|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Apr 07, 2010||recommit, enacting clause stricken|
|Mar 31, 2010||referred to cities|
senate Bill S7362
Archive: Last Bill Status - Stricken
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S7362 (ACTIVE) - Details
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §429, RPT L
S7362 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7362 TITLE OF BILL : An act to amend the real property tax law, in relation to authorizing the local legislative body of a city having a population of one million or more the authority to grant an exemption for real property used for professional major league sports PURPOSE : Provides that real property tax exemption for professional basketball and hockey franchises in a city of one million or more shall be subject to local law. SUMMARY OF PROVISIONS : The bill amends section 429 of the real property tax law, "real property used for professional major league sports," to require that the owners of Madison Square Garden pay real property taxes. The Garden currently enjoys a curiously worded exemption from taxes, based on the fact that it meets the following criteria, which are applicable to no other property in New York: 1. It is located in a city with a population of one million or more, and used by both a professional major league hockey team which is a member of the National Hockey League and a professional major league basketball team which is a member of the National Basketball
S7362 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7362 I N S E N A T E March 31, 2010 ___________ Introduced by Sen. PERALTA -- read twice and ordered printed, and when printed to be committed to the Committee on Cities AN ACT to amend the real property tax law, in relation to authorizing the local legislative body of a city having a population of one million or more the authority to grant an exemption for real property used for professional major league sports THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 429 of the real property tax law, as added by chap- ter 459 of the laws of 1982, is amended to read as follows: S 429. Real property used for professional major league sports. Real property within a city having a population of one million or more, used by both a professional major league hockey team which is a member of the National Hockey League and a professional major league basketball team which is a member of the National Basketball Association to play their home games [shall] MAY be exempt from taxation to the extent said taxes are the obligation by lease or otherwise of the owners of franchises for such teams, provided THAT THE LEGISLATIVE BODY OF SUCH CITY ADOPTS A LOCAL LAW PROVIDING FOR SUCH EXEMPTION AND that such owners enter into a written agreement with the chief executive officer of the municipality in which such property is located to play their home games within such municipality for a period of at least ten consecutive years. The tax exemption provided herein shall be granted to real property being used, in whole or in part, for the aforesaid purposes on the date such agree- ment is executed and shall apply to taxes which become due and payable after the aforestated agreement is executed and shall continue with respect to such property as long as both of said teams play their home games therein and no longer. Such exemption shall not apply with respect to any improvement to such property made after the date such agreement is executed which improvement is not used for the provision of facili- ties or services related to sports, entertainment, expositions, conventions or trade shows. If one or both of said teams shall cease to play their home games in said property at any time, the tax exemption provided herein shall cease immediately and such property shall imme- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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