New York A 1818: Enacts the "End Hedge Fund Control of New York Homes Act"

Bill Text

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A01818 Summary:

BILL NOA01818 

&nbsp

SAME ASSAME AS S01572

&nbsp

SPONSORSolages

&nbsp

COSPNSRRaga, Lee, Kelles

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MLTSPNSR

&nbsp

Add Art 20-E §§500 - 500-g, Tax L; add §80-b, St Fin L

&nbsp

Imposes an excise tax on the failure of certain hedge funds owning excess single-family residences to dispose of such residences; establishes the housing down payment trust fund to provide funds to state housing finance agencies to establish new or supplement existing programs that provide down payment assistance to families purchasing homes within the state.

Go to top A01818 Actions:

BILL NOA01818 

&nbsp

01/14/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA01818 Committee&nbspVotes:

Go to topA01818 Floor&nbspVotes:

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

Go to topA01818 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1818

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 14, 2025
 ___________

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

 AN ACT to amend the tax law, in relation to impose an excise tax on the
 failure of certain hedge funds owning excess single-family residences
 to dispose of such residences; and to amend the state finance law, in
 relation to establishing the housing down payment trust fund and
 directing the commissioner of the state division of housing and commu-
 nity renewal to establish a grant program

 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 "End Hedge Fund Control of New York Homes Act".
 3 § 2. The tax law is amended by adding a new article 20-E to read as
 4 follows:
 5 ARTICLE 20-E
 6 EXCISE TAX ON CERTAIN TAXPAYERS FAILING
 7 TO SELL EXCESS SINGLE-FAMILY RESIDENCES
 8 Section 500. Definitions.
 9 500-a. Imposition of tax.
 10 500-b. Maximum permissible units.
 11 500-c. Construction.
 12 500-d. Reporting.
 13 500-e. Tax form.
 14 500-f. Certification.
 15 500-g. Use of tax revenues.
 16 § 500. Definitions. For purposes of this article, the following defi-
 17 nitions shall apply:
 18 1. "Applicable date" means:
 19 (a) the last day of the first full taxable year ending on or after the
 20 effective date of this article; or

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03737-01-5

 A. 1818 2

 1 (b) in the case of any taxpayer that changes its status during a taxa-
 2 ble year, the last day of the taxable year immediately preceding the
 3 taxable year in which the taxpayer changed its status.
 4 2."Applicable single-family residence" means any single-family resi-
 5 dence which was acquired on or before the applicable date.
 6 3. (a) "Applicable taxpayer" means a taxpayer, including a partner-
 7 ship, corporation, trust or other legal entity, that:
 8 (i) manages funds pooled from investors and is a fiduciary with
 9 respect to such investors; and
 10 (ii) is an asset manager in any of the following asset classes:
 11 (A) public equity or fixed income securities;
 12 (B) a hedge fund;
 13 (C) a fund of hedge funds;
 14 (D) private equity (including venture capital);
 15 (E) a fund of private equity funds;
 16 (F) a real estate investment fund;
 17 (G) a fund of real estate funds; or
 18 (H) any other asset class for which an applicable fiduciary-controlled
 19 entity engages external asset managers; and
 20 (iii) that has fifty million dollars or more in net value or assets
 21 under management on any day during the taxable year.
 22 (b) "Applicable taxpayer" shall not include:
 23 (i) an organization which is described in section 501(c)(3) and exempt
 24 from tax under section 501(a) of the Internal Revenue Code; or
 25 (ii) an organization primarily engaged in the construction or rehabil-
 26 itation of single-family residences.
 27 4. "Disqualified sale" means any sale or transfer of a single-family
 28 residence to:
 29 (a) a corporation or other entity engaged in a trade or business; or
 30 (b) an individual who owns any other single-family residence at the
 31 time of such sale or transfer.
 32 5. "Newly acquired single-family residence" me