Assembly Bill A73

2023-2024 Legislative Session

Enacts the "mansion tax adjustment 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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2023-A73 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §1402-a, Tax L
Versions Introduced in 2021-2022 Legislative Session:
A8531

2023-A73 (ACTIVE) - Summary

Enacts the "mansion tax adjustment act"; increases the sales price threshold for real property conveyances that will trigger additional sales tax.

2023-A73 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    73
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced  by  M.  of  A.  SAYEGH,  THIELE,  SILLITTI  -- 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. This act shall be known and may be cited  as  the  "mansion
 tax adjustment act".
   §  2.  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]  TWO  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 residence, and shall include a one, two, or three-family house,
 an individual condominium unit, or a  cooperative  apartment  unit.  The
 rate of such tax shall be one percent of the consideration or part ther-
 eof  attributable  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 TWO MILLION DOLLAR AMOUNT SHALL BE ADJUSTED  FOR  INFLATION
 IN  EACH CALENDAR YEAR STARTING ON AND AFTER JANUARY FIRST, TWO THOUSAND
 TWENTY-FIVE 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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