Bill Text: NY A00056 | 2019-2020 | General Assembly | Introduced


Bill Title: Increases the sales price threshold for real property conveyances that will trigger additional sales tax.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A00056 Detail]

Download: New_York-2019-A00056-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                           56
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                       (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:
     1    Section  1. Subdivision (a) of section 1402-a of the tax law, as added
     2  by chapter 61 of the laws of 1989, is amended to read as follows:
     3    (a) In addition to the tax imposed by section fourteen hundred two  of
     4  this  article, a tax is hereby imposed on each conveyance of residential
     5  real property or interest therein when the consideration for the  entire
     6  conveyance is one million dollars (adjusted for inflation) or more.  For
     7  purposes  of  this  section, residential real property shall include any
     8  premises that is or may be used in whole or in part as a personal  resi-
     9  dence,  and shall include a one, two, or three-family house, an individ-
    10  ual condominium unit, or a cooperative apartment unit. The rate of  such
    11  tax  shall be one percent of the consideration or part thereof attribut-
    12  able to the residential real property. Such tax shall  be  paid  at  the
    13  same  time and in the same manner as the tax imposed by section fourteen
    14  hundred two of this article.   For purposes of  this  section,  the  one
    15  million  dollar  amount shall be adjusted for inflation in each calendar
    16  year by multiplying the amount by the ratio of (i) the  average  monthly
    17  value  of the consumer price index for the twelve month period ending on
    18  June thirtieth of the immediately preceding  calendar  year  divided  by
    19  (ii)  the  average  monthly  value  of  the consumer price index for the
    20  twelve month period ending on June thirtieth of the year in  which  this
    21  subdivision  became  a law, and rounding the amount to the nearest thou-
    22  sand dollars. For purposes of this section,  the  consumer  price  index
    23  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
     1  age,  all  items,  not  seasonally  adjusted) as published by the United
     2  States department of labor.
     3    §  2. This act shall take effect on the first of April next succeeding
     4  the date on which it shall have become a law.
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