S T A T E O F N E W Y O R K
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10666--A
I N A S S E M B L Y
June 13, 2012
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Introduced by COMMITTEE ON RULES -- (at request of M. of A. Braunstein,
Meng, Weprin, Simanowitz, DenDekker) -- read once and referred to the
Committee on Real Property Taxation -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to amend the real property tax law, in relation to a partial
abatement of real property taxes for condominiums and cooperatives, in
a city having a population of one million or more, and to amend the
administrative code of the city of New York, in relation to certain
tax credits
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph (a) of subdivision 1 of section 467-a of the real
property tax law, as added by chapter 273 of the laws of 1996, is
amended to read as follows:
(a) "Applicant" means the board of managers of a condominium or the
board of directors of a cooperative apartment corporation, PROVIDED
THAT, IN ADDITION, THE COMMISSIONER OF FINANCE MAY BY RULE DESIGNATE THE
OWNER OF A DWELLING UNIT AS AN APPLICANT.
S 2. 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), (D-1), (D-2), (D-3), (D-4), (D-5) AND (D-6) of this subdivi-
sion; 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 chap-
ter or any other state or local law, except as provided in paragraph (f)
of this subdivision, shall not be eligible to receive a partial abate-
ment pursuant to this section; and provided, further, that sponsors
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD16216-02-2
A. 10666--A 2
shall not be eligible to receive a partial abatement pursuant to this
section; AND PROVIDED, FURTHER, THAT IN ANY FISCAL YEAR COMMENCING IN
CALENDAR YEAR TWO THOUSAND THIRTEEN OR LATER, NO MORE THAN A MAXIMUM OF
THREE DWELLING UNITS OWNED BY ANY UNIT OWNER, ONE OF WHICH MUST BE THE
PRIMARY RESIDENCE OF SUCH UNIT OWNER, SHALL BE ELIGIBLE TO RECEIVE A
PARTIAL ABATEMENT PURSUANT TO PARAGRAPHS (D-1), (D-2), (D-3) AND (D-4)
OF THIS SECTION.
(b) In a city having a population of one million or more, dwelling
units owned by tenant-stockholders who, as of the applicable taxable
status date, own no more than three dwelling units in any one property
held in the cooperative form of ownership, shall be eligible to receive
a partial abatement of real property taxes, as set forth in paragraphs
(c) [and], (d), (D-1), (D-2), (D-3), (D-4), (D-5) AND (D-6) of this
subdivision; provided, however, that a property held in the cooperative
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 abatement pursuant to this
section; AND PROVIDED, FURTHER, THAT IN ANY FISCAL YEAR COMMENCING IN
CALENDAR YEAR TWO THOUSAND THIRTEEN OR LATER, NO MORE THAN A MAXIMUM OF
THREE DWELLING UNITS OWNED BY ANY TENANT-STOCKHOLDER, ONE OF WHICH MUST
BE THE PRIMARY RESIDENCE OF SUCH TENANT-STOCKHOLDER, SHALL BE ELIGIBLE
TO RECEIVE A PARTIAL ABATEMENT PURSUANT TO PARAGRAPHS (D-1), (D-2),
(D-3) AND (D-4) OF THIS SECTION. For purposes of this section, a
tenant-stockholder of a cooperative apartment corporation shall be
deemed to own the dwelling unit which is represented by his or her
shares of stock in such corporation. Any abatement so granted shall be
credited by the appropriate taxing authority against the tax due on the
property as a whole. The reduction in real property taxes received
thereby shall be credited by the cooperative apartment corporation
against the amount of such taxes attributable to eligible dwelling units
at the time of receipt.
S 3. Paragraphs (c) and (d) of subdivision 2 of section 467-a of the
real property tax law, as amended by chapter 97 of the laws of 2004,
subparagraph (xii) of paragraph (c) and subparagraph (xii) of paragraph
(d) as amended and subparagraphs (xiii), (xiv), (xv) and (xvi) of para-
graph (c) and subparagraphs (xiii), (xiv), (xv) and (xvi) of paragraph
(d) as added by chapter 109 of the laws of 2008, are amended to read as
follows:
(c) [Eligible] IN ANY FISCAL YEAR COMMENCING IN CALENDAR YEAR NINETEEN
HUNDRED NINETY-SIX THROUGH CALENDAR YEAR TWO THOUSAND TWELVE, ELIGIBLE
dwelling units in property whose average unit assessed value is less
than or equal to fifteen thousand dollars shall receive a partial abate-
ment of the real property taxes attributable to or due on such dwelling
units, as follows:
(i) not to exceed four percent in the fiscal year commencing in calen-
dar year nineteen hundred ninety-six;
(ii) sixteen percent in the fiscal year commencing in calendar year
nineteen hundred ninety-seven;
(iii) twenty-five percent in the fiscal year commencing in calendar
year nineteen hundred ninety-eight;
(iv) twenty-five percent in the fiscal year commencing in calendar
year nineteen hundred ninety-nine;
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(v) twenty-five percent in the fiscal year commencing in calendar year
two thousand;
(vi) twenty-five percent in the fiscal year commencing in calendar
year two thousand one;
(vii) twenty-five percent in the fiscal year commencing in calendar
year two thousand two;
(viii) twenty-five percent in the fiscal year commencing in calendar
year two thousand three;
(ix) twenty-five percent in the fiscal year commencing in calendar
year two thousand four;
(x) twenty-five percent in the fiscal year commencing in calendar year
two thousand five;
(xi) twenty-five percent in the fiscal year commencing in calendar
year two thousand six;
(xii) twenty-five percent in the fiscal year commencing in calendar
year two thousand seven;
(xiii) twenty-five percent in the fiscal year commencing in calendar
year two thousand eight;
(xiv) twenty-five percent in the fiscal year commencing in calendar
year two thousand nine;
(xv) twenty-five percent in the fiscal year commencing in calendar
year two thousand ten;
(xvi) twenty-five percent in the fiscal year commencing in calendar
year two thousand eleven;
(XVII) TWENTY-FIVE PERCENT IN THE FISCAL YEAR COMMENCING IN CALENDAR
YEAR TWO THOUSAND TWELVE.
(d) [Eligible] IN ANY FISCAL YEAR COMMENCING IN CALENDAR YEAR NINETEEN
HUNDRED NINETY-SIX THROUGH CALENDAR YEAR TWO THOUSAND TWELVE, ELIGIBLE
dwelling units in property whose average unit assessed value is greater
than fifteen thousand dollars shall receive a partial abatement of the
real property taxes attributable to or due on such dwelling units, as
follows:
(i) not to exceed two and three-quarters percent in the fiscal year
commencing in calendar year nineteen hundred ninety-six;
(ii) ten and three-quarters percent in the fiscal year commencing in
calendar year nineteen hundred ninety-seven;
(iii) seventeen and one-half percent in the fiscal year commencing in
calendar year nineteen hundred ninety-eight;
(iv) seventeen and one-half percent in the fiscal year commencing in
calendar year nineteen hundred ninety-nine;
(v) seventeen and one-half percent in the fiscal year commencing in
calendar year two thousand;
(vi) seventeen and one-half percent in the fiscal year commencing in
calendar year two thousand one;
(vii) seventeen and one-half percent in the fiscal year commencing in
calendar year two thousand two;
(viii) seventeen and one-half percent in the fiscal year commencing in
calendar year two thousand three;
(ix) seventeen and one-half percent in the fiscal year commencing in
calendar year two thousand four;
(x) seventeen and one-half percent in the fiscal year commencing in
calendar year two thousand five;
(xi) seventeen and one-half percent in the fiscal year commencing in
calendar year two thousand six;
(xii) seventeen and one-half percent in the fiscal year commencing in
calendar year two thousand seven;
A. 10666--A 4
(xiii) seventeen and one-half percent in the fiscal year commencing in
calendar year two thousand eight;
(xiv) seventeen and one-half percent in the fiscal year commencing in
calendar year two thousand nine;
(xv) seventeen and one-half percent in the fiscal year commencing in
calendar year two thousand ten;
(xvi) seventeen and one-half percent in the fiscal year commencing in
calendar year two thousand eleven;
(XVII) SEVENTEEN AND ONE-HALF PERCENT IN THE FISCAL YEAR COMMENCING IN
CALENDAR YEAR TWO THOUSAND TWELVE.
S 4. Subdivision 2 of section 467-a of the real property tax law is
amended by adding six new paragraphs (d-1), (d-2), (d-3), (d-4), (d-5)
and (d-6) to read as follows:
(D-1) IN THE FISCAL YEARS COMMENCING IN CALENDAR YEAR TWO THOUSAND
THIRTEEN, TWO THOUSAND FOURTEEN AND TWO THOUSAND FIFTEEN, ELIGIBLE
DWELLING UNITS IN PROPERTY WHOSE AVERAGE UNIT ASSESSED VALUE IS LESS
THAN OR EQUAL TO FIFTY THOUSAND DOLLARS SHALL RECEIVE A PARTIAL ABATE-
MENT OF THE REAL PROPERTY TAXES ATTRIBUTABLE TO OR DUE ON SUCH DWELLING
UNITS OF TWENTY-FIVE PERCENT, TWENTY-SIX AND ONE-HALF PERCENT AND TWEN-
TY-EIGHT AND ONE-TENTH PERCENT RESPECTIVELY.
(D-2) IN THE FISCAL YEARS COMMENCING IN CALENDAR YEAR TWO THOUSAND
THIRTEEN, TWO THOUSAND FOURTEEN AND TWO THOUSAND FIFTEEN, ELIGIBLE
DWELLING UNITS IN PROPERTY WHOSE AVERAGE UNIT ASSESSED VALUE IS MORE
THAN FIFTY THOUSAND DOLLARS, BUT LESS THAN OR EQUAL TO FIFTY-FIVE THOU-
SAND DOLLARS, SHALL RECEIVE A PARTIAL ABATEMENT OF THE REAL PROPERTY
TAXES ATTRIBUTABLE TO OR DUE ON SUCH DWELLING UNITS OF TWENTY-TWO AND
ONE-HALF PERCENT, TWENTY-THREE AND EIGHT-TENTHS PERCENT AND TWENTY-FIVE
AND TWO-TENTHS PERCENT RESPECTIVELY.
(D-3) IN THE FISCAL YEARS COMMENCING IN CALENDAR YEAR TWO THOUSAND
THIRTEEN, TWO THOUSAND FOURTEEN AND TWO THOUSAND FIFTEEN, ELIGIBLE
DWELLING UNITS IN PROPERTY WHOSE AVERAGE UNIT ASSESSED VALUE IS MORE
THAN FIFTY-FIVE THOUSAND DOLLARS, BUT LESS THAN OR EQUAL TO SIXTY THOU-
SAND DOLLARS, SHALL RECEIVE A PARTIAL ABATEMENT OF THE REAL PROPERTY
TAXES ATTRIBUTABLE TO OR DUE ON SUCH DWELLING UNITS OF TWENTY PERCENT,
TWENTY-ONE AND TWO-TENTHS PERCENT, AND TWENTY-TWO AND FIVE-TENTHS
PERCENT RESPECTIVELY.
(D-4) IN THE FISCAL YEARS COMMENCING IN CALENDAR YEAR TWO THOUSAND
THIRTEEN, TWO THOUSAND FOURTEEN AND TWO THOUSAND FIFTEEN, ELIGIBLE
DWELLING UNITS IN PROPERTY WHOSE AVERAGE UNIT ASSESSED VALUE IS MORE
THAN SIXTY THOUSAND DOLLARS SHALL RECEIVE A PARTIAL ABATEMENT OF THE
REAL PROPERTY TAXES ATTRIBUTABLE TO OR DUE ON SUCH DWELLING UNITS OF
SEVENTEEN AND ONE-HALF PERCENT.
(D-5) IN THE FISCAL YEARS COMMENCING IN CALENDAR YEAR TWO THOUSAND
THIRTEEN AND TWO THOUSAND FOURTEEN, DWELLING UNITS THAT RECEIVED AN
ABATEMENT PURSUANT TO THIS SECTION IN FISCAL YEAR TWO THOUSAND TWELVE,
WHICH ARE LOCATED IN A PROPERTY THAT (1) DOES NOT CONTAIN A UNIT THAT IS
THE PRIMARY RESIDENCE OF THE OWNER OF SUCH UNITS; AND (2) HAS AN AVERAGE
UNIT ASSESSED VALUE THAT IS LESS THAN OR EQUAL TO FIFTEEN THOUSAND
DOLLARS SHALL RECEIVE A PARTIAL ABATEMENT OF THE REAL PROPERTY TAXES
ATTRIBUTABLE TO OR DUE ON SUCH DWELLING UNITS OF TWELVE AND ONE HALF
PERCENT, AND SIX AND TWENTY-FIVE HUNDREDTHS PERCENT RESPECTIVELY.
(D-6) IN THE FISCAL YEARS COMMENCING IN CALENDAR YEAR TWO THOUSAND
THIRTEEN AND TWO THOUSAND FOURTEEN, DWELLING UNITS THAT RECEIVED AN
ABATEMENT PURSUANT TO THIS SECTION IN FISCAL YEAR TWO THOUSAND TWELVE,
WHICH ARE LOCATED IN A PROPERTY THAT (1) DOES NOT CONTAIN A UNIT THAT IS
THE PRIMARY RESIDENCE OF THE OWNER OF SUCH UNITS; AND (2) HAS AN AVERAGE
A. 10666--A 5
UNIT ASSESSED VALUE THAT IS GREATER THAN FIFTEEN THOUSAND DOLLARS SHALL
RECEIVE A PARTIAL ABATEMENT OF THE REAL PROPERTY TAXES ATTRIBUTABLE TO
OR DUE ON SUCH DWELLING UNITS OF EIGHT AND SEVENTY-FIVE HUNDREDTHS
PERCENT, AND FOUR AND THREE HUNDRED SEVENTY-FIVE THOUSANDTHS PERCENT
RESPECTIVELY.
S 5. Paragraph (e) of subdivision 2 of section 467-a of the real prop-
erty tax law, as added by chapter 273 of the laws of 1996, is amended to
read as follows:
(e) Partial abatement pursuant to paragraphs (c) [and], (d), (D-1),
(D-2), (D-3), (D-4), (D-5) AND (D-6) of this subdivision shall be
computed on the net real property taxes attributable to or due on eligi-
ble dwelling units after deduction for any exemption on such dwelling
units received pursuant to any section listed in paragraph (f) of this
subdivision and after deduction of the portion of any abatement received
pursuant to section four hundred eighty-nine of this article that is
attributable to a dwelling unit in property held in the cooperative form
of ownership and after deduction of any abatement received pursuant to
section four hundred eighty-nine of this article by a dwelling unit in
property held in the condominium form of ownership.
S 6. Paragraphs (a), (b) and (c) of subdivision 3 of section 467-a of
the real property tax law, paragraphs (a) and (c) as amended by chapter
109 of the laws of 2008 and paragraph (b) as added by chapter 273 of the
laws of 1996, are amended to read as follows:
(a) An application for an abatement pursuant to this section for the
fiscal year commencing in calendar year nineteen hundred ninety-six
shall be made no later than the fifteenth day of September, nineteen
hundred ninety-six. An application for an abatement pursuant to this
section for the fiscal year commencing in calendar year nineteen hundred
ninety-seven shall be made no later than the first day of April, nine-
teen hundred ninety-seven. An application for an abatement pursuant to
this section for the fiscal year commencing in calendar year nineteen
hundred ninety-eight shall be made no later than the first day of April,
nineteen hundred ninety-eight. An application for an abatement pursuant
to this section for the fiscal year commencing in calendar year nineteen
hundred ninety-nine shall be made in accordance with this subdivision
and subdivision three-a of this section. An application for an abatement
pursuant to this section for the fiscal year commencing in calendar year
two thousand shall be made no later than the fifteenth day of February,
two thousand. An application for an abatement pursuant to this section
for the fiscal year commencing in calendar year two thousand one shall
be made in accordance with this subdivision and subdivision three-b of
this section. An application for an abatement pursuant to this section
for the fiscal year commencing in calendar year two thousand two shall
be made no later than the fifteenth day of February, two thousand two.
An application for an abatement pursuant to this section for the fiscal
year commencing in calendar year two thousand three shall be made no
later than the fifteenth day of February, two thousand three. An appli-
cation for an abatement pursuant to this section for the fiscal year
commencing in calendar year two thousand four shall be made in accord-
ance with this subdivision and subdivision three-c of this section. An
application for an abatement pursuant to this section for the fiscal
year commencing in calendar year two thousand five shall be made no
later than the fifteenth day of February, two thousand five. An applica-
tion for an abatement pursuant to this section for the fiscal year
commencing in calendar year two thousand six shall be made no later than
the fifteenth day of February, two thousand six. An application for an
A. 10666--A 6
abatement pursuant to this section for the fiscal year commencing in
calendar year two thousand seven shall be made no later than the
fifteenth day of February, two thousand seven. An application for abate-
ment pursuant to this section for the fiscal year commencing in calendar
year two thousand eight shall be made in accordance with this subdivi-
sion and subdivision three-d of this section. An application for an
abatement pursuant to this section for the fiscal year commencing in
calendar year two thousand nine shall be made no later than the
fifteenth day of February, two thousand nine. An application for an
abatement pursuant to this section for the fiscal year commencing in
calendar year two thousand ten shall be made no later than the fifteenth
day of February, two thousand ten. An application for an abatement
pursuant to this section for the fiscal year commencing in calendar year
two thousand eleven shall be made no later than the fifteenth day of
February, two thousand eleven. AN APPLICATION FOR AN ABATEMENT PURSUANT
TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO
THOUSAND TWELVE SHALL BE MADE IN ACCORDANCE WITH THIS SUBDIVISION AND
SUBDIVISION THREE-E OF THIS SECTION. THE DATE OR DATES BY WHICH APPLICA-
TIONS FOR AN ABATEMENT PURSUANT TO THIS SECTION SHALL BE MADE FOR THE
FISCAL YEARS COMMENCING IN CALENDAR YEARS TWO THOUSAND THIRTEEN, TWO
THOUSAND FOURTEEN AND TWO THOUSAND FIFTEEN SHALL BE ESTABLISHED BY THE
COMMISSIONER OF FINANCE BY RULE, PROVIDED THAT SUCH DATE OR DATES SHALL
NOT BE LATER THAN THE FIFTEENTH DAY OF FEBRUARY FOR EACH SUCH CALENDAR
YEAR.
(b) An application for an abatement pursuant to this section shall be
submitted to the commissioner of finance by the board of managers of a
condominium or the board of directors of a cooperative apartment corpo-
ration, PROVIDED THAT THE COMMISSIONER OF FINANCE MAY BY RULE REQUIRE
THE OWNER OF A DWELLING UNIT TO SUBMIT AN APPLICATION TO SUPPLEMENT
INFORMATION CONTAINED IN THE APPLICATION SUBMITTED BY THE BOARD OF
MANAGERS OF A CONDOMINIUM OR THE BOARD OF DIRECTORS OF A COOPERATIVE
APARTMENT CORPORATION AND MAY BY RULE APPLY AND ADJUST, AS APPROPRIATE,
ANY PROVISIONS OF THIS SECTION THAT RELATE TO APPLICATIONS SUBMITTED BY
SUCH BOARDS TO APPLICATIONS SUBMITTED BY SUCH OWNERS.
(c) No abatement pursuant to this section shall be granted unless the
applicant files an application for an abatement within the time periods
prescribed in paragraph (a) of this subdivision or subdivision three-a,
three-b, three-c [or], three-d OR THREE-E of this section, provided,
however, that the commissioner of finance may, for good cause shown,
extend the time for filing an application.
S 7. Section 467-a of the real property tax law is amended by adding a
new subdivision 3-e to read as follows:
3-E. (A) AN APPLICANT WHOSE PROPERTY DID NOT RECEIVE AN ABATEMENT
PURSUANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR
TWO THOUSAND ELEVEN SHALL SUBMIT AN APPLICATION FOR AN ABATEMENT PURSU-
ANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO
THOUSAND TWELVE NO LATER THAN SIXTY DAYS FOLLOWING THE EFFECTIVE DATE OF
THE CHAPTER OF THE LAWS OF TWO THOUSAND TWELVE THAT ADDED THIS SUBDIVI-
SION.
(B) THE ABATEMENT FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO
THOUSAND TWELVE OF A COOPERATIVE APARTMENT CORPORATION THAT RECEIVED AN
ABATEMENT PURSUANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN
CALENDAR YEAR TWO THOUSAND ELEVEN AND THAT SUBMITTED AN INFORMATION
RETURN ON OR BEFORE FEBRUARY FIFTEENTH, TWO THOUSAND TWELVE, THAT
INCLUDED AN ELECTION BY THE BOARD OF DIRECTORS OF SUCH COOPERATIVE
APARTMENT CORPORATION THAT SUCH INFORMATION RETURN BE DEEMED AN APPLICA-
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TION FOR AN ABATEMENT PURSUANT TO THIS SECTION FOR SUCH FISCAL YEAR,
SHALL BE BASED ON THE INFORMATION CONTAINED IN SUCH INFORMATION RETURN.
(C) THE ABATEMENT FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO
THOUSAND TWELVE OF A COOPERATIVE APARTMENT CORPORATION THAT RECEIVED AN
ABATEMENT PURSUANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN
CALENDAR YEAR TWO THOUSAND ELEVEN AND THAT SUBMITTED AN INFORMATION
RETURN ON OR BEFORE FEBRUARY FIFTEENTH, TWO THOUSAND TWELVE, THAT DID
NOT INCLUDE AN ELECTION BY THE BOARD OF DIRECTORS OF SUCH COOPERATIVE
APARTMENT CORPORATION THAT SUCH INFORMATION RETURN BE DEEMED AN APPLICA-
TION FOR AN ABATEMENT PURSUANT TO THIS SECTION FOR SUCH FISCAL YEAR,
SHALL BE BASED ON THE INFORMATION CONTAINED IN THE APPLICATION SUBMITTED
IN TWO THOUSAND ELEVEN OR ON THE INFORMATION CONTAINED IN SUCH INFORMA-
TION RETURN, OR BOTH, PROVIDED THAT NOTHING IN THIS PARAGRAPH SHALL
AUTHORIZE OR REQUIRE THE COMMISSIONER OF FINANCE TO GRANT AN ABATEMENT
WITH RESPECT TO A PROPERTY OR A DWELLING UNIT THAT IS NOT ELIGIBLE AS OF
THE APPLICABLE TAXABLE STATUS DATE FOR THE FISCAL YEAR COMMENCING IN
CALENDAR YEAR TWO THOUSAND TWELVE.
(D) THE BOARD OF MANAGERS OF A CONDOMINIUM THAT RECEIVED AN ABATEMENT
PURSUANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR
TWO THOUSAND ELEVEN SHALL SUBMIT AN APPLICATION FOR AN ABATEMENT PURSU-
ANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO
THOUSAND TWELVE NO LATER THAN SIXTY DAYS FOLLOWING THE EFFECTIVE DATE OF
THE CHAPTER OF THE LAWS OF TWO THOUSAND TWELVE THAT ADDED THIS SUBDIVI-
SION. IF SUCH BOARD OF MANAGERS DOES NOT SUBMIT SUCH APPLICATION WITHIN
SIXTY DAYS FOLLOWING THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF
TWO THOUSAND TWELVE THAT ADDED THIS SUBDIVISION, THEN THE ABATEMENT FOR
THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND TWELVE FOR SUCH
CONDOMINIUM SHALL BE BASED ON THE INFORMATION CONTAINED IN THE APPLICA-
TION SUBMITTED IN TWO THOUSAND ELEVEN, PROVIDED THAT NOTHING IN THIS
PARAGRAPH SHALL AUTHORIZE OR REQUIRE THE COMMISSIONER OF FINANCE TO
GRANT AN ABATEMENT WITH RESPECT TO A PROPERTY OR A DWELLING UNIT THAT IS
NOT ELIGIBLE AS OF THE APPLICABLE TAXABLE STATUS DATE FOR THE FISCAL
YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND TWELVE.
S 8. Subdivision 8 of section 467-a of the real property tax law, as
amended by chapter 453 of the laws of 2011, is amended to read as
follows:
8. Except to the extent that the owner of a dwelling unit of a proper-
ty situated in a city having a population of one million or more may
request a redacted copy of any application or statements pertaining to
such dwelling unit, as provided in subdivision four of this section, the
information contained in applications or statements in connection there-
with filed with the commissioner of finance pursuant to subdivision
three, three-a, three-b [or], three-c, THREE-D OR THREE-E of this
section shall not be subject to disclosure under article six of the
public officers law.
S 9. Section 11-1706 of the administrative code of the city of New
York is amended by adding a new subdivision (f) to read as follows:
(F) CREDIT FOR GENERAL CORPORATION TAX PAID. (1) A CITY RESIDENT
INDIVIDUAL, ESTATE OR TRUST WHOSE CITY ADJUSTED GROSS INCOME INCLUDES A
PRO RATA SHARE OF INCOME, LOSS AND DEDUCTIONS DESCRIBED IN PARAGRAPH ONE
OF SUBSECTION (A) OF SECTION THIRTEEN HUNDRED SIXTY-SIX OF THE INTERNAL
REVENUE CODE, FROM ONE OR MORE NEW YORK S CORPORATIONS AS DEFINED IN
SUBDIVISION ONE-A OF SECTION TWO HUNDRED EIGHT OF THE TAX LAW, OR FROM
ONE OR MORE QSSSS AS DEFINED IN SUBDIVISION ONE-B OF SECTION TWO HUNDRED
EIGHT OF THE TAX LAW, THAT ARE EXEMPT QSSSS BY REASON OF CLAUSE (A) OF
SUBPARAGRAPH ONE OF PARAGRAPH (K) OF SUBDIVISION NINE OF SECTION TWO
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HUNDRED EIGHT OF THE TAX LAW, ON WHICH A TAX IS IMPOSED BY SUBCHAPTER
TWO OF CHAPTER SIX OF THIS TITLE, SHALL BE ALLOWED A CREDIT AS PROVIDED
IN PARAGRAPH TWO OF THIS SUBDIVISION AGAINST THE TAX OTHERWISE DUE UNDER
SECTIONS 11-1701, 11-1703, 11-1704 AND 11-1704.1 OF THIS CHAPTER.
(2)(A) SUBJECT TO THE LIMITATIONS SET FORTH IN SUBPARAGRAPHS (B) AND
(C) OF THIS PARAGRAPH, THE CREDIT ALLOWED TO A TAXPAYER FOR A TAXABLE
YEAR UNDER THIS SUBDIVISION SHALL BE DETERMINED AS FOLLOWS:
(I) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOU-
SAND FOURTEEN:
(I) IF THE CITY TAXABLE INCOME IS THIRTY-FIVE THOUSAND DOLLARS OR
LESS, THE AMOUNT OF THE CREDIT SHALL BE ONE HUNDRED PERCENT OF THE
AMOUNT DETERMINED IN PARAGRAPH THREE OF THIS SUBDIVISION.
(II) IF THE CITY TAXABLE INCOME IS GREATER THAN THIRTY-FIVE THOUSAND
DOLLARS BUT LESS THAN SIXTY THOUSAND DOLLARS, THE AMOUNT OF THE CREDIT
SHALL BE A PERCENTAGE OF THE AMOUNT DETERMINED IN PARAGRAPH THREE OF
THIS SUBDIVISION, SUCH PERCENTAGE TO BE DETERMINED BY SUBTRACTING FROM
ONE HUNDRED PERCENT, A PERCENTAGE DETERMINED BY SUBTRACTING THIRTY-FIVE
THOUSAND DOLLARS FROM CITY TAXABLE INCOME, DIVIDING THE RESULT BY TWEN-
TY-FIVE THOUSAND DOLLARS AND MULTIPLYING BY ONE HUNDRED PERCENT.
(III) IF THE CITY TAXABLE INCOME IS TWO HUNDRED SIXTY THOUSAND DOLLARS
OR GREATER, NO CREDIT SHALL BE ALLOWED.
(B) NOTWITHSTANDING ANYTHING TO THE CONTRARY IN SUBPARAGRAPH (A) OF
THIS PARAGRAPH, THE CREDIT ALLOWED TO A TAXPAYER FOR A TAXABLE YEAR
UNDER THIS SUBDIVISION SHALL NOT EXCEED THE SUM OF THE TAXES THAT WOULD
OTHERWISE BE IMPOSED BY SECTIONS 11-1701, 11-1703, 11-1704 AND 11-1704.1
OF THIS CHAPTER ON SUCH TAXPAYER FOR SUCH TAXABLE YEAR AFTER THE ALLOW-
ANCE OF ANY OTHER CREDITS ALLOWED BY SUBDIVISIONS (A) AND (B) OF THIS
SECTION, AND SUBDIVISION (C) OF THIS SECTION, AS ADDED BY CHAPTER FOUR
HUNDRED EIGHTY-ONE OF THE LAWS OF NINETEEN HUNDRED NINETY-SEVEN AND
SUBSEQUENTLY AMENDED, AND SECTION 11-1721 OF THIS CHAPTER.
(C) NOTWITHSTANDING ANYTHING TO THE CONTRARY IN SUBPARAGRAPH (A) OF
THIS PARAGRAPH, NO CREDIT SHALL BE ALLOWED FOR ANY AMOUNT OF TAX
IMPOSED, OR CREDIT ALLOWED, BY SUBCHAPTER TWO OF CHAPTER SIX OF THIS
TITLE ON, OR TO, A COMBINED GROUP OF CORPORATIONS INCLUDING A NEW YORK S
CORPORATION OR AN EXEMPT QSSS, EXCEPT WHERE THE COMBINED GROUP CONSISTS
EXCLUSIVELY OF ONE OR MORE NEW YORK S CORPORATIONS AND ONE OR MORE
EXEMPT QSSSS OF SUCH CORPORATIONS AS DESCRIBED IN PARAGRAPH ONE OF THIS
SUBDIVISION, PROVIDED THAT EACH OF THE NEW YORK S CORPORATIONS INCLUDED
IN THE GROUP IS WHOLLY OWNED BY THE SAME INTERESTS AND IN THE SAME
PROPORTIONS AS EACH OTHER NEW YORK S CORPORATION INCLUDED IN THE GROUP.
(3) SUBJECT TO THE PROVISIONS OF SUBPARAGRAPH (B) OF THIS PARAGRAPH
AND SUBPARAGRAPH (C) OF PARAGRAPH TWO OF THIS SUBDIVISION, THE AMOUNT
DETERMINED IN THIS PARAGRAPH IS THE SUM OF THE TAXPAYER'S PRO RATA SHARE
OF THE AMOUNTS DETERMINED IN SUBPARAGRAPH (A) OF THIS PARAGRAPH FOR EACH
NEW YORK S CORPORATION, OR EXEMPT QSSS, DESCRIBED IN PARAGRAPH ONE OF
THIS SUBSECTION, A PRO RATA SHARE OF WHOSE INCOME, LOSS AND DEDUCTIONS
DESCRIBED IN PARAGRAPH ONE OF SUBSECTION (A) OF SECTION THIRTEEN HUNDRED
SIXTY-SIX OF THE INTERNAL REVENUE CODE, IS INCLUDED IN THE TAXPAYER'S
CITY ADJUSTED GROSS INCOME.
(A) THE AMOUNT DETERMINED IN THIS SUBPARAGRAPH IS THE SUM OF:
(I) THE TAXES IMPOSED BY SUBCHAPTER TWO OF CHAPTER SIX OF THIS TITLE
ON SUCH CORPORATION, OR A COMBINED GROUP INCLUDING SUCH CORPORATION, FOR
ITS TAXABLE YEAR ENDING WITHIN OR WITH THE TAXABLE YEAR OF THE TAXPAYER
AND PAID BY SUCH CORPORATION, OR COMBINED GROUP; AND
(II) THE AMOUNT OF ANY CREDIT OR CREDITS TAKEN BY SUCH CORPORATION, OR
A COMBINED GROUP INCLUDING SUCH CORPORATION, UNDER SUBDIVISION EIGHTEEN
A. 10666--A 9
OF SECTION 11-604 OF THIS TITLE FOR ITS TAXABLE YEAR ENDING WITHIN OR
WITH THE TAXABLE YEAR OF THE TAXPAYER.
(B) FOR PURPOSES OF THIS SUBDIVISION, THE TAXPAYER'S PRO RATA SHARE OF
THE AMOUNT IN SUBPARAGRAPH (A) OF THIS PARAGRAPH FOR THE TAXABLE YEAR
SHALL BE THE AMOUNT DETERMINED WITH RESPECT TO THE TAXPAYER:
(I) BY ASSIGNING AN EQUAL PORTION OF THE AMOUNT IN SUBPARAGRAPH (A) OF
THIS PARAGRAPH TO EACH DAY OF THE CORPORATION'S TAXABLE YEAR ON WHICH
THE CORPORATION HAS SHARES OUTSTANDING,
(II) THEN BY DIVIDING THAT PORTION PRO RATA AMONG THE SHARES OUTSTAND-
ING ON THAT DAY; PROVIDED, HOWEVER,
(III) IF THE TAXABLE YEAR OF SUCH CORPORATION FOR PURPOSES OF CHAPTER
SIX OF THIS TITLE IS DIFFERENT FROM ITS NEW YORK S YEAR OR S SHORT YEAR
AS DEFINED IN SUBDIVISION ONE-A OF SECTION TWO HUNDRED EIGHT OF THE TAX
LAW, OR SUBSECTION (F) OF SECTION FOURTEEN HUNDRED FIFTY OF THE TAX LAW,
ONLY THOSE PORTIONS THAT ARE ASSIGNED TO DAYS OF THE TAXABLE YEAR THAT
ARE ALSO DAYS OF THE NEW YORK S YEAR OR S SHORT YEAR SHALL BE TAKEN INTO
ACCOUNT IN DETERMINING THE SHAREHOLDER'S PRO RATA SHARE OF THE AMOUNT
DETERMINED IN SUBPARAGRAPH (A) OF THIS PARAGRAPH.
S 10. If any provision of section nine of this act is adjudged by any
court of competent jurisdiction to be invalid or unconstitutional, the
credit provided for in such sections shall not be allowed for any tax
period or periods with respect to which such judgment is in effect.
S 11. This act shall take effect immediately.