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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A6274
- Ordered to third reading cal.1317
- Committee discharged and committed to rules
- 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.
Extends the tax rate reduction under the NYS real estate transfer tax and the NYC real property transfer tax for conveyances of real property to existing REITS
Signed by Governor · Sponsor Herman D. Farrell
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4732
Title of bill
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
Purpose
To extend the tax rate reduction under the state and New York City real estate transfer tax for conveyances of real property to existing real estate investment trusts (REITs).
Summary of provisions
The bill extends the tax rate reduction under the State and New York City real estate transfer tax for conveyances of real property to existing real estate investment trusts until September 1, 2014.
Existing law
Both the New York State and the New York City real estate transfer taxes to REITs are set to expire on September 1, 2011.
Justification
The implementation of the REIT tax credit in 1996 contributed to robust sales activity with REITS along with a surge in transfer tax revenue. The REIT credit was extended again in 1999, 2002, 2005 and 2008.
Legislative history
New Bill.
Fiscal implications
Increase in transfer tax revenue for the state and the City of New York.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.