Increases the sales price threshold for real property conveyances that will trigger additional sales tax

This bill raises the sales price threshold for residential real estate transactions that trigger an additional one percent sales tax from one million dollars to a higher amount adjusted for inflation. It directly affects buyers and sellers of homes, condominiums, and cooperative apartments in New York State by changing when this specific tax applies. The law automatically updates the dollar limit each year based on the Consumer Price Index to maintain its value over time. This change takes effect on April 1st of the year following the bill's enactment.