Assembly Bill A1023A

2023-2024 Legislative Session

Establishes the end toxic home flipping act

download bill text pdf

Sponsored By

Current 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

co-Sponsors

2023-A1023 - Details

See Senate Version of this Bill:
S1569
Current Committee:
Assembly Ways And Means
Law Section:
New York City Administrative Code
Laws Affected:
Add §11-2120, NYC Ad Cd
Versions Introduced in 2021-2022 Legislative Session:
A6574, S5376

2023-A1023 - Summary

Establishes the end toxic home flipping act; imposes a tax on the transfer of certain residential properties which are sold within two years of the prior conveyance of such property; exempts certain purchases of residential properties from mortgage recording taxes; imposes a tax on the transfer of certain properties in the city of New York which are sold for one million dollars or more.

2023-A1023 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1023
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 13, 2023
                                ___________
 
 Introduced by M. of A. CRUZ, MITAYNES, MAMDANI, GALLAGHER, REYES, SIMON,
   EPSTEIN,  L. ROSENTHAL  --  read once and referred to the Committee on
   Ways and Means
 
 AN ACT to amend the administrative code of the  city  of  New  York,  in
   relation  to  the imposition of tax on the transfer of certain proper-
   ties in the city of New York

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  This  act shall be known and may be cited as the "protect
 our homes and communities, stop predatory  housing  speculation  act  of
 2023".
   §  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 RESIDENTIAL REAL PROPERTY SOLD WITHIN TWO YEARS. A. IN ADDI-
 TION 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
 TRANSFER WHEREBY ANY PROPERTIES OF ONE TO THREE  RESIDENTIAL  UNITS  ARE
 TRANSFERRED  BY A GRANTOR TO A GRANTEE, AND SUCH TRANSFER IS MADE WITHIN
 TWO YEARS FROM THE PRIOR CONVEYANCE OF THE PROPERTY, INCLUDING  BUT  NOT
 LIMITED  TO  TRANSFERS  WHICH ARE ALL CASH TRANSACTIONS AND TRANSFERS OF
 PROPERTY WHICH HAVE BEEN RENTED OUT DURING SUCH  TIME  PERIOD.  THE  TAX
 WHICH SHALL BE PAID BY THE GRANTOR SHALL BE AT THE RATE OF:
   (1)  SIXTY-FIVE  PERCENT  OF  THE DIFFERENCE BETWEEN THE CURRENT SALES
 PRICE AND THE SALES PRICE OF THE PRIOR CONVEYANCE WHEN  THE  TIME  SINCE
 THE PRIOR CONVEYANCE OF THE PROPERTY IS LESS THAN ONE YEAR; AND
   (2)  FIFTY  PERCENT  OF THE DIFFERENCE BETWEEN THE CURRENT SALES PRICE
 AND THE SALES PRICE OF THE PRIOR CONVEYANCE  WHEN  THE  TIME  SINCE  THE
 PRIOR  CONVEYANCE  OF  THE PROPERTY IS GREATER THAN OR EQUAL TO ONE YEAR
 BUT LESS THAN TWO YEARS.
   B. THE TAX DEFINED IN SUBDIVISION A OF THIS SECTION SHALL EXPIRE  WHEN
 THE TIME SINCE THE PRIOR CONVEYANCE OF THE PROPERTY IS TWO YEARS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00494-02-3

co-Sponsors

2023-A1023A (ACTIVE) - Details

See Senate Version of this Bill:
S1569
Current Committee:
Assembly Ways And Means
Law Section:
New York City Administrative Code
Laws Affected:
Add §11-2120, NYC Ad Cd
Versions Introduced in 2021-2022 Legislative Session:
A6574, S5376

2023-A1023A (ACTIVE) - Summary

Establishes the end toxic home flipping act; imposes a tax on the transfer of certain residential properties which are sold within two years of the prior conveyance of such property; exempts certain purchases of residential properties from mortgage recording taxes; imposes a tax on the transfer of certain properties in the city of New York which are sold for one million dollars or more.

2023-A1023A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1023--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 13, 2023
                                ___________
 
 Introduced by M. of A. CRUZ, MITAYNES, MAMDANI, GALLAGHER, REYES, SIMON,
   EPSTEIN,  L. ROSENTHAL, RAGA, ARDILA, WALKER, FORREST -- read once and
   referred to the Committee 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 administrative code of the  city  of  New  York,  in
   relation  to  the imposition of tax on the transfer of certain proper-
   ties in the city of New York
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. This act shall be known and may be cited as the "end toxic
 home flipping act".
   § 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 RESIDENTIAL REAL PROPERTY SOLD WITHIN TWO YEARS. A. IN ADDI-
 TION  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
 TRANSFER  WHEREBY  ANY  PROPERTIES OF ONE TO THREE RESIDENTIAL UNITS ARE
 TRANSFERRED BY A GRANTOR TO A GRANTEE, AND SUCH TRANSFER IS MADE  WITHIN
 TWO  YEARS  FROM THE PRIOR CONVEYANCE OF THE PROPERTY, INCLUDING BUT NOT
 LIMITED TO TRANSFERS WHICH ARE ALL CASH TRANSACTIONS  AND  TRANSFERS  OF
 PROPERTY  WHICH  HAVE  BEEN  RENTED OUT DURING SUCH TIME PERIOD. THE TAX
 WHICH SHALL BE PAID BY THE GRANTOR SHALL BE AT THE RATE OF:
   (1) SIXTY-FIVE PERCENT OF THE DIFFERENCE  BETWEEN  THE  CURRENT  SALES
 PRICE  AND  THE  SALES PRICE OF THE PRIOR CONVEYANCE WHEN THE TIME SINCE
 THE PRIOR CONVEYANCE OF THE PROPERTY IS LESS THAN ONE YEAR; AND
   (2) FIFTY PERCENT OF THE DIFFERENCE BETWEEN THE  CURRENT  SALES  PRICE
 AND  THE  SALES  PRICE  OF  THE PRIOR CONVEYANCE WHEN THE TIME SINCE THE
 PRIOR CONVEYANCE OF THE PROPERTY IS GREATER THAN OR EQUAL  TO  ONE  YEAR
 BUT LESS THAN TWO YEARS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00494-04-4

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