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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A9394
- Ordered to third reading cal.1220
- Committee discharged and committed to rules
- Reported and committed to finance
- 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.
Relates to extending the tax rate reduction for conveyances of real property to existing real estate investment funds
Signed by Governor · Sponsor Herman D. Farrell
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7208
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 or general idea of bill
To extend the tax rate reduction under the state and New York City real estate transfer tax for conveyances for real property to existing real estate investment trusts (REITs).
Summary of specific 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, 2017. Currently, both the New York State and New York City real estate transfer taxes to REITs are set to expire on September 1, 2014.
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, 2008, and 2011.
Prior legislative history
Chapter 416 of 2008 Chapter 493 of 2011
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.