New York A 342: Relates to codifying animal cruelty laws under the penal law; repealer

Bill Text

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A00342 Summary:

BILL NOA00342A

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SAME ASSAME AS S00574-A

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SPONSORCruz

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COSPNSRMitaynes, Gallagher, Reyes, Simon, Epstein, Rosenthal, Raga, Walker, Forrest, Cunningham, Valdez,
 Gonzalez-Rojas, Moreno

&nbsp

MLTSPNSR

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Add §11-2120, NYC Ad Cd

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Establishes the end predatory home flipping act; imposes a tax on the transfer of certain residential properties which are sold within two years of the prior conveyance of such property; exempts certain purchases of residential properties from mortgage recording taxes; imposes a tax on the transfer of certain properties in the city of New York which are sold for one million dollars or more.

Go to top A00342 Actions:

BILL NOA00342A

&nbsp

01/08/2025referred to ways and means

01/07/2026referred to ways and means

05/14/2026amend and recommit to ways and means

05/14/2026print number 342a

Go to topA00342 Committee&nbspVotes:

Go to topA00342 Floor&nbspVotes:

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

Go to topA00342 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 342--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by M. of A. CRUZ, MITAYNES, GALLAGHER, REYES, SIMON, ROSEN-
 THAL, RAGA, WALKER, FORREST, CUNNINGHAM, VALDEZ, GONZALEZ-ROJAS, MORE-
 NO -- read once and referred to the Committee on Ways and Means --
 recommitted to the Committee on Ways and Means in accordance with
 Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee

 AN ACT to amend the administrative code of the city of New York, in
 relation to the imposition of tax on the transfer of certain proper-
 ties in the city of New York

 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 "end preda-
 2 tory home flipping act".
 3 § 2. The administrative code of the city of New York is amended by
 4 adding a new section 11-2120 to read as follows:
 5 § 11-2120 Residential real property sold within two years. a. In addi-
 6 tion to the tax imposed by section 11-2102 of this chapter, there is
 7 hereby imposed on each deed, instrument or transaction at the time of
 8 transfer whereby any properties of one to three residential units are
 9 transferred by a grantor to a grantee, and such transfer is made within
 10 two years from the prior conveyance of the property, including but not
 11 limited to transfers which are all cash transactions and transfers of
 12 property which have been rented out during such time period. The tax
 13 which shall be paid by the grantor shall be at the rate of:
 14 (1) sixty-five percent of the difference between the current sales
 15 price and the sales price of the prior conveyance when the time since
 16 the prior conveyance of the property is less than one year; and
 17 (2) fifty percent of the difference between the current sales price
 18 and the sales price of the prior conveyance when the time since the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00739-03-6

 A. 342--A 2

 1 prior conveyance of the property is greater than or equal to one year
 2 but less than two years.
 3 b. The tax defined in subdivision a of this section shall expire when
 4 the time since the prior conveyance of the property is two years.
 5 c. (1) The following qualified persons shall be exempt from the
 6 payment of the tax imposed by this section:
 7 (i) Property owners conveying property to a family member.
 8 (ii) Property owners who can demonstrate a financial hardship which
 9 justifies a conveyance of property in less than or equal to two years.
 10 (2) The following properties shall be exempt from the payment of the
 11 tax imposed by this section:
 12 (i) Property which was conveyed following the death of the property
 13 owner.
 14 (ii) Property being sold as new housing.
 15 (iii) Property which the consideration or value conveyed, which is
 16 otherwise subject to the tax imposed in this section, is less than or
 17 equal to ten percent more than the consideration or value of such prop-
 18 erty conveyed at the time of the prior conv