A 4074: 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.

  
  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 forth in this section except to the extent that 23 any provision is either inconsistent with a provision of this section or 24 not relevant to the tax authorized by this section. 25 § 2. This act shall take effect immediately and shall apply to taxable 26 years beginning on or after January 1, 2027.