Relates to exempting conveyances of real property to 510(c)3 corporations and municipalities for preservation purposes from the real estate transfer tax and capital gains tax.
STATE OF NEW YORK
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8050
2011-2012 Regular Sessions
IN ASSEMBLY
May 27, 2011
___________
Introduced by M. of A. THIELE -- read once and referred to the Committee
on Ways and Means
AN ACT to amend the tax law, in relation to exempting certain conveyanc-
es of real property for preservation purposes from the real estate
transfer tax and capital gains tax
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph 10 of subdivision (b) of section 1405 of the tax
2 law, as amended by chapter 61 of the laws of 1989, is amended and a new
3 paragraph 11 is added to read as follows:
4 10. Conveyances of an option or contract to purchase real property
5 with the use or occupancy of such property where the consideration is
6 less than two hundred thousand dollars and such property was used solely
7 by the grantor as his personal residence and consists of a one, two or
8 three-family house, an individual residential condominium unit or the
9 sale of stock in a cooperative housing corporation in connection with
10 the grant or transfer of a proprietary leasehold covering an individual
11 residential cooperative unit[.];
12 11. Conveyances of real property to a not-for-profit corporation
13 having tax exempt status under section 501(c) (3) of the United States
14 Internal Revenue Code which is made for preservation purposes. For
15 purposes of this paragraph, preservation shall include preservation of
16 open space; establishment of parks, nature preserves, or recreation
17 areas; preservation of land which is predominantly viable agricultural
18 land, as defined in subdivision seven of section three hundred one of
19 the agriculture and markets law, or unique and irreplaceable agricul-
20 tural land, as defined in subdivision six of section three hundred one
21 of the agriculture and markets law; preservation of lands of exceptional
22 scenic value; preservation of fresh and saltwater marshes or other
23 wetlands; preservation of aquifer recharge areas; preservation of unde-
24 veloped beach-lands or shoreline; establishment of wildlife refuges for
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11666-01-1
A. 8050 2
1 the purpose of maintaining native animal species diversity, including
2 the protection of habitat essential to the recovery of rare, threatened
3 or endangered species; preservation of unique or threatened ecological
4 areas; preservation of rivers and river areas in a natural, free-flowing
5 condition; preservation of forested land; preservation of public access
6 to lands for public use including stream rights and waterways; preserva-
7 tion of historic places and properties listed on the New York state
8 register of historic places and/or protected under a municipal historic
9 preservation ordinance or law; and undertaking any of the purposes of
10 this paragraph in furtherance of the establishment of a greenbelt.
11 § 2. Section 1402-a of the tax law is amended by adding a new subdivi-
12 sion (d) to read as follows:
13 (d) The additional tax imposed by this section shall not apply to any
14 conveyances to a municipality or to a not-for-profit corporation having
15 tax exempt status under section 501(c)(3) of the United States Internal
16 Revenue Code which is made for preservation purposes. For purposes of
17 this subdivision, preservation shall include preservation of open space;
18 establishment of parks, nature preserves, or recreation areas; preserva-
19 tion of land which is predominantly viable agricultural land, as defined
20 in subdivision seven of section three hundred one of the agriculture and
21 markets law, or unique and irreplaceable agricultural land, as defined
22 in subdivision six of section three hundred one of the agriculture and
23 markets law; preservation of lands of exceptional scenic value; preser-
24 vation of fresh and saltwater marshes or other wetlands; preservation of
25 aquifer recharge areas; preservation of undeveloped beach-lands or
26 shoreline; establishment of wildlife refuges for the purpose of main-
27 taining native animal species diversity, including the protection of
28 habitat essential to the recovery of rare, threatened or endangered
29 species; preservation of unique or threatened ecological areas; preser-
30 vation of rivers and river areas in a natural, free-flowing condition;
31 preservation of forested land; preservation of public access to lands
32 for public use including stream rights and waterways; preservation of
33 historic places and properties listed on the New York state register of
34 historic places and/or protected under a municipal historic preservation
35 ordinance or law; and undertaking any of the purposes of this subdivi-
36 sion in furtherance of the establishment of a greenbelt.
37 § 3. Subsection (c) of section 612 of the tax law is amended by adding
38 a new paragraph 4-a to read as follows:
39 (4-a) The amount of any gain to the extent included in federal
40 adjusted gross income, from the sale or other disposition of real prop-
41 erty to a municipality or a not-for-profit corporation having tax exempt
42 status under section 501(c)(3) of the United States Internal Revenue
43 Code which is made for preservation purposes. For purposes of this
44 paragraph, preservation shall include preservation of open space; estab-
45 lishment of parks, nature preserves, or recreation areas; preservation
46 of land which is predominantly viable agricultural land, as defined in
47 subdivision seven of section three hundred one of the agriculture and
48 markets law, or unique and irreplaceable agricultural land, as defined
49 in subdivision six of section three hundred one of the agriculture and
50 markets law; preservation of lands of exceptional scenic value; preser-
51 vation of fresh and saltwater marshes or other wetlands; preservation of
52 aquifer recharge areas; preservation of undeveloped beach-lands or
53 shoreline; establishment of wildlife refuges for the purpose of main-
54 taining native animal species diversity, including the protection of
55 habitat essential to the recovery of rare, threatened or endangered
56 species; preservation of unique or threatened ecological areas; preser-
A. 8050 3
1 vation of rivers and river areas in a natural, free-flowing condition;
2 preservation of forested land; preservation of public access to lands
3 for public use including stream rights and waterways; preservation of
4 historic places and properties listed on the New York state register of
5 historic places and/or protected under a municipal historic preservation
6 ordinance or law; and undertaking any of the purposes of this paragraph
7 in furtherance of the establishment of a greenbelt.
8 § 4. This act shall take effect immediately.
