senate Bill S542

2009-2010 Legislative Session

Extends the availability of the STAR exemption to certain business property

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2010 referred to local government
Jan 07, 2009 referred to local government

S542 - Bill Details

Current Committee:
Law Section:
Real Property Tax Law

S542 - Bill Texts

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BILL NUMBER: S542

TITLE OF BILL :
An act to amend the real property tax law, in relation to extending
the school tax relief exemption to certain business property


PURPOSE :
This bill extends the benefits of the STAR program to include
independent unincorporated businesses with less than one hundred
employees. It would allow owners of such real property to claim an
annual exemption equal to the applicable percentage of the assessed
value.

SUMMARY OF PROVISIONS :
Section 1: Amends Section 425(3) of the Real Property Tax Law to
establish a STAR exemption for owners of real property used for
commercial or industrial purposes. The exemption would equal the
applicable percentage of assessed value, which is fifteen percent when
the assessed value is two hundred thousand or less and ten percent
when such value is over two hundred thousand. To qualify for the above
exemption, the property must be owned by the owner of an
unincorporated business, on average employ less than one hundred
employees within the state, and must be independently owned and
operated. Such exemption shall apply for one year and must be renewed
by application to the assessor on or before the applicable taxable
status date.

Section 2. States the effective date.

EXISTING LAW :
Subdivision 3 of section 425 of the real property tax law is amended
by adding a new paragraph (e).

JUSTIFICATION :
This bill would provide small businesses with school property tax
relief in an effort to reduce the property tax burden on New York
business to encourage job creation and business location in New York.
If enacted, this legislation would help make New York a more
attractive business environment. Over time, such legislation would
assist in the retention of current New York State based businesses, as
well as attract new businesses to the state.

LEGISLATIVE HISTORY :
2005-2006: S.2421 - Local Gov't; 2007-2008 - Local Gov't

FISCAL IMPLICATIONS :
To be determined.

EFFECTIVE DATE :
This act shall take effect immediately.
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