New York A 4074: Imposes an additional real estate transfer tax on the sale or transfer of single-family residential property by certain large investors

Bill Text

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A04074 Summary:

BILL NOA04074 

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SAME ASNo Same As

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SPONSORCunningham

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COSPNSR

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MLTSPNSR

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Add §1403, Tax L

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Imposes an additional real estate transfer tax on the sale or transfer of single-family residential property by certain large investors in an amount equal to the sale price of the single-family residential property.

Go to top A04074 Actions:

BILL NOA04074 

&nbsp

01/31/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA04074 Committee&nbspVotes:

Go to topA04074 Floor&nbspVotes:

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

Go to topA04074 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4074

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 31, 2025
 ___________

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

 AN ACT to amend the tax law, in relation to imposing an additional real
 estate transfer tax on conveyances of single-family residences by
 specified large investors

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

 1 Section 1. The tax law is amended by adding a new section 1403 to read
 2 as follows:
 3 § 1403. Additional tax on conveyances of single-family residences by
 4 specified large investors. (a) When used in this section, the following
 5 terms shall have the following meanings:
 6 (1) "Specified large investor":
 7 (A) means any person for any taxable year if the aggregate fair market
 8 value of all assets of such person, reduced by the aggregate debts of
 9 the taxpayer, exceeds one hundred million dollars at any time during
 10 such taxable year; and
 11 (B) shall not include government entities or charitable corporations,
 12 as defined by subparagraph three-a of paragraph (a) of section one
 13 hundred two of the not-for-profit corporation law.
 14 (2) "Single-family residence" means real property that is or may be
 15 used in whole or in part as a personal residence, and that includes at
 16 least one, but no more than four, dwelling units.
 17 (b) In addition to the taxes imposed by sections fourteen hundred two,
 18 fourteen hundred two-a and fourteen hundred two-b of this article, a tax
 19 is hereby imposed on each conveyance of a single-family residence or
 20 interest therein by a specified large investor. The rate of such tax
 21 shall be equal to the consideration or part thereof attributable to such
 22 single-family residence. Such tax shall be paid at the same time and in
 23 the same manner as the taxes imposed by sections fourteen hundred two,
 24 fourteen hundred two-a and fourteen hundred two-b of this article.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06534-01-5

 A. 4074 2

 1 (c) The tax imposed by subdivision (b) of this section shall not apply
 2 to:
 3 (1) in the case of a specified large investor who is an individual,
 4 any single-family residence that is used as the principal residence of
 5 such investor; and
 6 (2) single-family residences originally constructed by the taxpayer.
 7 (d) Notwithstanding the provisions of subdivision (a) of section four-
 8 teen hundred four of this article, the additional tax imposed by this
 9 section shall be paid by the grantee. If the grantee has failed to pay
 10 the tax imposed by this article at the time required by section fourteen
 11 hundred ten of this article or if the grantee is exempt from such tax,
 12 the grantor shall have the duty to pay the tax. Where the grantor has
 13 the duty to pay the tax because the grantee has failed to pay, such tax
 14 shall be the joint and several liability of the grantor and the grantee.
 15 (e) Except as otherwise provided in this section, all the provisions
 16 of this article relating to or applicable to the administration,
 17 collection, determination and distribution of the tax imposed by section
 18 fourteen hundred two of this article shall apply to the tax imposed
 19 under the authority of this section with such modifications as may be
 20 necessary to adapt such language to the tax so authorized. Such
 21 provisions shall apply with the same force and effect as if those
 22 provisions had been set f