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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Increases the amount on which additional taxes are imposed for conveyances of real property in N.Y. city
In Assembly Committee · Ways And Means · Sponsor Brian Kavanagh
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4687
Title of bill
An act to amend the tax law, in relation to increasing the amount on which additional taxes are imposed for conveyances of real property in cities with a population of one million or more
Purpose or general idea of bill
The purpose of this bill is to increases to $1.75 million in New York city the sale price threshold that triggers the so-called "Mansion Tax." Section 1402-a of the New York state Tax Law currently imposes a 1% tax from buyers who purchase a one, two or three family home or an individual condominium or cooperative unit for $1 million or more.
Summary of specific provisions
Section 1. Amends Section 1402-a of the Tax Law by distinguishing between New York city and other localities in New York State. It maintains the current baseline level for the triggering of the Mansion Tax at $1 million dollars, but increases the baseline to $1.75 million for New York city.
Justification
The "Mansion Tax" as it is popularly known was promulgated in 1989 when the average price of a New York City apartment was far less than what it is today. with the average price of an apartment in Manhattan now exceeding $1 million, what was meant as a tax on the rich has become a tax on the average homebuyer in our area. The runaway real estate values throughout New York City have caused this tax to be applied to one or two bedroom apartments that certainly cannot be classified as "mansions." This important change will ensure that the tax which was originally promulgated to address the purchase of large homes still serves that purpose.
Prior legislative history
2009-10: A.955 Referred to Ways & Means; 2008: A.8534A Referred to Ways and Means/S.6853 Referred to Government Operations 2007: A.8534 Referred to Ways and Means
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.