Hi everyone – This is just an FYI for those of you doing development.
The governor likely will sign this legislation this week.
It is an act to amend the administrative code of the city of New York in relation to exemptions from the real property transfer tax. Assembly Bill # A10512A
This legislation would add to the rules regarding real property transfer tax exemptions in NYC by being more inclusive. Under current law, in NYC, non-profits organized for charitable purposes or 501(c)(3)s are exempt from the transfer tax. This does not change that, although if you read it as a stand-alone section it may seem as if it does. We checked. It does not.