STATE OF NEW YORK
________________________________________________________________________
7167
2021-2022 Regular Sessions
IN ASSEMBLY
April 23, 2021
___________
Introduced by M. of A. ZEBROWSKI, LAVINE, O'DONNELL -- read once and
referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to increasing the amount on
which additional taxes are imposed for conveyances of real property
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision (a) of section 1402-a of the tax law, as added
2 by chapter 61 of the laws of 1989, is amended to read as follows:
3 (a) In addition to the tax imposed by section fourteen hundred two of
4 this article, a tax is hereby imposed on each conveyance of residential
5 real property or interest therein when the consideration for the entire
6 conveyance is one million dollars (adjusted for inflation) or more. For
7 purposes of this section, residential real property shall include any
8 premises that is or may be used in whole or in part as a personal resi-
9 dence, and shall include a one, two, or three-family house, an individ-
10 ual condominium unit, or a cooperative apartment unit. The rate of such
11 tax shall be one percent of the consideration or part thereof attribut-
12 able to the residential real property. Such tax shall be paid at the
13 same time and in the same manner as the tax imposed by section fourteen
14 hundred two of this article. For purposes of this section, the one
15 million dollar amount shall be adjusted for inflation in each calendar
16 year by multiplying the amount by the ratio of (i) the average monthly
17 value of the consumer price index for the twelve month period ending on
18 June thirtieth of the immediately preceding calendar year divided by
19 (ii) the average monthly value of the consumer price index for the
20 twelve month period ending on June thirtieth of the year in which this
21 subdivision became a law, and rounding the amount to the nearest thou-
22 sand dollars. For purposes of this section, the consumer price index
23 means the consumer price index (for all urban consumers, U.S. city aver-
24 age, all items, not seasonally adjusted) as published by the United
25 States department of labor.
26 § 2. This act shall take effect on the first of April next succeeding
27 the date on which it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11012-01-1
