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NY S00699

Bill

Official Source

Status

Introduced

1/4/2017

Primary Sponsor

David Carlucci

Click for details

Origin

Senate

2017-2018 General Assembly

AI Summary

  • Amends real property tax law subdivision 9-b of section 425 to add new paragraph (e) regarding enhanced STAR exemption transfers upon property sale
  • Requires a purchaser not entitled to the enhanced STAR exemption to reimburse the municipality for the difference between the seller's and purchaser's tax liabilities at time of sale
  • Purchaser must pay the pro-rated portion of the non-enhanced STAR exemption tax liability upon acquisition of property
  • Takes effect immediately upon enactment, with municipalities authorized to adopt necessary rules and regulations 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

1/3/2018

Committee Referrals

Aging1/4/2017

Full Bill Text

No bill text available