Bill Text: NY S01962 | 2017-2018 | General Assembly | Introduced
Bill Title: Increases the sales price threshold for real property conveyances that will trigger additional sales tax.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2017-01-11 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S01962 Detail]
Download: New_York-2017-S01962-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1962 2017-2018 Regular Sessions IN SENATE January 11, 2017 ___________ Introduced by Sen. LATIMER -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations 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. LBD00905-01-7S. 1962 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.
