Assembly Bill A2626

2025-2026 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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2025-A2626 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §1402-a, Tax L
Versions Introduced in Other Legislative Sessions:
2021-2022: A8531
2023-2024: A73

2025-A2626 (ACTIVE) - Summary

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

2025-A2626 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2626
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 21, 2025
                                ___________
 
 Introduced by M. of A. SAYEGH, GLICK, STERN, LEMONDES, SHIMSKY, GALLAHAN
   -- 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-SEVEN  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  THOUSAND  DOLLARS.  FOR  PURPOSES OF THIS SECTION, THE CONSUMER
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02707-01-5

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