Bill Text: NY A07174 | 2015-2016 | General Assembly | Amended

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Bill Title: Exempts the conveyance of real property for open space, parks, or historic preservation purposes to any not-for-profit tax exempt corporation operated for conservation, environmental, or historic preservation purposes from the additional tax on real estate transfers of residential real property where the consideration is one million dollars or more.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-02-19 - print number 7174a [A07174 Detail]

Download: New_York-2015-A07174-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         7174--A
                               2015-2016 Regular Sessions
                   IN ASSEMBLY
                                     April 27, 2015
                                       ___________
        Introduced by M. of A. THIELE -- 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  commit-
          tee
        AN  ACT to amend the tax law, in relation to exempting the conveyance of
          real property for open space, parks, or historic preservation purposes
          to any not-for-profit tax exempt corporation  operated  for  conserva-
          tion,  environmental, or historic preservation purposes from the state
          real estate transfer tax and the additional tax on real estate  trans-
          fers  of  residential  real  property  where  the consideration is one
          million dollars or more
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  1402-a of the tax law is amended by adding a new
     2  subdivision (d) to read as follows:
     3    (d) Notwithstanding any provision of law  to  the  contrary,  the  tax
     4  imposed  pursuant to section one thousand four hundred two of this arti-
     5  cle and the additional tax imposed by this section shall  not  apply  to
     6  the conveyance of real property for open space, parks, or historic pres-
     7  ervation  purposes to any not-for-profit tax exempt corporation operated
     8  for conservation, environmental or historic preservation purposes.
     9    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10569-02-6