Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 14, 2012 |
referred to real property taxation delivered to assembly passed senate ordered to third reading cal.1264 |
Jun 11, 2012 |
referred to rules |
Senate Bill S7648
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2011-S7648 (ACTIVE) - Details
- Current Committee:
- Assembly Real Property Taxation
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §489, RPT L
2011-S7648 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7648 TITLE OF BILL: An act to amend the real property tax law, in relation to exemption from taxation of alterations and improvements to multiple dwellings PURPOSE: To extend the J-51 program of tax abatements for the renovation and upgrading of multiple dwellings. SUMMARY: This bill extends Section 489 of the Real property Tax law known as the City of New York as the J-51 program. It would extend retroactively, from June 1, 2011 until June 1, 2013, the deadline for local legislative action providing tax incentives for the rehabilitation and upgrading of multiple dwellings. Currently the law also provides that in order to be eligible to receive J-51 benefits, a development must have been completed prior to December 31, 2011. This amendment would authorize the local legislative body to extend that date until December 31, 2013. JUSTIFICATION: The continuing shortage of affordable housing in the City of New York requires the extension of tax exemption programs that serve as an incen- tive to owners to maintain and upgrade existing multiple dwellings. J-51 benefits apply to a variety of improvements including, but not limited to, the installation or replacement of heating systems, plumbing,
2011-S7648 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7648 I N S E N A T E June 11, 2012 ___________ Introduced by Sen. YOUNG -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the real property tax law, in relation to exemption from taxation of alterations and improvements to multiple dwellings THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The opening paragraph of paragraph (a) of subdivision 1 of section 489 of the real property tax law, as amended by chapter 244 of the laws of 2006, is amended to read as follows: Any city to which the multiple dwelling law is applicable, acting through its local legislative body or other governing agency, is hereby authorized and empowered, to and including June first, two thousand [eleven] THIRTEEN, to adopt and amend local laws or ordinances providing that any increase in assessed valuation of real property shall be exempt from taxation for local purposes, as provided herein, to the extent such increase results from: S 2. The closing paragraph of subparagraph 6 of paragraph (a) of subdivision 1 of section 489 of the real property tax law, as amended by chapter 244 of the laws of 2006, is amended to read as follows: Such conversion, alterations or improvements shall be completed within thirty-six months after the date on which same shall be started except that such thirty-six month limitation shall not apply to conversions of residential units which are registered with the loft board in accordance with article seven-C of the multiple dwelling law pursuant to subpara- graph one of this paragraph. Notwithstanding the foregoing, a sixty month period for completion shall be available for alterations or improvements undertaken by a housing development fund company organized pursuant to article eleven of the private housing finance law, which are carried out with the substantial assistance of grants, loans or subsi- dies from any federal, state or local governmental agency or instrumen- tality or which are carried out in a property transferred from such city if alterations and improvements are completed within seven years after the date of transfer. In addition, the local housing agency is hereby empowered to grant an extension of the period of completion for any EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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