Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to housing, construction and community development |
Jun 07, 2011 |
referred to housing, construction and community development |
Senate Bill S5619
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development 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
co-Sponsors
(R) Senate District
2011-S5619 (ACTIVE) - Details
- Current Committee:
- Senate Housing, Construction And Community Development
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Rpld §421-a subs 7, 9 -11, 13 - 15, sub 2 ¶ (a) sub¶ (iii) cl (E), amd §421-a, RPT L
2011-S5619 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5619 TITLE OF BILL: An act to amend the real property tax law, in relation to the exemption of new multiple dwellings from local taxation; and to repeal certain provisions of such law relating thereto SUMMARY OF PROVISIONS: This legislation will restore the parameters of the 421-a real property tax program to pre-2008 changes EXISTING LAW: Significantly limits the application of real property tax benefits JUSTIFICATION: As a result of changes to the 421-a program in 2007/2008 applications for participation have dropped significantly, which has had an adverse economic impact in New York City. LOCAL FISCAL IMPLICATIONS: To be determined. EFFECTIVE DATE: Immediately.
2011-S5619 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5619 2011-2012 Regular Sessions I N S E N A T E June 7, 2011 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the real property tax law, in relation to the exemption of new multiple dwellings from local taxation; and to repeal certain provisions of such law relating thereto THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The opening paragraph of item (A) of subparagraph (iv) of paragraph (a) of subdivision 2 of section 421-a of the real property tax law, as amended by chapter 618 of the laws of 2007, is amended to read as follows: Unless excluded by local law, in the city of New York, the benefits of this subparagraph shall be available in the borough of Manhattan for new multiple dwellings on tax lots now existing or hereafter created south of or adjacent to either side of one hundred tenth street which commence construction after July first, nineteen hundred ninety-two and before December [twenty-eighth] THIRTY-FIRST, two thousand [ten] THIRTEEN only if: S 2. Subparagraph (ii) of paragraph (c) of subdivision 2 of section 421-a of the real property tax law, as amended by chapter 618 of the laws of 2007, is amended to read as follows: (ii) construction is commenced after January first, nineteen hundred seventy-five and before December [twenty-eighth] THIRTY-FIRST, two thou- sand [ten] THIRTEEN provided, however, that such commencement period shall not apply to multiple dwellings eligible for benefits under subparagraph (iv) of paragraph (a) of this subdivision; S 3. Subdivisions 7, 9, 10, 11, 13, 14 and 15 of section 421-a of the real property tax law are REPEALED. S 4. Clause (E) of subparagraph (iii) of paragraph (a) of subdivision 2 of section 421-a of the real property tax law is REPEALED. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11748-02-1
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