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NY A09394

Bill

Official Source

Status

Passed

12/17/2014

Primary Sponsor

Herman Farrell

Click for details

Origin

Assembly

2013-2014 General Assembly

AI Summary

  • Extends the deadline for tax rate reductions on real estate transfer taxes for conveyances to REITs from September 1, 2014 to September 1, 2017
  • Applies to the New York State real estate transfer tax under Tax Law Section 1402 and the New York City real property transfer tax under Administrative Code Section 11-2102
  • Maintains tax benefits for conveyances to REITs, partnerships, or corporations where a REIT owns a controlling interest, occurring on or after July 13, 1996
  • Takes effect immediately upon enactment

Legislative Description

Extends the tax rate reduction under the NY state real estate transfer tax and the NYC real property transfer tax for conveyances of real property to existing real estate investment funds.

Last Action

signed chap.500

12/17/2014

Committee Referrals

Finance6/2/2014
Ways and Means4/25/2014

Full Bill Text

No bill text available