S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    56
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 9, 2019
                                ___________
 
 Introduced  by M. of A. BUCHWALD, ZEBROWSKI, LAVINE, O'DONNELL -- 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.
                                                            LBD00579-01-9

 A. 56                               2
 
 AGE,  ALL  ITEMS,  NOT  SEASONALLY  ADJUSTED) AS PUBLISHED BY THE UNITED
 STATES DEPARTMENT OF LABOR.
   §  2. This act shall take effect on the first of April next succeeding
 the date on which it shall have become a law.