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A08019 Summary:

BILL NOA08019
 
SAME ASNo Same As
 
SPONSORCunningham
 
COSPNSR
 
MLTSPNSR
 
Add §1403, Tax L
 
Imposes an additional real estate transfer tax on the sale or transfer of single-family residential property by certain large investors in an amount equal to the sale price of the single-family residential property.
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A08019 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8019
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    September 1, 2023
                                       ___________
 
        Introduced  by  M.  of  A.  CUNNINGHAM  -- read once and referred to the
          Committee on Ways and Means
 
        AN ACT to amend the tax law, in relation to imposing an additional  real
          estate  transfer  tax  on  conveyances  of single-family residences by
          specified large investors

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. The tax law is amended by adding a new section 1403 to read
     2  as follows:
     3    §  1403.  Additional tax on conveyances of single-family residences by
     4  specified large investors. (a) When used in this section, the  following
     5  terms shall have the following meanings:
     6    (1) "Specified large investor":
     7    (A) means any person for any taxable year if the aggregate fair market
     8  value  of  all  assets of such person, reduced by the aggregate debts of
     9  the taxpayer, exceeds one hundred million dollars  at  any  time  during
    10  such taxable year; and
    11    (B)  shall not include government entities or charitable corporations,
    12  as defined by subparagraph three-a  of  paragraph  (a)  of  section  one
    13  hundred two of the not-for-profit corporation law.
    14    (2)  "Single-family  residence"  means real property that is or may be
    15  used in whole or in part as a personal residence, and that  includes  at
    16  least one, but no more than four, dwelling units.
    17    (b) In addition to the taxes imposed by sections fourteen hundred two,
    18  fourteen hundred two-a and fourteen hundred two-b of this article, a tax
    19  is  hereby  imposed  on  each conveyance of a single-family residence or
    20  interest therein by a specified large investor. The  rate  of  such  tax
    21  shall be equal to the consideration or part thereof attributable to such
    22  single-family  residence. Such tax shall be paid at the same time and in
    23  the same manner as the taxes imposed by sections fourteen  hundred  two,
    24  fourteen hundred two-a and fourteen hundred two-b of this article.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13136-01-3

        A. 8019                             2
 
     1    (c) The tax imposed by subdivision (b) of this section shall not apply
     2  to:
     3    (1)  in  the  case of a specified large investor who is an individual,
     4  any single-family residence that is used as the principal  residence  of
     5  such investor; and
     6    (2) single-family residences originally constructed by the taxpayer.
     7    (d) Notwithstanding the provisions of subdivision (a) of section four-
     8  teen  hundred  four  of this article, the additional tax imposed by this
     9  section shall be paid by the grantee. If the grantee has failed  to  pay
    10  the tax imposed by this article at the time required by section fourteen
    11  hundred  ten  of this article or if the grantee is exempt from such tax,
    12  the grantor shall have the duty to pay the tax. Where  the  grantor  has
    13  the  duty to pay the tax because the grantee has failed to pay, such tax
    14  shall be the joint and several liability of the grantor and the grantee.
    15    (e) Except as otherwise provided in this section, all  the  provisions
    16  of  this  article  relating  to  or  applicable  to  the administration,
    17  collection, determination and distribution of the tax imposed by section
    18  fourteen hundred two of this article shall  apply  to  the  tax  imposed
    19  under  the  authority  of this section with such modifications as may be
    20  necessary to  adapt  such  language  to  the  tax  so  authorized.  Such
    21  provisions  shall  apply  with  the  same  force  and effect as if those
    22  provisions had been set forth in this section except to the extent  that
    23  any provision is either inconsistent with a provision of this section or
    24  not relevant to the tax authorized by this section.
    25    § 2. This act shall take effect immediately and shall apply to taxable
    26  years beginning on or after January 1, 2025.
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