Exempts the conveyance of real property for open space, parks, or historic preservation purposes to any not-for-profit tax exempt corporation operated for conservation, environmental, parks or historic preservation purposes from the state real estate transfer tax and the additional tax on real estate transfers of residential real property where the consideration is one million dollars or more.
STATE OF NEW YORK
________________________________________________________________________
4714--A
2025-2026 Regular Sessions
IN ASSEMBLY
February 4, 2025
___________
Introduced by M. of A. SCHIAVONI -- read once and referred to the
Committee on Ways and Means -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee
AN ACT to amend the tax law, in relation to exemptions for any not-for-
profit tax exempt corporation operated for conservation, environ-
mental, parks or historic preservation purposes
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 1405 of the tax law is amended by adding a new
2 subdivision (c) to read as follows:
3 (c) Conveyances of real property for open space, parks, or historic
4 preservation purposes to any not-for-profit tax exempt corporation oper-
5 ated for conservation, environmental, parks or historic preservation
6 purposes shall be exempt from payment of additional taxes imposed pursu-
7 ant to section fourteen hundred two-a of this article.
8 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06630-03-5
