Bill Text: NY S03060 | 2019-2020 | General Assembly | Amended

New York Senate Bill 3060 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: Imposes a tax on the transfer of certain real property within two years of the prior transfer of such property and provides for exemptions from such tax.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO CITIES [S03060 Detail]

Download: New_York-2019-S03060-Amended.html

                STATE OF NEW YORK
        ________________________________________________________________________
                                         3060--A
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 1, 2019
                                       ___________
        Introduced  by  Sen. SALAZAR -- read twice and ordered printed, and when
          printed to be committed  to  the  Committee  on  Cities  --  committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee
        AN  ACT  to  amend  the  administrative code of the city of New York, in
          relation to a tax on the transfer of certain real property within  two
          years of the prior transfer of such property
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 11-2101 of the administrative code of the  city  of
     2  New York is amended by adding four new subdivisions 19, 20, 21 and 22 to
     3  read as follows:
     4    19.  "Prior conveyance of the property." The most recent conveyance of
     5  the real property, whether conveyed on its own or as part  of  a  larger
     6  conveyance.
     7    20.  "Family  member."  A  person's  child,  spouse, domestic partner,
     8  parent, sibling, grandchild or grandparent, or the child or parent of  a
     9  person's spouse or domestic partner.
    10    21.  "Principal  place  of residence." A person's permanent or primary
    11  home that the person occupies for more than a  temporary  or  transitory
    12  purpose.
    13    22.  "New  housing." A residential unit or units that did not exist at
    14  the time of the prior conveyance of the property to the extent that  the
    15  property  had  no  residential units at the time of the prior conveyance
    16  and at least one residential unit was subsequently added.
    17    § 2. The administrative code of the city of New  York  is  amended  by
    18  adding a new section 11-2120 to read as follows:
    19    § 11-2120 Imposition of flip tax. a. In addition to the tax imposed by
    20  section  11-2102  of this chapter, there is hereby imposed on each deed,
    21  instrument or transaction at the time of the transfer whereby any  prop-
    22  erties  of  one  to five separate residential units are transferred by a
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04848-03-9

        S. 3060--A                          2
     1  grantor to a grantee and such transfer is made within two years from the
     2  prior conveyance of the property, including but not limited to transfers
     3  which are all cash transactions and transfers of property which has been
     4  rented  out  during  such two-year time period.  The tax, which shall be
     5  paid by the grantor, shall be at the rate of:
     6    (1) fifteen percent when the time since the prior  conveyance  of  the
     7  property is less than one year; and
     8    (2)  ten percent when the time since the prior conveyance of the prop-
     9  erty is greater than or equal to one year but less than two years.
    10    b. The tax imposed pursuant to subdivision a of this section shall not
    11  be incurred on any transfer which occurs more than two years  after  the
    12  prior conveyance of the property.
    13    c.  All  revenues  resulting from the imposition of the tax under this
    14  section shall be paid into the treasury of the city and shall be credit-
    15  ed to and deposited in the general fund of the city.
    16    d. (1) The following persons shall be exempt from the payment  of  the
    17  tax imposed by this section:
    18    (i) Property owners conveying property to a family member.
    19    (ii)  Property  owners  who can demonstrate a financial hardship which
    20  justifies a conveyance of property in less than or equal to two years.
    21    (2) The following properties shall be exempt from the payment  of  the
    22  tax imposed by this section:
    23    (i)  Property  which  was conveyed within one year of the death of the
    24  property owner.
    25    (ii) Property being sold as new housing.
    26    (iii) Property which the consideration or  value  conveyed,  which  is
    27  otherwise  subject  to  the tax imposed in this section, is less than or
    28  equal to the consideration or value of such  property  conveyed  at  the
    29  time of the prior conveyance of property.
    30    (iv) Property which is otherwise exempt from payment of a real proper-
    31  ty transfer tax, as defined in this chapter.
    32    §  3.  This  act shall take effect on the ninetieth day after it shall
    33  have become a law and shall apply to conveyances occurring on  or  after
    34  such date.