assembly Bill A9937

Relates to authorizing the granting of an additional real property tax exemption for certain redevelopment company projects

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Sponsor

GOTTFRIED

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 02 / Jun / 2014
    • REFERRED TO HOUSING
  • 10 / Jun / 2014
    • REPORTED REFERRED TO WAYS AND MEANS
  • 17 / Jun / 2014
    • HELD FOR CONSIDERATION IN WAYS AND MEANS
  • 18 / Jun / 2014
    • REPORTED REFERRED TO RULES
  • 18 / Jun / 2014
    • REPORTED
  • 19 / Jun / 2014
    • RULES REPORT CAL.501
  • 19 / Jun / 2014
    • SUBSTITUTED BY S7709

Summary

Relates to authorizing the granting of an additional real property tax exemption for certain redevelopment company projects.

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Bill Details

See Senate Version of this Bill:
S7709
Versions:
A9937
Legislative Cycle:
2013-2014
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง125, Priv Hous Fin L
view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

    S. 7709                                                  A. 9937

                      S E N A T E - A S S E M B L Y

                              June 2, 2014
                               ___________

IN SENATE -- Introduced by Sen. HOYLMAN -- read twice and ordered print-
  ed,  and  when  printed  to  be committed to the Committee on Housing,
  Construction and Community Development

IN ASSEMBLY -- Introduced by COMMITTEE ON RULES -- (at request of M.  of
  A. Gottfried) -- read once and referred to the Committee on Housing

AN  ACT to amend the private housing finance law, in relation to author-
  izing the granting of an additional real property  tax  exemption  for
  certain redevelopment company projects

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 1 of section 125 of the private housing finance
law is amended by adding a new paragraph (a-4) to read as follows:
  (A-4) ANY INCONSISTENT PROVISION OF LAW  NOTWITHSTANDING,  IN  A  CITY
HAVING  A  POPULATION  OF ONE MILLION OR MORE, WHERE A LOCAL LEGISLATIVE
BODY HAS ACTED TO EXTEND THE TAX EXEMPTION  OF  A  MUTUAL  REDEVELOPMENT
COMPANY  FOR  THE MAXIMUM PERIOD PROVIDED FOR IN PARAGRAPH (A-2) OF THIS
SUBDIVISION, THE LOCAL LEGISLATIVE BODY  MAY  GRANT  AN  ADDITIONAL  TAX
EXEMPTION FOR A PERIOD OF UP TO FIFTY YEARS, PROVIDED THAT THE AMOUNT OF
TAXES  TO  BE  PAID DURING ANY SUCH PERIOD OF TAX EXEMPTION SHALL BE NOT
LESS THAN AN AMOUNT EQUAL TO THE GREATER OF (I) TEN PER  CENTUM  OF  THE
ANNUAL  RENT  OR CARRYING CHARGES OF THE PROJECT MINUS UTILITIES FOR THE
RESIDENTIAL PORTION OF THE PROJECT, OR (II) THE TAXES  PAYABLE  BY  SUCH
COMPANY  FOR  THE RESIDENTIAL PORTION OF THE PROJECT DURING THE TAX YEAR
COMMENCING JULY FIRST, TWO THOUSAND AND ENDING ON  JUNE  THIRTIETH,  TWO
THOUSAND  ONE.  SUCH  GRANT  OF AN ADDITIONAL TAX EXEMPTION PERIOD SHALL
TAKE EFFECT UPON THE EXPIRATION OF THE MAXIMUM PERIOD  PROVIDED  FOR  IN
PARAGRAPH (A-2) OF THIS SUBDIVISION.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15433-01-4

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