New York A 2626: Enacts the "mansion tax adjustment act"

Bill Text

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A02626 Summary:

BILL NOA02626 

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SAME ASSAME AS S10652

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SPONSORSayegh

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COSPNSRGlick, Stern, Lemondes, Shimsky, Gallahan, Tapia, Slater

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MLTSPNSR

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Amd §1402-a, Tax L

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Enacts the "mansion tax adjustment act"; increases the sales price threshold for real property conveyances that will trigger additional sales tax.

Go to top A02626 Actions:

BILL NOA02626 

&nbsp

01/21/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA02626 Committee&nbspVotes:

Go to topA02626 Floor&nbspVotes:

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

Go to topA02626 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2626

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 21, 2025
 ___________

 Introduced by M. of A. SAYEGH, GLICK, STERN, LEMONDES, SHIMSKY, GALLAHAN
 -- read once and referred to the Committee on Ways and Means

 AN ACT to amend the tax law, in relation to increasing the amount on
 which additional taxes are imposed for conveyances of real property

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

 1 Section 1. This act shall be known and may be cited as the "mansion
 2 tax adjustment act".
 3 § 2. Subdivision (a) of section 1402-a of the tax law, as added by
 4 chapter 61 of the laws of 1989, is amended to read as follows:
 5 (a) In addition to the tax imposed by section fourteen hundred two of
 6 this article, a tax is hereby imposed on each conveyance of residential
 7 real property or interest therein when the consideration for the entire
 8 conveyance is [one] two million dollars (adjusted for inflation) or
 9 more. For purposes of this section, residential real property shall
 10 include any premises that is or may be used in whole or in part as a
 11 personal residence, and shall include a one, two, or three-family house,
 12 an individual condominium unit, or a cooperative apartment unit. The
 13 rate of such tax shall be one percent of the consideration or part ther-
 14 eof attributable to the residential real property. Such tax shall be
 15 paid at the same time and in the same manner as the tax imposed by
 16 section fourteen hundred two of this article. For purposes of this
 17 section, the two million dollar amount shall be adjusted for inflation
 18 in each calendar year starting on and after January first, two thousand
 19 twenty-seven by multiplying the amount by the ratio of (i) the average
 20 monthly value of the consumer price index for the twelve month period
 21 ending on June thirtieth of the immediately preceding calendar year
 22 divided by (ii) the average monthly value of the consumer price index
 23 for the twelve month period ending on June thirtieth of the year in
 24 which this subdivision became a law, and rounding the amount to the
 25 nearest thousand dollars. For purposes of this section, the consumer

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02707-01-5

 A. 2626 2

 1 price index means the consumer price index (for all urban consumers,
 2 U.S. city average, all items, not seasonally adjusted) as published by
 3 the United States department of labor.
 4 § 3. This act shall take effect immediately.

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