Bill > A04714

This bill amends the New York State tax law to create a new exemption from real estate transfer taxes for specific types of property conveyances. Specifically, the bill exempts transfers of real property to not-for-profit, tax-exempt organizations that are dedicated to conservation, environmental, parks, or historic preservation purposes. When such organizations receive property intended for open space, parks, or historic preservation, they will be exempt from paying the additional state real estate transfer tax that is typically imposed on property transfers, especially those involving properties valued at one million dollars or more. The exemption is designed to facilitate and encourage the preservation of land and historic sites by reducing the financial burden on non-profit organizations engaged in conservation and preservation efforts. The bill will take effect immediately upon becoming law, providing an immediate tax benefit to qualifying non-profit organizations working to protect and maintain important environmental and historical resources.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A4714