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NY S01746

Bill

Official Source

Status

Introduced

1/14/2015

Primary Sponsor

David Carlucci

Click for details

Origin

Senate

2015-2016 General Assembly

AI Summary

  • Amends Real Property Tax Law Section 425, Subdivision 9-b to add provisions regarding Enhanced STAR exemption transfers at time of property sale
  • Requires a purchaser who is not entitled to the Enhanced STAR exemption to compensate the municipality for the difference between the seller's tax liability and the purchaser's tax liability
  • Purchaser must pay the pro-rated portion of the non-enhanced STAR exemption tax liability
  • Takes effect immediately upon enactment
  • Authorizes municipalities to adopt necessary rules and regulations for implementation by the effective date

Legislative Description

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

Last Action

REFERRED TO AGING

1/6/2016

Committee Referrals

Aging1/14/2015

Full Bill Text

No bill text available