NY State Senate Bill 2011-S7480

Senate Bill S7480

2011-2012 Legislative Session

Relates to certain tax credits and exemptions in a city having a population of one million or more

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Archive: Last Bill Status - In Senate Committee Rules 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

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 21, 2012	recommitted to rules
Jun 19, 2012	vote reconsidered - restored to third reading returned to senate recalled from assembly referred to real property taxation delivered to assembly passed senate ordered to third reading cal.1371 committee discharged and committed to rules
May 24, 2012	referred to investigations and government operations

Votes

- Jun 19, 2012 - Floor Vote
  S7480
  
  59
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  3
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 19, 2012
      
      aye (59)
      
      Adams
      
      Addabbo Jr.
      
      Avella
      
      Ball
      
      Bonacic
      
      Breslin
      
      Carlucci
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Duane
      
      Farley
      
      Flanagan
      
      Fuschillo
      
      Gallivan
      
      Gianaris
      
      Golden
      
      Griffo
      
      Grisanti
      
      Hannon
      
      Hassell-Thompson
      
      Johnson
      
      Kennedy
      
      Klein
      
      Krueger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Libous
      
      Little
      
      Marcellino
      
      Martins
      
      Maziarz
      
      McDonald
      
      Montgomery
      
      Nozzolio
      
      O'Mara
      
      Oppenheimer
      
      Parker
      
      Peralta
      
      Perkins
      
      Ranzenhofer
      
      Ritchie
      
      Rivera
      
      Robach
      
      Saland
      
      Sampson
      
      Savino
      
      Serrano
      
      Seward
      
      Skelos
      
      Smith
      
      Squadron
      
      Stavisky
      
      Stewart-Cousins
      
      Storobin
      
      Valesky
      
      Young
      
      Zeldin
      
      excused (3)
      
      Alesi
      
      Espaillat
      
      Huntley
  Jun 19, 2012 - Rules Committee Vote
  S7480
  
  21
  
  Aye
  
  0
  
  Nay
  
  3
  
  Aye with Reservations
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 19, 2012
      
      aye (21)
      
      Dilan
      
      Duane
      
      Farley
      
      Fuschillo
      
      Hannon
      
      Hassell-Thompson
      
      Johnson
      
      Krueger
      
      LaValle
      
      Larkin
      
      Libous
      
      Marcellino
      
      Maziarz
      
      Nozzolio
      
      Perkins
      
      Saland
      
      Sampson
      
      Seward
      
      Skelos
      
      Smith
      
      Stewart-Cousins
      
      aye wr (3)
      
      Breslin
      
      Montgomery
      
      Parker
      
      excused (1)
      
      Alesi

co-Sponsors

2011-S7480 (ACTIVE) - Details

See Assembly Version of this Bill:: A10563
Current Committee:: Senate Rules
Law Section:: Real Property Tax Law
Laws Affected:: Amd §467-a, RPT L; amd §§11-604, 11-704 & 11-704.3, NYC Ad Cd

2011-S7480 (ACTIVE) - Summary

Relates to a partial abatement of real property taxes for condos and co-ops; a credit for S corporations and credits and exemptions under the commercial rent or occupancy tax, in a city having a population of one million or more.

2011-S7480 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S7480

TITLE OF BILL:
An act to amend the real property tax law and the administrative code of
the city of New York, in relation to a partial abatement of real proper-
ty taxes for condominiums and cooperatives, a credit for S corporations,
and credits and exemptions under the commercial rent or occupancy tax,
in a city having a population of one million or more

SUMMARY OF PROVISIONS:
This bill amends section 467-a of the Real property Tax Law to extend
and modify a real property tax abatement program for condominiums and
cooperatives in the City of New York.  Section one of the bill limits
the abatement, for fiscal years beginning in 2013, 2014 and 2015, to the
primary residence of the property owner. Section two extends the exist-
ing program for one year (for the fiscal year beginning in 2012).
Section three modifies and extends the program fur three additional
years (for fiscal years beginning in 2013, 2014 and 2015). Sections
four, five and six relate to applications and the application process
for the program.  The bill amends section 11-604 of the Administrative
Code of the City of New York to allow a credit against the New York City
general corporation tax for entities that make the S corporation
election on their federal tax returns. Section seven of the bill will
reduce the tax liability of S corporations that would, exclusive of
other credits, otherwise owe $1600 or less on the general corporation
tax.  Instead, these S corporation would pay the minimum general corpo-

ration tax of $25. The S corporation credit will take effect for taxable
years beginning on or after January 1, 2013.  This bill amends sections
11-704(h)(2) and 11-704.3 of the Administrative Code of the City of New
York to further reduce the tax burden on commercial tenants who remain
subject to the commercial rent tax in New York City. The tax, first
authorized in 1963, is currently paid by commercial tenants in Manhattan
south of 96th Street with base rents of $250,000 or above.  Section
eight of the bill will reduce the portion of the base rent subject to
the tax by increasing the base rent reduction from 35 percent to 40
percent. Sections ten and eleven of the bill will provide tenants who
are subject to the tax and whose annual rents are between $250,000 and
$300,000 with a partial credit on a sliding scale. These changes will
take effect as of June 1, 2013, which is the beginning of the tax year
for the purposes of the commercial rent tax.

JUSTIFICATION:
Since 1996, the City of New York has offered, with New York State
authorization, a partial property tax abatement program for co-op and
condo owners. The program was established to address inequities in the
real property tax system in New York City that burden owners of co-op
and condominium units with larger tax bills than the owners of compar-
ably valued one-, two and three-family homes. The original intent of the
program was to ensure equity to those co-op and condo owners who prima-
rily reside in New York City. However, a significant number of current
beneficiaries are not owner-occupants but investors who were not the

intended recipients.  This bill extends the program for three additional
years, provides additional benefit by enriching the abatement for
lower-valued properties, and restores the original intent of the program
by eliminating the benefit for non-primary residents.

The bill also lowers the tax burden on limited liability S corporations
and reduces the commercial rent tax in order to encourage business and
economic development in New York City.

LEGISLATIVE HISTORY:
New Bill.

FISCAL IMPLICATIONS:
None.

LOCAL FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
Immediately.

2011-S7480 (ACTIVE) - Bill Text download pdf

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

                                  7480

                            I N  S E N A T E

                              May 24, 2012
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the real property tax law and the administrative code of
  the city of New York, in relation to a partial abatement of real prop-
  erty taxes for condominiums and cooperatives, a credit  for  S  corpo-
  rations, and credits and exemptions under the commercial rent or occu-
  pancy tax, in a city having a population of one million or more

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

  Section 1. 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) of this subdivision; 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 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 abate-
ment  pursuant  to this section; AND PROVIDED, FURTHER, HOWEVER, THAT IN
ANY FISCAL YEAR COMMENCING IN CALENDAR YEAR  TWO  THOUSAND  THIRTEEN  OR
LATER, NO DWELLING UNIT SHALL BE ELIGIBLE TO RECEIVE A PARTIAL ABATEMENT
PURSUANT  TO THIS SECTION UNLESS IT IS THE PRIMARY RESIDENCE OF THE UNIT
OWNER AND, IN ANY SUCH FISCAL YEAR, THE PRIMARY RESIDENCE  OF  THE  UNIT
OWNER  SHALL BE ELIGIBLE TO RECEIVE A PARTIAL ABATEMENT PURSUANT TO THIS
SECTION REGARDLESS OF THE NUMBER OF DWELLING UNITS  OWNED  BY  THE  UNIT
OWNER.  A  MARRIED  COUPLE  WITH  TWO  OR  MORE RESIDENCES MAY RECEIVE A

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD16010-01-2

S. 7480                             2

PARTIAL ABATEMENT PURSUANT TO THIS SECTION ON NO  MORE  THAN  ONE  RESI-
DENCE, UNLESS LIVING APART DUE TO LEGAL SEPARATION.
  (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) 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 abate-
ment  pursuant  to this section; AND PROVIDED, FURTHER, HOWEVER, THAT IN
ANY FISCAL YEAR COMMENCING IN CALENDAR YEAR  TWO  THOUSAND  THIRTEEN  OR
LATER, NO DWELLING UNIT SHALL BE ELIGIBLE TO RECEIVE A PARTIAL ABATEMENT
PURSUANT  TO  THIS  SECTION  UNLESS  IT  IS THE PRIMARY RESIDENCE OF THE
TENANT-STOCKHOLDER AND, IN ANY SUCH FISCAL YEAR, THE  PRIMARY  RESIDENCE
OF  THE TENANT-STOCKHOLDER SHALL BE ELIGIBLE TO RECEIVE A PARTIAL ABATE-
MENT PURSUANT TO THIS SECTION REGARDLESS OF THE NUMBER OF DWELLING UNITS
OWNED BY THE TENANT-STOCKHOLDER. A MARRIED COUPLE WITH TWO OR MORE RESI-
DENCES MAY RECEIVE A PARTIAL ABATEMENT PURSUANT TO THIS  SECTION  ON  NO
MORE  THAN  ONE  RESIDENCE, UNLESS LIVING APART DUE TO LEGAL SEPARATION.
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 author-
ity  against  the  tax  due on the property as a whole. The reduction in
real property taxes received thereby shall be credited  by  the  cooper-
ative  apartment  corporation against the amount of such taxes attribut-
able to eligible dwelling units at the time of receipt.
  S 2. The opening paragraph and subparagraph (xvi) of paragraph (c)  of
subdivision 2 of section 467-a of the real property tax law, the opening
paragraph  as amended by chapter 97 of the laws of 2004 and subparagraph
(xvi) as added by chapter 109 of the laws of 2008, are amended and a new
subparagraph (xvii) is added to read as follows:
  [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:
  (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.
  S 3. The opening paragraph and subparagraph (xvi) of paragraph (d)  of
subdivision 2 of section 467-a of the real property tax law, the opening
paragraph  as amended by chapter 97 of the laws of 2004 and subparagraph
(xvi) as added by chapter 109 of the laws of 2008, are amended and a new
subparagraph (xvii) is added to read as follows:
  [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

S. 7480                             3

real property taxes attributable to or due on such  dwelling  units,  as
follows:
  (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 four new paragraphs (d-1), (d-2), (d-3) and (d-4) to
read as follows:
  (D-1) IN ANY FISCAL YEAR COMMENCING  IN  CALENDAR  YEAR  TWO  THOUSAND
THIRTEEN, TWO THOUSAND FOURTEEN OR TWO THOUSAND FIFTEEN, ELIGIBLE DWELL-
ING  UNITS IN PROPERTY WHOSE AVERAGE UNIT ASSESSED VALUE IS LESS THAN OR
EQUAL TO THIRTY THOUSAND DOLLARS SHALL RECEIVE A  PARTIAL  ABATEMENT  OF
THE REAL PROPERTY TAXES ATTRIBUTABLE TO OR DUE ON SUCH DWELLING UNITS OF
TWENTY-FIVE PERCENT.
  (D-2)  IN  ANY  FISCAL  YEAR  COMMENCING IN CALENDAR YEAR TWO THOUSAND
THIRTEEN, TWO THOUSAND FOURTEEN OR TWO THOUSAND FIFTEEN, ELIGIBLE DWELL-
ING UNITS IN PROPERTY WHOSE AVERAGE UNIT ASSESSED  VALUE  IS  MORE  THAN
THIRTY  THOUSAND DOLLARS, BUT LESS THAN OR EQUAL TO THIRTY-FIVE THOUSAND
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.
  (D-3)  IN  ANY  FISCAL  YEAR  COMMENCING IN CALENDAR YEAR TWO THOUSAND
THIRTEEN, TWO THOUSAND FOURTEEN OR TWO THOUSAND FIFTEEN, ELIGIBLE DWELL-
ING UNITS IN PROPERTY WHOSE AVERAGE UNIT ASSESSED  VALUE  IS  MORE  THAN
THIRTY-FIVE  THOUSAND  DOLLARS, BUT LESS THAN OR EQUAL TO FORTY THOUSAND
DOLLARS, SHALL RECEIVE A PARTIAL ABATEMENT OF THE  REAL  PROPERTY  TAXES
ATTRIBUTABLE TO OR DUE ON SUCH DWELLING UNITS OF TWENTY PERCENT.
  (D-4)  IN  ANY  FISCAL  YEAR  COMMENCING IN CALENDAR YEAR TWO THOUSAND
THIRTEEN, TWO THOUSAND FOURTEEN OR TWO THOUSAND FIFTEEN, ELIGIBLE DWELL-
ING UNITS IN PROPERTY WHOSE AVERAGE UNIT ASSESSED  VALUE  IS  MORE  THAN
FORTY  THOUSAND  DOLLARS  SHALL  RECEIVE A PARTIAL ABATEMENT OF THE REAL
PROPERTY TAXES ATTRIBUTABLE TO OR DUE ON THE FIRST ONE HUNDRED  THOUSAND
DOLLARS  OF  ASSESSED  VALUE PER DWELLING UNIT OF SEVENTEEN AND ONE-HALF
PERCENT.
  S 5. Paragraphs (a), (c) and (h) of subdivision 3 of section 467-a  of
the  real  property  tax  law,  as amended by chapter 109 of the laws of
2008, 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

S. 7480                             4

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
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 AN
abatement pursuant to this section for the  fiscal  year  commencing  in
calendar  year  two thousand eight shall be made in accordance with this
subdivision 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. AN APPLICATION FOR AN ABATEMENT
PURSUANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR
TWO THOUSAND THIRTEEN SHALL BE MADE NO LATER THAN THE FIFTEENTH  DAY  OF
FEBRUARY,  TWO THOUSAND THIRTEEN. AN APPLICATION FOR AN ABATEMENT PURSU-
ANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR  TWO
THOUSAND  FOURTEEN  SHALL  BE  MADE  NO  LATER THAN THE FIFTEENTH DAY OF
FEBRUARY, TWO THOUSAND FOURTEEN. AN APPLICATION FOR AN ABATEMENT  PURSU-
ANT  TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO
THOUSAND FIFTEEN SHALL BE MADE NO LATER THAN THE FIFTEENTH DAY OF FEBRU-
ARY, TWO THOUSAND FIFTEEN.
  (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.
  (h) Notwithstanding any other provision of law to the contrary, appli-
cation  by the board of directors of a cooperative apartment corporation
for an abatement pursuant to this section for  either  the  fiscal  year
commencing  in  calendar  year  two  thousand  five  or  the fiscal year
commencing in the calendar year two thousand  six  or  the  fiscal  year
commencing  in  the  calendar year two thousand seven or the fiscal year
commencing in the calendar year two thousand eight or  the  fiscal  year
commencing  in  the  calendar  year two thousand nine or the fiscal year

S. 7480                             5

commencing in the calendar year two thousand  ten  or  the  fiscal  year
commencing  in  the calendar year two thousand eleven OR THE FISCAL YEAR
COMMENCING IN THE CALENDAR YEAR TWO THOUSAND TWELVE OR THE  FISCAL  YEAR
COMMENCING IN THE CALENDAR YEAR TWO THOUSAND THIRTEEN OR THE FISCAL YEAR
COMMENCING IN THE CALENDAR YEAR TWO THOUSAND FOURTEEN OR THE FISCAL YEAR
COMMENCING  IN  THE  CALENDAR YEAR TWO THOUSAND FIFTEEN shall be made by
the filing of an information  return  pursuant  to  subdivision  (g)  of
section  11-2105  of the administrative code of the city of New York, as
added by local law number fifty-eight of the city of New  York  for  the
year  nineteen  hundred eighty-nine, including an election by such board
of directors that such information return be deemed an  application  for
an  abatement  pursuant  to this section for such fiscal year, provided,
however, that where the board  of  directors  files  an  application  on
behalf  of  a cooperative apartment corporation that is not receiving an
abatement pursuant to this  section  for  the  fiscal  year  immediately
preceding  the  fiscal year for which the application is filed, then the
board of directors shall be required to file, in addition to the  infor-
mation  return  pursuant  to  subdivision  (g) of section 11-2105 of the
administrative code of the city of New  York,  as  added  by  local  law
number fifty-eight of the city of New York for the year nineteen hundred
eighty-nine,  any  information return covering a reporting period begin-
ning on or after January first, nineteen hundred  ninety-six,  that  has
not  been  filed  previously.  Information returns that are deemed to be
applications for an  abatement  pursuant  to  this  paragraph  shall  be
subject  to the provisions of this section relating to such applications
including, but not limited to, the provisions of  this  subdivision  and
subdivision four of this section.
  S 6. 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
THIS SUBDIVISION.
  (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-
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

S. 7480                             6

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
THIS SUBDIVISION. IF SUCH BOARD OF MANAGERS DOES NOT SUBMIT SUCH  APPLI-
CATION  WITHIN  SIXTY DAYS FOLLOWING THE EFFECTIVE DATE OF THIS SUBDIVI-
SION, THEN THE ABATEMENT FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR
TWO THOUSAND TWELVE FOR SUCH CONDOMINIUM SHALL BE BASED ON THE  INFORMA-
TION  CONTAINED  IN  THE  APPLICATION  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 7. 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 8. Section 11-604 of the administrative code of the city of New York
is amended by adding a new subdivision 22 to read as follows:
  22.  CREDIT FOR S CORPORATIONS. (A) FOR EACH TAXABLE YEAR BEGINNING ON
OR AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN, IN THE CASE OF  A  CORPO-
RATION  THAT  HAS  MADE AN ELECTION UNDER SUBCHAPTER S OF CHAPTER ONE OF
THE INTERNAL REVENUE CODE:
  (1) IF THE TAX COMPUTED UNDER SUBDIVISION ONE OF THIS SECTION IS  MORE
THAN  TWENTY-FIVE  DOLLARS  BUT  LESS  THAN OR EQUAL TO ONE THOUSAND SIX
HUNDRED DOLLARS, A CREDIT SHALL BE ALLOWED IN THE  AMOUNT  OF  SUCH  TAX
LESS TWENTY-FIVE DOLLARS; AND
  (2) IF THE TAX COMPUTED UNDER SUBDIVISION ONE OF THIS SECTION IS TWEN-
TY-FIVE DOLLARS, OR MORE THAN ONE THOUSAND SIX HUNDRED DOLLARS, NO CRED-
IT SHALL BE ALLOWED.
  (B)  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF THIS SUBCHAPTER TO THE
CONTRARY, THE CREDIT ALLOWABLE UNDER THIS  SUBDIVISION  SHALL  BE  TAKEN
PRIOR TO ANY OTHER CREDIT ALLOWED BY THIS SECTION.
  S 9. Paragraph 2 of subdivision h of section 11-704 of the administra-
tive  code of the city of New York, as amended by local law number 63 of
the city of New York for the year 1997, is amended to read as follows:
  (2) In the case of any taxable premises  located  in  the  borough  of
Manhattan south of the center line of ninety-sixth street, the base rent
for such premises shall be reduced by (i) fifteen percent for the period
beginning  March first, nineteen hundred ninety-six and ending May thir-
ty-first, nineteen hundred ninety-six, (ii) twenty-five percent for  the
period  beginning  June  first,  nineteen  hundred ninety-six and ending
August thirty-first, nineteen hundred ninety-eight, [and] (iii)  thirty-

S. 7480                             7

five  percent  for [periods] THE PERIOD beginning September first, nine-
teen hundred ninety-eight AND  ENDING  MAY  THIRTY-FIRST,  TWO  THOUSAND
THIRTEEN,  AND  (IV) FORTY PERCENT FOR PERIODS BEGINNING JUNE FIRST, TWO
THOUSAND  THIRTEEN  and  thereafter, such reduction to be made after all
other exemptions and deductions authorized by  this  chapter  have  been
taken.
  S 10. Paragraph 6 of subdivision (a) of section 11-704.3 of the admin-
istrative  code  of the city of New York, as amended by local law number
38 of the city of New York for the year 2001,  is  amended  to  read  as
follows:
  (6)  For  each tax year beginning on or after June first, two thousand
one AND ENDING ON OR BEFORE MAY THIRTY-FIRST, TWO THOUSAND  THIRTEEN,  a
credit  shall  be  allowed  against  the  tax imposed by this chapter as
follows: a tenant whose base rent is at least two  hundred  [and]  fifty
thousand  dollars but not more than three hundred thousand dollars shall
be allowed a credit in an amount determined  by  multiplying  three  and
nine-tenths percent of base rent by a fraction the numerator of which is
three  hundred  thousand  dollars  minus the amount of base rent and the
denominator of which is fifty thousand dollars.  If  the  tenant's  base
rent  is over three hundred thousand dollars, no credit shall be allowed
under this paragraph. For purposes of this paragraph, 'base rent'  shall
be  calculated  without  regard to any reduction in base rent allowed by
paragraph two of subdivision h of section 11-704 of this chapter.
  S 11. Subdivision (a) of section 11-704.3 of the  administrative  code
of  the  city of New York is amended by adding a new paragraph 7 to read
as follows:
  (7) FOR EACH TAX YEAR BEGINNING ON OR AFTER JUNE FIRST,  TWO  THOUSAND
THIRTEEN,  A  CREDIT  SHALL  BE  ALLOWED AGAINST THE TAX IMPOSED BY THIS
CHAPTER AS FOLLOWS: A TENANT WHOSE BASE RENT IS  AT  LEAST  TWO  HUNDRED
FIFTY  THOUSAND DOLLARS BUT NOT MORE THAN THREE HUNDRED THOUSAND DOLLARS
SHALL BE ALLOWED A CREDIT IN AN AMOUNT DETERMINED BY  MULTIPLYING  THREE
AND SIX-TENTHS PERCENT OF BASE RENT BY A FRACTION THE NUMERATOR OF WHICH
IS  THREE HUNDRED THOUSAND DOLLARS MINUS THE AMOUNT OF BASE RENT AND THE
DENOMINATOR OF WHICH IS FIFTY THOUSAND DOLLARS.  IF  THE  TENANT'S  BASE
RENT  IS OVER THREE HUNDRED THOUSAND DOLLARS, NO CREDIT SHALL BE ALLOWED
UNDER THIS PARAGRAPH.  FOR PURPOSES OF THIS PARAGRAPH, 'BASE RENT' SHALL
BE CALCULATED WITHOUT REGARD TO ANY REDUCTION IN BASE  RENT  ALLOWED  BY
PARAGRAPH TWO OF SUBDIVISION H OF SECTION 11-704 OF THIS CHAPTER.
  S 12. This act shall take effect immediately.

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Senate Bill S7480

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Sponsored By

Martin J. Golden