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NY S00574
Bill
Status
Introduced
1/8/2025
Primary Sponsor
Julia Salazar
Click for details
AI Summary
- Imposes a 65% tax on profits from selling 1-3 unit residential properties in New York City when sold less than one year after purchase
- Reduces the tax rate to 50% of profits for properties sold between one and two years after the prior purchase
- Exempts transfers to family members, sales due to financial hardship, inherited property, new housing sales, and foreclosure-related conveyances
- Exempts properties where the sale price is 10% or less above the prior purchase price
- Takes effect 90 days after becoming law
Legislative Description
Establishes the end toxic home flipping act; 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
1/7/2026
Committee Referrals
Cities 11/8/2025
Full Bill Text
No bill text available