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A09394 Summary:

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A09394 Floor Votes:

A09394 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9394
 
                   IN ASSEMBLY
 
                                     April 25, 2014
                                       ___________
 
        Introduced  by M. of A. FARRELL -- read once and referred to the Commit-
          tee on Ways and Means
 
        AN ACT to amend the tax law and the administrative code of the  city  of
          New  York,  in  relation to extending the tax rate reduction under the
          New York state real estate transfer tax and the  New  York  city  real
          property  transfer  tax  for  conveyances of real property to existing

          real estate investment funds
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. The opening paragraph of subparagraph (B) of paragraph 2 of
     2  subdivision  (b)  of  section 1402 of the tax law, as amended by chapter
     3  493 of the laws of 2011, is amended to read as follows:
     4    For purposes of this subdivision, the phrase "real  estate  investment
     5  trust  transfer" shall mean any conveyance of real property or an inter-
     6  est therein to a REIT, or to a partnership or  corporation  in  which  a
     7  REIT  owns  a controlling interest immediately following the conveyance,
     8  which conveyance (I) occurs in connection with the initial formation  of
     9  the REIT, provided that the conditions set forth in clauses (i) and (ii)
    10  of  this  subparagraph  are  satisfied,  or (II) in the case of any real

    11  estate investment trust transfer occurring on or after July  thirteenth,
    12  nineteen  hundred  ninety-six  and  before September first, two thousand
    13  [fourteen] seventeen, is described in the last sentence of this subpara-
    14  graph.
    15    § 2. Subparagraph 2 of paragraph (xi) of subdivision  (b)  of  section
    16  1201  of  the tax law, as amended by chapter 493 of the laws of 2011, is
    17  amended to read as follows:
    18    (2) any issuance or transfer of an interest in a REIT, or in  a  part-
    19  nership or corporation in which a REIT owns a controlling interest imme-
    20  diately  following the issuance or transfer, in connection with a trans-
    21  action described in subparagraph one of this paragraph.  Notwithstanding
    22  the foregoing, a transaction described in the preceding  sentence  shall
    23  not  constitute  a  real  estate investment trust transfer unless (A) it

    24  occurs in connection with the initial formation  of  the  REIT  and  the
    25  conditions  described  in subparagraphs three and four of this paragraph
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14842-01-4
        A. 9394                             2
 
     1  are satisfied, or (B) in the case of any real  estate  investment  trust
     2  transfer  occurring  on or after July thirteenth, nineteen hundred nine-
     3  ty-six and before September first, two  thousand  [fourteen]  seventeen,
     4  the  transaction  is described in subparagraph five of this paragraph in
     5  which case the provisions of such subparagraph shall apply.

     6    § 3. Subparagraph (B) of paragraph  2  of  subdivision  e  of  section
     7  11-2102  of  the administrative code of the city of New York, as amended
     8  by chapter 493 of the laws of 2011, is amended to read as follows:
     9    (B) any issuance or transfer of an interest in a REIT, or in  a  part-
    10  nership or corporation in which a REIT owns a controlling interest imme-
    11  diately  following  the issuance or transfer in connection with a trans-
    12  action described in subparagraph (A) of this paragraph.  Notwithstanding
    13  the foregoing, a transaction described in the preceding  sentence  shall
    14  not  constitute  a  real  estate investment trust transfer unless (i) it
    15  occurs in connection with the initial formation  of  the  REIT  and  the
    16  conditions  described in subparagraphs (C) and (D) of this paragraph are
    17  satisfied, or (ii) in the case  of  any  real  estate  investment  trust

    18  transfer  occurring  on or after July thirteenth, nineteen hundred nine-
    19  ty-six and before September first, two  thousand  [fourteen]  seventeen,
    20  the  transaction  is  described in subparagraph (E) of this paragraph in
    21  which case the provision of such subparagraph shall apply.
    22    § 4. This act shall take effect immediately.