senate Bill S7648

2011-2012 Legislative Session

Extends until June 1, 2013, the deadline for local legislative action providing tax incentives for the rehabilitation or improvement of multiple dwellings

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Sponsored By

Archive: Last Bill Status - Passed Senate


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

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Actions

view actions (5)
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

Votes

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S7648 - Details

Current Committee:
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง489, RPT L

S7648 - Summary

Extends until June 1, 2013, the deadline for local legislative action providing tax incentives for the rehabilitation or improvement of multiple dwellings.

S7648 - Sponsor Memo

S7648 - 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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