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History
- 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 open space, parks, or historic preservation purposes to any not-for-profit tax exempt corporation operated for conservation, environmental, or historic preservation purposes
In Assembly Committee · Ways And Means · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to exempting the conveyance of real property for open space, parks, or historic preservation purposes to any not-for-profit tax exempt corporation operated for conservation, environmental, or historic preservation purposes from the state real estate transfer tax and the additional tax on real estate transfers of residential real property where the consideration is one million dollars or more
Purpose
To exempt the conveyance of real property for open space, parks or historic preservation purposes to any not-for-profit tax exempt corporation operated for conservation, environmental or historic preservation purposes from the state real estate transfer tax and the additional tax on real estate transfers of residential real property where the consideration is one million dollars or more.
Summary of provisions
Section 1402-a of the tax law is amended by adding a new subdivision (d) to exempt the conveyance of real property for open space, park or historic preservation purposes to any not-for-profit tax exempt corporation operated for conservation, environmental or historic preservation purposes from the state real estate transfer tax and the additional tax on real estate transfers of residential real property where the consideration is one million dollars or more.
Justification
Property owners may seek to sell or convey real property to a not-for-profit entity, such as a land trust, to protect the ecological or historic value of a property. Because this land will be protected in perpetuity, the property owner is taking steps to ensure that the land is protected from development. The amount of tax paid on real estate transfers can be a significant deterrent for people considering selling their property for preservation purposes. Removing the state real estate transfer tax and additional tax on real estate transfers in these instances will help provide incentive to conserve large tracts of land.
Legislative history
New bill.
Fiscal implications
TBD.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.