Extends the tax rate reduction under the NYS real estate transfer tax and the NYC real property transfer tax for conveyances of real property to existing real estate investment funds.
Sponsor: Farrell
Law Section: Tax Law / Law: Amd SS1402 & 1201, Tax L; amd S11-2102, NYC Ad Cd
Sponsor: Farrell
Law Section: Tax Law / Law: Amd SS1402 & 1201, Tax L; amd S11-2102, NYC Ad Cd
A6274-2011 Actions
- Aug 31, 2011: signed chap.493
- Aug 31, 2011: delivered to governor
- Jun 16, 2011: RETURNED TO ASSEMBLY
- Jun 16, 2011: PASSED SENATE
- Jun 16, 2011: 3RD READING CAL.1317
- Jun 16, 2011: SUBSTITUTED FOR S4732
- May 17, 2011: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
- May 17, 2011: delivered to senate
- May 17, 2011: passed assembly
- May 12, 2011: advanced to third reading cal.328
- May 10, 2011: reported
- Mar 11, 2011: referred to ways and means
A6274-2011 Votes
VOTE: FLOOR VOTE:
- Jun 16, 2011
Ayes (62): Adams, Addabbo, Alesi, Avella, Ball, Bonacic, Breslin, Carlucci, DeFrancisco, Diaz, Dilan, Duane, Espaillat, Farley, Flanagan, Fuschillo, Gallivan, Gianaris, Golden, Griffo, Grisanti, Hannon, Hassell-Thomps, Huntley, Johnson, Kennedy, Klein, Krueger, Kruger, Lanza, Larkin, LaValle, Libous, Little, Marcellino, Martins, Maziarz, McDonald, Montgomery, Nozzolio, O'Mara, Oppenheimer, Parker, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Saland, Sampson, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousin, Valesky, Young, Zeldin
A6274-2011 Text
S T A T E O F N E W Y O R K
6274 2011-2012 Regular Sessions I N ASSEMBLY March 11, 2011
Introduced by M. of A. FARRELL -- read once and referred to the Commit tee on Ways and Means
AN ACT to amend the tax law and the administrative code of the city of New York, in relation to extending the tax rate reduction under the New York state real estate transfer tax and the New York city real property transfer tax for conveyances of real property to existing real estate investment funds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM BLY, DO ENACT AS FOLLOWS:
Section 1. The opening paragraph of subparagraph (B) of paragraph 2 of subdivision (b) of section 1402 of the tax law, as amended by chapter 416 of the laws of 2008, is amended to read as follows:
For purposes of this subdivision, the phrase "real estate investment trust transfer" shall mean any conveyance of real property or an inter est therein to a REIT, or to a partnership or corporation in which a REIT owns a controlling interest immediately following the conveyance, which conveyance (I) occurs in connection with the initial formation of the REIT, provided that the conditions set forth in clauses (i) and (ii) of this subparagraph are satisfied, or (II) in the case of any real estate investment trust transfer occurring on or after July thirteenth, nineteen hundred ninety-six and before September first, two thousand [eleven] FOURTEEN, is described in the last sentence of this subpara graph.
S 2. Subparagraph 2 of paragraph (xi) of subdivision (b) of section 1201 of the tax law, as amended by chapter 416 of the laws of 2008, is amended to read as follows:
(2) any issuance or transfer of an interest in a REIT, or in a part nership or corporation in which a REIT owns a controlling interest imme diately following the issuance or transfer, in connection with a trans action described in subparagraph one of this paragraph. Notwithstanding the foregoing, a transaction described in the preceding sentence shall EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10104-01-1
A. 6274 2 not constitute a real estate investment trust transfer unless (A) it occurs in connection with the initial formation of the REIT and the conditions described in subparagraphs three and four of this paragraph are satisfied, or (B) in the case of any real estate investment trust transfer occurring on or after July thirteenth, nineteen hundred nine ty-six and before September first, two thousand [eleven] FOURTEEN, the transaction is described in subparagraph five of this paragraph in which case the provisions of such subparagraph shall apply.
S 3. Subparagraph (B) of paragraph 2 of subdivision e of section 11-2102 of the administrative code of the city of New York, as amended by chapter 416 of the laws of 2008, is amended to read as follows:
(B) any issuance or transfer of an interest in a REIT, or in a part nership or corporation in which a REIT owns a controlling interest imme diately following the issuance or transfer in connection with a trans action described in subparagraph (A) of this paragraph. Notwithstanding the foregoing, a transaction described in the preceding sentence shall not constitute a real estate investment trust transfer unless (i) it occurs in connection with the initial formation of the REIT and the conditions described in subparagraphs (C) and (D) of this paragraph are satisfied, or (ii) in the case of any real estate investment trust transfer occurring on or after July thirteenth, nineteen hundred nine ty-six and before September first, two thousand [eleven] FOURTEEN, the transaction is described in subparagraph (E) of this paragraph in which case the provision of such subparagraph shall apply.
S 4. This act shall take effect immediately.
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