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NY A02914
Bill
Status
Introduced
2/1/2023
Primary Sponsor
Kenneth Zebrowski
Click for details
AI Summary
- Increases the threshold for additional tax on residential real property conveyances from one million dollars to one million dollars adjusted for inflation
- Applies one percent tax rate on conveyances of residential real property when consideration equals or exceeds the inflation-adjusted threshold
- Defines residential real property to include single-family to three-family houses, individual condominium units, and cooperative apartment units
- Adjusts the one million dollar threshold annually by multiplying by the ratio of the current year's average Consumer Price Index (June 30) to the baseline year's index, rounded to the nearest thousand dollars
- Takes effect April 1 following enactment
Legislative Description
Increases the sales price threshold for real property conveyances that will trigger additional sales tax.
Last Action
enacting clause stricken
7/15/2024
Committee Referrals
Ways and Means2/1/2023
Full Bill Text
No bill text available