New York A 3625: Prohibits operation of any motor vehicle equipped with any device which affects the operation of traffic-control signals

Bill Text

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A03625 Summary:

BILL NOA03625 

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SAME ASNo Same As

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SPONSORDilan

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COSPNSR

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MLTSPNSR

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Amd §11-2101, add §11-2120, NYC Ad Cd

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Imposes a tax on the transfer of certain real property within two years of the prior transfer of such property and provides for exemptions from such tax.

Go to top A03625 Actions:

BILL NOA03625 

&nbsp

01/29/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA03625 Committee&nbspVotes:

Go to topA03625 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA03625 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3625

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 29, 2025
 ___________

 Introduced by M. of A. DILAN -- read once and referred to the Committee
 on Ways and Means

 AN ACT to amend the administrative code of the city of New York, in
 relation to a tax on the transfer of certain real property within two
 years of the prior transfer of such property

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "New York state small home anti-speculation act".
 3 § 2. Section 11-2101 of the administrative code of the city of New
 4 York is amended by adding six new subdivisions 19, 20, 21, 22, 23 and 24
 5 to read as follows:
 6 19. "Prior conveyance of the property." The most recent conveyance of
 7 the real property, whether conveyed on its own or as part of a larger
 8 conveyance.
 9 20. "Family member." A person's child, spouse, domestic partner,
 10 parent, sibling, grandchild or grandparent, or the child or parent of a
 11 person's spouse or domestic partner.
 12 21. "Principal place of residence." A person's permanent or primary
 13 home that the person occupies for more than a temporary or transitory
 14 purpose.
 15 22. "New housing." A residential unit or units that did not exist at
 16 the time of the prior conveyance of the property to the extent that the
 17 property had no residential units at the time of the prior conveyance
 18 and at least one residential unit was subsequently added.
 19 23. "Qualified persons." Qualified persons shall not include business
 20 trusts, estates, trusts, limited liability companies, limited liability
 21 partnerships, limited liability investment companies, associations,
 22 joint ventures, business or nonprofit entities, public corporations,
 23 government or governmental subdivisions, agencies, instrumentalities, or
 24 other legal or commercial entities.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07465-01-5

 A. 3625 2

 1 24. "Mortgagee." The holder of a mortgage and/or note secured by resi-
 2 dential real property, including, as applicable, the original lender
 3 under a mortgage, its successors and assigns, and the holders of credit
 4 instruments issued under a trust indenture, mortgage or deed of trust
 5 pursuant to which such holders act by and through a trustee therein
 6 named.
 7 § 3. The administrative code of the city of New York is amended by
 8 adding a new section 11-2120 to read as follows:
 9 § 11-2120 Imposition of speculation tax. a. In addition to the tax
 10 imposed by section 11-2102 of this chapter, there is hereby imposed on
 11 each deed, instrument or transaction at the time of the transfer whereby
 12 any properties of one to five separate residential units are transferred
 13 by a grantor to a grantee, and such transfer is made within two years
 14 from the prior conveyance of the property, including but not limited to
 15 transfers which are all cash transactions and transfers of property
 16 which have been rented out during such two-year period. The tax, which
 17 shall be paid by the grantor, shall be at the rate of:
 18 (1) twenty percent when the time since the prior conveyance of the
 19 property is less than one year; and
 20 (2) fifteen percent when the time since the prior conveyance of the
 21 property is greater than or equal to one year but less than two years.
 22 b. The tax defined in subdivision a of this section shall expire when
 23 the time since the prior conveyance of the property