Exempts conveyances of real property for open space, parks, or historic preservation to not-for-profit tax-exempt corporations from state real estate.

New York Assembly Bill A04714 amends the tax law to exempt the conveyance of real property for open space, parks, or historic preservation purposes to any not-for-profit tax-exempt corporation operated for conservation, environmental, parks, or historic preservation purposes from the state real estate transfer tax and the additional tax on real estate transfers of residential real property where the consideration is one million dollars or more. This change aims to support conservation and preservation efforts by reducing financial burdens on qualifying organizations.

Exempts conveyances of real property for open space, parks, or historic preservation to not-for-profit tax-exempt corporations from state real estate.

New York Assembly Bill A04714 amends the tax law to exempt the conveyance of real property for open space, parks, or historic preservation purposes to any not-for-profit tax-exempt corporation operated for conservation, environmental, parks, or historic preservation purposes from the state real estate transfer tax and the additional tax on real estate transfers of residential real property where the consideration is one million dollars or more. This change aims to support conservation and preservation efforts by reducing financial burdens on qualifying organizations.