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NY S08088
Bill
Status
6/11/2016
Primary Sponsor
Martin Golden
Click for details
AI Summary
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Exempts transfers of real property to housing development fund companies organized under the Private Housing Finance Law from transfer taxes if the property is subject to a regulatory agreement lasting 30+ years with mutual consent requirements for changes.
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Requires the regulatory agreement to restrict more than 50% of floor area (excluding common areas) to residential use and at least 66.67% of residential space to low-income persons and families as defined in the Private Housing Finance Law.
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Applies a reduced tax calculation to properties where the regulatory agreement restricts less than 100% of floor area to low-income use, taxing only the consideration attributable to market-rate portions.
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Allows refunds for transfers made within two years before a qualifying regulatory agreement takes effect, if refund applications are filed within 12 months of the agreement's effective date.
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Takes effect immediately and applies retroactively to all property transfers occurring on or after January 1, 2010.
Legislative Description
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.
Last Action
SUBSTITUTED BY A10512A
6/16/2016