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NY S08064

Bill

Official Source

Status

Engrossed

6/16/2016

Primary Sponsor

Martin Golden

Click for details

Origin

Senate

2015-2016 General Assembly

AI Summary

  • Amends Tax Law Section 1402-a to increase the threshold for the additional residential real property conveyance tax from $1 million to $1.5 million
  • Imposes a 1% tax on conveyances of residential real property when the consideration is $1.5 million or more
  • Applies to one, two, or three-family houses, individual condominium units, and cooperative apartment units
  • Tax is paid at the same time and in the same manner as the existing conveyance tax under Section 1402
  • Takes effect January 1, 2017

Legislative Description

Increases the threshold sale amount triggering the additional tax imposed on certain conveyances of residential real property to $1.5 million.

Last Action

referred to ways and means

6/16/2016

Committee Referrals

Ways and Means6/16/2016
Rules6/9/2016

Full Bill Text

No bill text available