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S03531 Summary:

BILL NOS03531
 
SAME ASNo Same As
 
SPONSORCARLUCCI
 
COSPNSR
 
MLTSPNSR
 
Amd 425, RPT L
 
Relates to calculations of enhanced STAR upon sale of a parcel of real property with such exemption.
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S03531 Actions:

BILL NOS03531
 
02/08/2019REFERRED TO AGING
03/19/2019REPORTED AND COMMITTED TO FINANCE
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S03531 Memo:

Memo not available
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S03531 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3531
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                    February 8, 2019
                                       ___________
 
        Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
          printed to be committed to the Committee on Aging
 
        AN ACT to amend the real property tax law, in relation to certain calcu-
          lations for enhanced STAR
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.    Subdivision 9-b of section 425 of the real property tax
     2  law is amended by adding a new paragraph (c) to read as follows:
     3    (c) Notwithstanding the foregoing provisions of this  subdivision,  at
     4  the  time  of  sale  of a parcel of real property with the enhanced STAR
     5  exemption, if a purchaser is not entitled to such exemption,  then  such
     6  purchaser  shall  make  the  municipality whole by paying the difference
     7  between the seller's tax liability and that due from the purchaser based
     8  on such purchaser's tax liability. The purchaser shall pay the pro-rated
     9  portion of the non-enhanced STAR exemption tax liability.
    10    § 2. This act shall take effect immediately.    Effective  immediately
    11  the  addition,  amendment and/or repeal of any rule or regulation neces-
    12  sary for the implementation of  this  act  on  its  effective  date  are
    13  authorized to be made and completed on or before such date.
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06257-01-9
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