Senate Bill S4732

Signed By Governor
2011-2012 Legislative Session

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 REITS

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A6274 - Signed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions
Votes

2011-S4732 (ACTIVE) - Details

See Assembly Version of this Bill:
A6274
Law Section:
Tax Law
Laws Affected:
Amd §§1402 & 1201, Tax L; amd §11-2102, NYC Ad Cd

2011-S4732 (ACTIVE) - Summary

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.

2011-S4732 (ACTIVE) - Sponsor Memo

2011-S4732 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4732

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 18, 2011
                               ___________

Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
  when printed to be committed to the Committee  on  Investigations  and
  Government Operations

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10104-01-1

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.