Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 11, 2012 |
referred to rules |
Senate Bill S7649
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
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
Actions
2011-S7649 (ACTIVE) - Details
- Current Committee:
- Senate Rules
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd ยง489, RPT L
2011-S7649 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7649 TITLE OF BILL: An act to amend the real property tax law, in relation to exemption from taxation of alterations and improvements to multiple dwellings SUMMARY OF PROVISIONS: This bill creates a New Housing Preservation Act. Building off the former J-51 program which expired in December 2011, it provides a tax abatement and/or exemption program available for the rehabilitation and upgrading of New York City's housing stock. It would extend from June 1, 2011 until June 1, 2015 the deadline for local legislative action providing these tax incentives for the rehabilitation and upgrading of multiple dwellings. It also would authorize the local legislative body to extend the completion date from December 31, 2011 to December 31, 2015. This bill also would make significant reforms to the former J-51 Program. It would reduce the period of time for applicants to complete eligible conversions, alterations or improvements from thirty-six months to twenty-four months, while authorizing the local legislative body to grant extensions to governmentally-assisted projects. The bill would require any local law or ordinance providing for J-51 benefits to: (1) limit benefits for most cooperatives and condominiums to governmentally-assisted eligible alterations and
2011-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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