Summary

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

2015-A79 (ACTIVE) - Bill Text download pdf 

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

                                   79

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced  by  M.  of A. BUCHWALD, ZEBROWSKI, LAVINE, SCHIMEL -- Multi-
  Sponsored by -- M. of A.   WRIGHT -- 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-

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

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