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A04714 Summary:

BILL NOA04714A
 
SAME ASNo Same As
 
SPONSORSchiavoni
 
COSPNSRO'Pharrow, Burdick, Shimsky, Lavine, Kay, Reyes, Levenberg, Burroughs, Griffin, Kassay
 
MLTSPNSR
 
Amd §1405, Tax L
 
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.
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A04714 Text:



 
                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
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