senate Bill S7649

2011-2012 Legislative Session

Exempts from taxation alterations and improvements to multiple dwellings

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Archive: Last Bill Status - In Senate Committee Rules 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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 11, 2012 referred to rules

S7649 (ACTIVE) - Details

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

S7649 (ACTIVE) - Summary

Exempts from taxation alterations and improvements to multiple dwellings.

S7649 (ACTIVE) - Sponsor Memo

S7649 (ACTIVE) - Bill Text download pdf

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

                                  7649

                            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] FIFTEEN, 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] TWENTY-FOUR 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  subparagraph  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 subsidies from any federal, state or local governmental
agency or instrumentality or which are carried out in a property  trans-
ferred  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

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

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