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A07167 Summary:

COSPNSRLavine, O'Donnell
Amd 1402-a, Tax L
Increases the sales price threshold for real property conveyances that will trigger additional sales tax.
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A07167 Actions:

04/23/2021referred to ways and means
01/05/2022referred to ways and means
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A07167 Text:

                STATE OF NEW YORK
                               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.
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