Bill > A04074

This bill introduces an additional real estate transfer tax targeting large investors who sell single-family residential properties. Specifically, the bill defines a "specified large investor" as an individual or entity with total assets exceeding $100 million, excluding government and charitable organizations. Under the proposed law, when such an investor sells a single-family residence (defined as property with one to four dwelling units), they would be required to pay a tax equal to the entire sale price of the property. The tax would be paid at the same time and in the same manner as existing real estate transfer taxes. Notable exemptions include single-family homes used as the principal residence of an individual investor and properties originally constructed by the taxpayer. The bill stipulates that the buyer (grantee) is primarily responsible for paying the tax, but if they fail to do so, the seller (grantor) becomes liable, with potential joint liability between both parties. The new tax provision will take effect for taxable years beginning on or after January 1, 2027, and is designed to potentially discourage large-scale real estate investment in single-family residential properties by imposing a significant financial burden on such transactions.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A4074