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NY S05376
Bill
Status
3/3/2021
Primary Sponsor
Julia Salazar
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AI Summary
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Imposes a transfer tax on one to three residential unit properties sold within two years of prior conveyance at rates of 65% of the price increase for sales within one year and 50% for sales within one to two years, paid by the grantor.
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Tax expires after two years from prior conveyance and exempts family member transfers, financial hardship cases, inheritances, new housing, foreclosures, and properties with price increases of 10% or less.
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Exempts residential property acquisitions of $750,000 or less for one to three unit homes and condominiums in New York City from mortgage recording taxes, excluding legal entities and business structures.
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Imposes an additional 1% transfer tax on one to three residential unit properties sold for $1 million or more in New York City, paid by the grantee.
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Takes effect 90 days after becoming law.
Legislative Description
Establishes the COVID-19 community protection act of 2021; imposes a tax on the transfer of certain residential properties which are sold within two years of the prior conveyance of such property; exempts certain purchases of residential properties from mortgage recording taxes; imposes a tax on the transfer of certain properties in the city of New York which are sold for one million dollars or more.
Last Action
REFERRED TO CITIES 1
1/5/2022