Bill Text: NY S08088 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to the taxation of the transfer of real property to any housing development fund company or an entity of which a controlling interest is held by such company and such real property is subject to a certain regulatory agreement or restrictive covenant.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-06-16 - SUBSTITUTED BY A10512A [S08088 Detail]

Download: New_York-2015-S08088-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          8088
                    IN SENATE
                                      June 11, 2016
                                       ___________
        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. Subdivision b of section 11-2106 of the administrative code
     2  of the city of New York is amended by adding a new paragraph 9  to  read
     3  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
    26  such regulatory agreement restricts to purchase, lease, license or other
    27  use by persons of low income and families of low income within the mean-
    28  ing  of section two of the private housing finance law and the denomina-
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15655-03-6
        S. 8088                             2
     1  tor of which is the entire floor area, minus the floor  area  of  common
     2  areas; provided further, that if such real property is made subject to a
     3  regulatory  agreement  that meets the terms of this paragraph within two
     4  years of the conveyance or transfer then the commissioner of finance may
     5  issue  a  refund  based on the application of this paragraph pursuant to
     6  the provisions of section 11-2108 of this chapter, treating the transfer
     7  or conveyance as if such real property were subject to  such  regulatory
     8  agreement  as  of  the date of such transfer or conveyance, if, notwith-
     9  standing any other time limitation set forth in section 11-2108 of  this
    10  chapter,  application  to the commissioner of finance for such refund is
    11  made within twelve months of  the  effective  date  of  such  regulatory
    12  agreement.
    13    §  2.  This act shall take effect immediately and shall be retroactive
    14  to, and be deemed to apply to, all conveyances or transfers occurring on
    15  or after January 1, 2010.