Bill Text: NY S06711 | 2017-2018 | General Assembly | Introduced
Bill Title: Exempts certain transfers conveying real property by a housing development fund company from transfer taxes.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2018-01-03 - REFERRED TO CITIES [S06711 Detail]
Download: New_York-2017-S06711-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6711 2017-2018 Regular Sessions IN SENATE June 14, 2017 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the administrative code of the city of New York, in relation to the taxation of the transfer of real property The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 9 of subdivision b of section 11-2106 of the 2 administrative code of the city of New York, as added by chapter 264 of 3 the laws of 2016, is amended to read as follows: 4 9. A deed, instrument or transaction conveying or transferring real 5 property or an economic interest therein by or to any housing develop- 6 ment fund company organized pursuant to article eleven of the private 7 housing finance law or to an entity, the controlling interest of which 8 is held by such a company, if at the time of such conveyance or trans- 9 fer, such real property is subject to, or simultaneously with such 10 conveyance or transfer is made subject to, a regulatory agreement with 11 the state of New York, a municipal corporation or any other public 12 corporation created by or pursuant to any law of the state of New York 13 that: encumbers the real property for thirty years or more, requires 14 mutual consent for revocation or amendment, restricts more than fifty 15 percent of the floor area, other than common areas, to residential real 16 property, and restricts at least sixty-six and two-thirds percent of 17 such residential real property to purchase, lease, license or other use 18 by persons of low income and families of low income within the meaning 19 of section two of the private housing finance law; provided, however, 20 that if such regulatory agreement restricts less than one hundred 21 percent of the floor area, other than common areas, to purchase, lease, 22 license or other use by persons of low income and families of low income 23 within the meaning of section two of the private housing finance law, 24 the tax shall apply to the consideration less the product of the consid- 25 eration and a fraction, the numerator of which is the floor area that EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13207-01-7S. 6711 2 1 such regulatory agreement restricts to purchase, lease, license or other 2 use by persons of low income and families of low income within the mean- 3 ing of section two of the private housing finance law and the denomina- 4 tor of which is the entire floor area, minus the floor area of common 5 areas; provided further, that if such real property is made subject to a 6 regulatory agreement that meets the terms of this paragraph within two 7 years of the conveyance or transfer then the commissioner of finance may 8 issue a refund based on the application of this paragraph pursuant to 9 the provisions of section 11-2108 of this chapter, treating the transfer 10 or conveyance as if such real property were subject to such regulatory 11 agreement as of the date of such transfer or conveyance, if, notwith- 12 standing any other time limitation set forth in section 11-2108 of this 13 chapter, application to the commissioner of finance for such refund is 14 made within twelve months of the effective date of such regulatory 15 agreement. Notwithstanding any provision of this paragraph to the 16 contrary, any deed, instrument or transaction conveying or transferring 17 real property or an economic interest therein by or to any housing 18 development fund company organized pursuant to article eleven of the 19 private housing finance law or to an entity, the controlling interest of 20 which is held by such a company, made prior to August nineteen, two 21 thousand sixteen shall be exempt pursuant to paragraph two of this 22 subdivision. 23 § 2. This act shall take effect immediately and shall be deemed to 24 have been in full force and effect on the same date and in the same 25 manner as chapter 264 of the laws of 2016.
