Senate Bill S6480

Signed By Governor
2011-2012 Legislative Session

Authorizes local legislative bodies to grant additional real property tax exemptions to certain redevelopment company projects

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


  • 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

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2011-S6480 (ACTIVE) - Details

See Assembly Version of this Bill:
A9498
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §125, Priv Hous Fin L

2011-S6480 (ACTIVE) - Summary

Authorizes local legislative bodies to grant additional real property tax exemptions to redevelopment company projects, which are not operated by mutual redevelopment companies.

2011-S6480 (ACTIVE) - Sponsor Memo

2011-S6480 (ACTIVE) - Bill Text download pdf

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

                                  6480

                            I N  S E N A T E

                            February 15, 2012
                               ___________

Introduced  by  Sen.  YOUNG  -- 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 private housing finance law, in relation to author-
  izing the granting of an additional real property  tax  exemption  for
  certain redevelopment company projects

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 1 of section 125 of the private housing finance
law is amended by adding a new paragraph (a-3) to read as follows:
  (A-3) ANY INCONSISTENT PROVISION OF  LAW  NOTWITHSTANDING,  THE  LOCAL
LEGISLATIVE  BODY  OF  ANY  MUNICIPALITY  MAY  GRANT  AN  ADDITIONAL TAX
EXEMPTION PERIOD FOR ANY PROJECT, OTHER THAN A PROJECT BY A MUTUAL REDE-
VELOPMENT COMPANY, THAT RECEIVED A TAX EXEMPTION UNDER PARAGRAPH (A)  OF
THIS  SUBDIVISION,  UPON THE EXPIRATION OF THE TAX EXEMPTION PERIOD. THE
ADDITIONAL TAX EXEMPTION PERIOD MAY BE FOR A TERM  OF  FIFTY  YEARS,  OR
UNTIL  SUCH  TIME  AS  THE  PROJECT  IS  NO  LONGER  OPERATED  UNDER THE
RESTRICTIONS AND FOR THE PURPOSES SET FORTH IN THIS  ARTICLE,  WHICHEVER
IS  SOONER. UNLESS OTHERWISE APPROVED BY THE LOCAL LEGISLATIVE BODY, THE
AMOUNT OF TAXES PAID BY THE REDEVELOPMENT COMPANY DURING SUCH ADDITIONAL
TAX EXEMPTION PERIOD SHALL NOT BE LESS  THAN  AN  AMOUNT  EQUAL  TO  THE
GREATER  OF  (I) TEN PERCENT   OF THE ANNUAL RENT OR CARRYING CHARGES OF
THE PROJECT, MINUS UTILITIES FOR THE RESIDENTIAL PORTION OF THE PROJECT,
OR (II) THE TAXES PAYABLE BY SUCH COMPANY FOR THE RESIDENTIAL PORTION OF
THE PROJECT IMMEDIATELY PRIOR TO  THE  EXPIRATION  OF  THE  INITIAL  TAX
EXEMPTION PERIOD.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14426-02-2


              

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