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Assembly Bill A5348

2011-2012 Legislative Session

Exempts conveyances of real property to certain tax exempt corporation incorporated pursuant to the not-for-profit corporation law or the private housing finance law

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Archive: Last Bill Status - In Assembly Committee

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2011-A5348 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง1449-ee, Tax L
Versions Introduced in 2013-2014 Legislative Session:
A7007

2011-A5348 (ACTIVE) - Summary

Exempts certain conveyances of real property to any tax exempt corporation incorporated pursuant to the not-for-profit corporation law or the private housing finance law from the tax on real estate transfers in towns in the Peconic Bay region, where such conveyance is for the purposes of providing affordable housing opportunities within the towns and such corporation is incorporated for the purposes of providing housing opportunities.

2011-A5348 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5348

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 16, 2011
                               ___________

Introduced by M. of A. THIELE -- read once and referred to the Committee
  on Ways and Means

AN ACT to amend the tax law, in relation to the exemption of conveyances
  of  real  property to any tax exempt corporation incorporated pursuant
  to the not-for-profit corporation law or the private  housing  finance
  law  from the tax on real estate transfers in towns in the Peconic Bay
  region, where such conveyance is for the purposes of providing afford-
  able housing opportunities within the towns and  such  corporation  is
  incorporated for the purposes of providing housing opportunities

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

  Section 1. Paragraph (m) of subdivision 2 of section  1449-ee  of  the
tax law, as added by chapter 349 of the laws of 2008, is amended to read
as follows:
  (m) Conveyances of real property to any tax exempt corporation, incor-
porated  pursuant  to  the not-for-profit corporation law or the private
housing finance law, where  such  conveyance  is  for  the  purposes  of
providing  affordable  housing  opportunities  within the towns and such
corporation is incorporated for the purposes of providing housing oppor-
tunities. For the purposes of this paragraph, "affordable housing" shall
mean housing opportunities exclusively for [town residents of the towns]
ELIGIBLE PERSONS AS DETERMINED BY THE TOWN PURSUANT TO LOCAL  LAW  whose
income is at or below the median income for the town.
  S 2. This act shall take effect immediately; provided, that the amend-
ments  to section 1449-ee of the tax law made by section one of this act
shall not affect the repeal of such section and shall be deemed repealed
therewith.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06307-01-1

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