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NY S02196

Bill

Official Source

Status

Introduced

1/14/2013

Primary Sponsor

David Carlucci

Click for details

Origin

Senate

2013-2014 General Assembly

AI Summary

  • Amends the Real Property Tax Law to modify how Enhanced STAR exemptions are handled when property is sold to a purchaser ineligible for the exemption

  • Requires the purchaser to pay the municipality the difference between the seller's original tax liability (with Enhanced STAR) and the purchaser's tax liability (without Enhanced STAR)

  • Purchaser must pay a pro-rated portion of the non-enhanced STAR exemption tax liability at the time of sale

  • Takes effect immediately upon enactment, with authorization for necessary regulatory implementation

Legislative Description

Relates to calculations of enhanced STAR upon sale of a parcel of real property with such exemption.

Last Action

REPORTED AND COMMITTED TO FINANCE

4/30/2014

Committee Referrals

Finance4/30/2014
Aging1/8/2014
Finance5/21/2013
Aging1/14/2013

Full Bill Text

No bill text available