senate Bill S2782

2011-2012 Legislative Session

Alters tax exemption programs for the development of new and affordable housing

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to housing, construction and community development
Feb 01, 2011 referred to housing, construction and community development

S2782 - Details

Law Section:
Real Property Tax Law
Laws Affected:
Amd §421-a, add §421-l, RPT L; amd §11-245, NYC Ad Cd; add §1806, NYC Chart

S2782 - Summary

Alters tax exemption programs for the development of new and affordable housing; defines "initial construction period" and "extended construction period"; makes related changes.

S2782 - Sponsor Memo

S2782 - Bill Text download pdf

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

                                  2782

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 1, 2011
                               ___________

Introduced by Sen. ESPAILLAT -- read twice and ordered printed, and when
  printed  to be committed to the Committee on Housing, Construction and
  Community Development

AN ACT to amend the real property tax law, the  administrative  code  of
  the  city  of  New  York and the New York city charter, in relation to
  changing tax exemption programs for the development of new and afford-
  able housing

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

  Section 1. Subdivision 1 of section 421-a of the real property tax law
is amended by adding two new paragraphs e and f to read as follows:
  E.  "INITIAL  CONSTRUCTION  PERIOD." THE PERIOD OF TIME NEEDED FOR THE
CONSTRUCTION OF A NEW MULTIPLE DWELLING OR THE  PERIOD  OF  THREE  YEARS
IMMEDIATELY  FOLLOWING  COMMENCEMENT  OF CONSTRUCTION, WHICHEVER EXPIRES
SOONER.
  F. "EXTENDED CONSTRUCTION PERIOD."  THE  PERIOD  OF  TIME  IMMEDIATELY
FOLLOWING  THE  INITIAL  CONSTRUCTION  PERIOD  NEEDED  TO  COMPLETE  THE
CONSTRUCTION OF A NEW MULTIPLE DWELLING OR THE PERIOD  OF  THREE  YEARS,
WHICHEVER EXPIRES SOONER.
  S 2. Paragraph (a) of subdivision 2 of section 421-a of the real prop-
erty  tax law, as amended by chapter 288 of the laws of 1985, clause (A)
of subparagraph (iii) as amended by chapter 702 of  the  laws  of  1992,
clause  (E)  of subparagraph (iii) as added and the opening paragraph of
item (A) of subparagraph (iv) as amended by chapter 618 of the  laws  of
2007,  subparagraph (iv) as added by chapter 832 of the laws of 1992 and
item (A) of subparagraph (iv) as amended by chapter 432 of the  laws  of
1998, is amended to read as follows:
  (a)  (i) (A) Within a city having a population of one million or more,
new multiple dwellings, except hotels, shall be exempt from taxation for
local purposes, other than assessments for local improvements,  for  the
tax  year  or years immediately following taxable status dates occurring

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07026-01-1

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