Senate Bill S6488

2017-2018 Legislative Session

Imposes a tax on the transfer of certain real property within two years of the prior transfer of such property

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Cities 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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2017-S6488 (ACTIVE) - Details

See Assembly Version of this Bill:
A7406
Current Committee:
Senate Cities
Law Section:
New York City Administrative Code
Laws Affected:
Amd §11-2101, add §11-2120, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2019-2020: S3060, A5375
2021-2022: A3259
2023-2024: A2638

2017-S6488 (ACTIVE) - Summary

Imposes a tax on the transfer of certain real property within two years of the prior transfer of such property and provides for exemptions from such tax.

2017-S6488 (ACTIVE) - Sponsor Memo

2017-S6488 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6488
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               May 25, 2017
                                ___________
 
 Introduced  by Sen. HAMILTON -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities
 
 AN ACT to amend the administrative code of the  city  of  New  York,  in
   relation  to  a  tax  on  the transfer of certain real property within
   three years of the prior transfer of such property

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 11-2101 of the administrative code of the city of
 New York is amended by adding four new subdivisions 19, 20, 21 and 22 to
 read as follows:
   19. "PRIOR CONVEYANCE OF THE PROPERTY." THE MOST RECENT CONVEYANCE  OF
 THE  REAL  PROPERTY,  WHETHER CONVEYED ON ITS OWN OR AS PART OF A LARGER
 CONVEYANCE.
   20. "FAMILY MEMBER."  A  PERSON'S  CHILD,  SPOUSE,  DOMESTIC  PARTNER,
 PARENT,  SIBLING, GRANDCHILD OR GRANDPARENT, OR THE CHILD OR PARENT OF A
 PERSON'S SPOUSE OR DOMESTIC PARTNER.
   21. "PRINCIPAL PLACE OF RESIDENCE." A PERSON'S  PERMANENT  OR  PRIMARY
 HOME  THAT  THE  PERSON OCCUPIES FOR MORE THAN A TEMPORARY OR TRANSITORY
 PURPOSE.
   22. "NEW HOUSING." A RESIDENTIAL UNIT OR UNITS THAT DID NOT  EXIST  AT
 THE  TIME OF THE PRIOR CONVEYANCE OF THE PROPERTY TO THE EXTENT THAT THE
 PROPERTY HAD NO RESIDENTIAL UNITS AT THE TIME OF  THE  PRIOR  CONVEYANCE
 AND AT LEAST ONE RESIDENTIAL UNIT WAS SUBSEQUENTLY ADDED.
   §  2.  The  administrative  code of the city of New York is amended by
 adding a new section 11-2120 to read as follows:
   § 11-2120 IMPOSITION OF FLIP TAX. A. IN ADDITION TO THE TAX IMPOSED BY
 SECTION 11-2102 OF THIS CHAPTER, THERE IS HEREBY IMPOSED ON  EACH  DEED,
 INSTRUMENT  OR TRANSACTION AT THE TIME OF THE TRANSFER WHEREBY ANY PROP-
 ERTIES OF ONE TO FIVE SEPARATE RESIDENTIAL UNITS ARE  TRANSFERRED  BY  A
 GRANTOR  TO  A  GRANTEE, AND SUCH TRANSFER IS MADE WITHIN TWO YEARS FROM
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09992-05-7

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