Bill Text: NY A01164 | 2011-2012 | General Assembly | Introduced

New York Assembly Bill 1164 (Prior Session Legislation)

Introduced

Bill Title: Increases the amount of real property conveyance in cities with a population of one million or more that triggers an additional tax.

Spectrum: Partisan Bill (Democrat 15-0)

Status: (Introduced - Dead) 2011-07-11 - enacting clause stricken [A01164 Detail]

Download: New_York-2011-A01164-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1164
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       Introduced by M. of A. BING, BROOK-KRASNY, LANCMAN, MILLMAN, CYMBROWITZ,
         ZEBROWSKI  -- Multi-Sponsored by -- M. of A. BOYLAND, FARRELL, GABRYS-
         ZAK, V. LOPEZ, ROBINSON, ROSENTHAL, THIELE -- 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 in
         cities with a population of one million or more
         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: (I) IN CITIES WITH A  POPULATION
    6  OF LESS THAN ONE MILLION, the consideration for the entire conveyance is
    7  one  million dollars or more; OR (II) IN CITIES WITH A POPULATION OF ONE
    8  MILLION OR MORE, THE CONSIDERATION FOR  THE  ENTIRE  CONVEYANCE  IS  ONE
    9  MILLION  SEVEN  HUNDRED  FIFTY THOUSAND DOLLARS OR MORE. For purposes of
   10  this section, residential real property shall include any premises  that
   11  is or may be used in whole or in part as a personal residence, and shall
   12  include  a  one,  two,  or three-family house, an individual condominium
   13  unit, or a cooperative apartment unit. The rate of such tax shall be one
   14  percent of the consideration or part thereof attributable to  the  resi-
   15  dential  real  property.  Such tax shall be paid at the same time and in
   16  the same manner as the tax imposed by section fourteen  hundred  two  of
   17  this article.
   18    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00654-01-1