senate Bill S7480

2011-2012 Legislative Session

Relates to certain tax credits and exemptions in a city having a population of one million or more

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 (10)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 21, 2012 recommitted to rules
Jun 19, 2012 vote reconsidered - restored to third reading
returned to senate
recalled from assembly
referred to real property taxation
delivered to assembly
passed senate
ordered to third reading cal.1371
committee discharged and committed to rules
May 24, 2012 referred to investigations and government operations

Co-Sponsors

S7480 - Details

See Assembly Version of this Bill:
A10563
Law Section:
Real Property Tax Law
Laws Affected:
Amd §467-a, RPT L; amd §§11-604, 11-704 & 11-704.3, NYC Ad Cd

S7480 - Summary

Relates to a partial abatement of real property taxes for condos and co-ops; a credit for S corporations and credits and exemptions under the commercial rent or occupancy tax, in a city having a population of one million or more.

S7480 - Sponsor Memo

S7480 - Bill Text download pdf

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

                                  7480

                            I N  S E N A T E

                              May 24, 2012
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the real property tax law and the administrative code of
  the city of New York, in relation to a partial abatement of real prop-
  erty taxes for condominiums and cooperatives, a credit  for  S  corpo-
  rations, and credits and exemptions under the commercial rent or occu-
  pancy tax, in a city having a population of one million or more

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

  Section 1. Paragraphs (a) and (b) of subdivision 2 of section 467-a of
the real property tax law, as added by chapter 273 of the laws of  1996,
are amended to read as follows:
  (a)  In  a  city  having a population of one million or more, dwelling
units owned by unit owners who, as  of  the  applicable  taxable  status
date,  own no more than three dwelling units in any one property held in
the condominium form of  ownership,  shall  be  eligible  to  receive  a
partial abatement of real property taxes, as set forth in paragraphs (c)
and  (d) of this subdivision; provided, however, that a property held in
the condominium form of ownership that is receiving complete or  partial
real  property  tax  exemption  or  tax  abatement pursuant to any other
provision of this chapter or any other state or  local  law,  except  as
provided  in paragraph (f) of this subdivision, shall not be eligible to
receive a partial abatement pursuant  to  this  section;  and  provided,
further, that sponsors shall not be eligible to receive a partial abate-
ment  pursuant  to this section; AND PROVIDED, FURTHER, HOWEVER, THAT IN
ANY FISCAL YEAR COMMENCING IN CALENDAR YEAR  TWO  THOUSAND  THIRTEEN  OR
LATER, NO DWELLING UNIT SHALL BE ELIGIBLE TO RECEIVE A PARTIAL ABATEMENT
PURSUANT  TO THIS SECTION UNLESS IT IS THE PRIMARY RESIDENCE OF THE UNIT
OWNER AND, IN ANY SUCH FISCAL YEAR, THE PRIMARY RESIDENCE  OF  THE  UNIT
OWNER  SHALL BE ELIGIBLE TO RECEIVE A PARTIAL ABATEMENT PURSUANT TO THIS
SECTION REGARDLESS OF THE NUMBER OF DWELLING UNITS  OWNED  BY  THE  UNIT
OWNER.  A  MARRIED  COUPLE  WITH  TWO  OR  MORE RESIDENCES MAY RECEIVE A

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD16010-01-2

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