NY State Senate Bill 2017-S1768

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2018	referred to investigations and government operations
Jan 10, 2017	referred to investigations and government operations

2017-S1768 (ACTIVE) - Details

See Assembly Version of this Bill:: A5871
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §1402-a, Tax L
Versions Introduced in 2015-2016 Legislative Session:: S8064, A10695

2017-S1768 (ACTIVE) - Summary

Increases the threshold sale amount triggering the additional tax imposed on certain conveyances of residential real property to $1.5 million.

2017-S1768 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S1768

 TITLE OF BILL :

An act to amend the tax law, in relation to the tax imposed on certain
conveyance of residential real property

 PURPOSE OR GENERAL IDEA OF BILL :

This bill raises the threshold before the imposition of the State's
mansion tax from one million to one million and a half to enable
middle class residents greater opportunity to purchase housing.

 SUMMARY OF PROVISIONS :

Section one of this bill would amend subdivision (a) of section 1402-a
of the tax law to increase the level at which additional real estate
transfer taxes are imposed from one million dollars to one million
five hundred thousand dollars.

Section two provides that this act shall take effect on January 1,
2018.

 EXISTING LAW :

Currently the State imposes additional real estate transfer taxes on

homes that are sold for one million dollars or more.

 JUSTIFICATION :

The State's "mansion" tax was imposed in 1988 as an additional real
estate transfer tax on residences sold and bought for more than one
million dollars. Since then, the average price of a home in most parts
of the State has at least doubled, and in large areas of the State,
the average price of a home is approaching or has passed a million
dollars.

The mansion tax was never meant to be a burden on the middle class,
who are already struggling to come up with the cash to purchase a
moderate sized, constructed and furnished family home. Raising the
threshold by a half million dollars will save these middle class
families at least $10,000.00 at closing.

 PRIOR LEGISLATIVE HISTORY :

2016: S.8064 - Passed the Senate

 FISCAL IMPLICATIONS :

To be determined.

 EFFECTIVE DATE :
This act shall take effect on January 1, 2018.

2017-S1768 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1768
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 10, 2017
                                ___________
 
 Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 AN ACT to amend the tax law, in relation to the tax imposed  on  certain
   conveyance of residential 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 FIVE HUNDRED 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  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.
   § 2. This act shall take effect January 1, 2018.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05076-01-7

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Senate Bill S1768

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

2017-S1768 (ACTIVE) - Details

2017-S1768 (ACTIVE) - Summary

2017-S1768 (ACTIVE) - Sponsor Memo

2017-S1768 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S1768

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Sponsored By

Martin J. Golden

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

2017-S1768 (ACTIVE) - Details

2017-S1768 (ACTIVE) - Summary

2017-S1768 (ACTIVE) - Sponsor Memo

2017-S1768 (ACTIVE) - Bill Text download pdf

Comments