Senate Bill S7793

2011-2012 Legislative Session

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

download bill text pdf

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

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 18, 2012	referred to rules

2011-S7793 (ACTIVE) - Details

Current Committee:: Senate Rules
Law Section:: Real Property Tax Law
Laws Affected:: Amd §§467-a & 489, RPT L; amd §11-1706, NYC Ad Cd

2011-S7793 (ACTIVE) - Summary

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

2011-S7793 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S7793

TITLE OF BILL:  An act to amend the real property tax law and the admin-
istrative code of the city of New York, in relation to a partial abate-
ment of real property taxes for condominiums and cooperatives in a city
having a population of one million or more, and a credit against the New
York city personal income tax for S corporations in such city; and to
amend the real property tax law in relation to exemption from taxation
on alterations and improvements to multiple dwellings

PURPOSE:
To modify a real property tax abatement program for condominiums and
cooperatives in the City of New York, and to extend the J-51 program to
provide tax abatements for the renovation and upgrading of multiple
dwellings.

SUMMARY:
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 enables the Commissioner of Finance to designate
the owner of a unit as the applicant for the program.

Section two of the bill limits the abatement to a maximum of three units
in a single building, one of which must be the primary residence of the

applicant, for fiscal years on or after 2013.

Sections three, four, and five of the bill modifies and extends the
program for four additional years (for fiscal years beginning in 2012,
2013, 2014 and 2015). This section extends current law for fiscal year
2012 and provides an enhanced benefit (an abatement between 20 and 25%)
to the owners of eligible units with an assessed below $60,000 and main-
tains the current 17.5% abatement for those eligible units with an AV of
$60,000 or more for fiscal years 2013-2015. This section also phases out
the benefit for owners of condominiums and cooperatives that are no
longer eligible for the abatement.

Section six, seven, eight, nine and ten of the bill relate to applica-
tions and the approval process for the program.

Section eleven amends section 11-1706 of the Administrative Code of the
City of New York to enable New York City to adopt legislation creating a
credit on the City's personal income tax, for resident shareholders of
S-Corporations that pay the New York City general corporation tax (GCT).
The credit would be on a sliding scale and ranges from 100 percent of
GCT liability for taxpayers with New York City taxable income of $42,000
or less and gradually goes down to zero percent of liability for taxpay-
ers with taxable income of $250,000 or more.

Section twelve of the bill amends section 489 of the Real property Tax
law known as the City of New York as the J-51 program. It would extend

retroactively, from June 1, 2011 until June 1, 2014, the deadline for
local legislative action providing tax incentives for the rehabilitation
and upgrading of multiple dwellings. Currently the law also provides
that in order to be eligible to receive J-51 benefits, a development
must be completed prior to December 31, 2012. This amendment would
authorize the local legislative body to extend that date until December
31, 2014.

JUSTIFICATION:
Since 1996 the City of New York has offered, with State authorization, a
partial property tax abatement program for coop and condo owners. The
program was established to address inequities in the real property tax
system in New York City that creates a higher tax burden on co-ops and
condominiums than on comparably valued one, two and three-family homes.

This bill extends the program for four additional years, provides addi-
tional benefit by enriching the abatement for lower and moderate valued
properties, and eliminates the benefit for non-primary residents.
Primary residents may own two additional units in the same building and
continue to receive the benefit.

The bill also lowers the tax burden on limited liability S-Corporations
in order to encourage job creation in New York City. Resident sharehold-
ers of S-Corporations would be able to take a nonrefundable credit
against their New York City personal income tax liability equal to a
portion of their share of the business's corporate tax liability.  The
credit is based on a sliding scale and ranges from 100 percent of GCT
liability for taxpayers with New York City taxable income of $42,000 or
less and gradually goes down to zero percent of liability for taxpayers
with taxable income of $250,000 or more. There are 123,000 S-Corpora-
tions in New York City. Most S-Corporations are small businesses.

In order to preserve affordable housing in the City of New York this
bill would extend the J-51 program that serves as an incentive to owners
to maintain and upgrade existing multiple dwellings. J-51 benefits apply
to a variety of improvements including, but not limited to, the instal-
lation or replacement of heating systems, plumbing, wiring, elevators,
windows and a range of other major capital improvements. The program
also grants tax benefits to owners of non-residential buildings who
convert their buildings to residential use. The program issues 14 or 34
year exemptions from taxes on any increase in assessed valuation result-
ing from those alterations certified by the City's Department of Housing
Preservation and Development ("HPD") and an abatement of property taxes
of construction costs as certified by HPD. The J-51 program has been
primarily responsible for the rehabilitation and upgrading of New York
City's housing stock since 1955. It has also been essential in ensuring
that affordable housing will continue to be available to the residents
of New York City.

LEGISLATIVE HISTORY:
New Bill.

FISCAL IMPLICATIONS:
None to the State.

EFFECTIVE DATE:
Immediately, and retroactively to the date of the expiration of the
authority for the city to enact J-51 legislation, June 1, 2011.

2011-S7793 (ACTIVE) - Bill Text download pdf

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

                                  7793

                            I N  S E N A T E

                              June 18, 2012
                               ___________

Introduced  by COMMITTEE ON RULES -- 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 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 in a city having a  popu-
  lation  of one million or more, and a credit against the New York city
  personal income tax for S corporations in such city; and to amend  the
  real property tax law in relation to exemption from taxation on alter-
  ations 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. 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
shall not be eligible to receive a partial abatement  pursuant  to  this

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

                                                           LBD16341-02-2

S. 7793                             2

section;  AND  PROVIDED, FURTHER, THAT IN THE FISCAL YEARS COMMENCING IN
CALENDAR YEARS TWO THOUSAND THIRTEEN,  TWO  THOUSAND  FOURTEEN  AND  TWO
THOUSAND  FIFTEEN,  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 AND ALL OF WHICH MUST BE IN THE SAME PROPERTY  IN  WHICH  THE
PRIMARY  RESIDENCE  IS  LOCATED,  SHALL BE ELIGIBLE TO RECEIVE A PARTIAL
ABATEMENT PURSUANT TO PARAGRAPHS (D-1), (D-2), (D-3) AND (D-4)  OF  THIS
SUBDIVISION.
  (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 THE FISCAL YEARS  COMMENCING  IN
CALENDAR  YEARS  TWO  THOUSAND  THIRTEEN,  TWO THOUSAND FOURTEEN AND TWO
THOUSAND FIFTEEN, 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 AND ALL OF WHICH MUST BE IN THE SAME PROPERTY IN
WHICH  THE  PRIMARY RESIDENCE IS LOCATED, SHALL BE ELIGIBLE TO RECEIVE A
PARTIAL ABATEMENT PURSUANT TO PARAGRAPHS (D-1), (D-2), (D-3)  AND  (D-4)
OF THIS SUBDIVISION.  For purposes of this section, a tenant-stockholder
of a cooperative apartment corporation shall be deemed to own the dwell-
ing  unit  which  is  represented  by his or her shares of stock in such
corporation. Any abatement so granted shall be credited by the appropri-
ate 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. Subparagraph (xvi) of paragraph (c) of subdivision 2  of  section
467-a  of the real property tax law, as added by chapter 109 of the laws
of 2008, is amended and a new subparagraph (xvii) is added  to  read  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  4.  Subparagraph (xvi) of paragraph (d) of subdivision 2 of section
467-a of the real property tax law, as added by chapter 109 of the  laws
of  2008,  is  amended and a new subparagraph (xvii) is added to read 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  5.  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:

S. 7793                             3

  (D-1)  IN  ANY  FISCAL  YEAR  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.
  (D-2) IN ANY FISCAL YEAR 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 THIRTY-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.
  (D-3)  IN  ANY  FISCAL  YEAR  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.
  (D-4) IN ANY FISCAL YEAR 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 YEARS TWO THOUSAND
THIRTEEN AND TWO THOUSAND FOURTEEN,  DWELLING  UNITS  THAT  RECEIVED  AN
ABATEMENT  PURSUANT  TO  THIS  SECTION  IN THE FISCAL YEAR COMMENCING IN
CALENDAR YEAR TWO THOUSAND TWELVE AND THAT  ARE  NOT  ELIGIBLE  DWELLING
UNITS  UNDER  PARAGRAPH (D-1), (D-2), (D-3) OR (D-4) OF THIS SUBDIVISION
AND THAT HAVE 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 YEARS TWO THOUSAND
THIRTEEN AND TWO THOUSAND FOURTEEN,  DWELLING  UNITS  THAT  RECEIVED  AN
ABATEMENT  PURSUANT  TO  THIS  SECTION  IN THE FISCAL YEAR COMMENCING IN
CALENDAR YEAR TWO THOUSAND TWELVE AND THAT  ARE  NOT  ELIGIBLE  DWELLING
UNITS  UNDER  PARAGRAPH (D-1), (D-2), (D-3) OR (D-4) OF THIS SUBDIVISION
AND THAT HAVE AN AVERAGE  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 SEVEN-
TY-FIVE THOUSANDTHS PERCENT, RESPECTIVELY.
  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 amended by  section  6  of
part  LL  of  chapter  407  of  the laws of 1999, 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-

S. 7793                             4

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
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.  THE DATE OR DATES BY WHICH  APPLI-
CATIONS  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. THE COMMISSIONER OF FINANCE MAY DETERMINE BY RULE  THE  NATURE  OF
THE  INFORMATION  TO  BE  INCLUDED  ON SUCH APPLICATIONS AND MAY DENY AN
ABATEMENT PURSUANT TO THIS SECTION  FOR  FAILURE  TO  COMPLY  WITH  SUCH
RULES.
  (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

S. 7793                             5

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
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
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,

S. 7793                             6

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 7 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:
  7. The commissioner of finance shall be authorized to promulgate rules
necessary to effectuate the purposes of this section.    NOTWITHSTANDING
ANY  OTHER PROVISION OF LAW TO THE CONTRARY, SUCH RULES MAY INCLUDE, BUT
NEED NOT BE LIMITED TO, DENIAL, TERMINATION OR REVOCATION OF ANY  ABATE-
MENT PURSUANT TO THIS SECTION IF ANY DWELLING UNIT IN A PROPERTY HELD IN
THE  CONDOMINIUM FORM OF OWNERSHIP OR A PROPERTY HELD IN THE COOPERATIVE
FORM OF OWNERSHIP HAS REAL PROPERTY  TAXES,  WATER  AND  SEWER  CHARGES,
PAYMENTS  IN  LIEU  OF  TAXES  OR OTHER MUNICIPAL CHARGES DUE AND OWING,
UNLESS SUCH REAL PROPERTY TAXES, WATER AND SEWER  CHARGES,  PAYMENTS  IN
LIEU  OF  TAXES  OR  OTHER MUNICIPAL CHARGES ARE CURRENTLY BEING PAID IN
TIMELY INSTALLMENTS PURSUANT TO A WRITTEN AGREEMENT WITH THE  DEPARTMENT
OF FINANCE OR OTHER APPROPRIATE AGENCY.
  S  9.  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 10. Section 467-a of the real property tax law is amended by  adding
a new subdivision 9 to read as follows:
  9.  THE  COMMISSIONER  OF  FINANCE  SHALL BE AUTHORIZED TO PREPARE AND
SUBMIT AMENDED TAX BILLS TO TAXPAYERS TO REFLECT ANY ADJUSTMENTS  NECES-
SARY  TO  APPLY THE PARTIAL ABATEMENT RECEIVED PURSUANT TO THIS SECTION.
IF A CONDOMINIUM OR COOPERATIVE HAS PAID AN  AMOUNT  THAT  IS  DIFFERENT
THAN THE AMOUNT DUE ON ANY AMENDED TAX BILL, THE COMMISSIONER OF FINANCE
MAY WAIVE ANY INTEREST OTHERWISE DUE ON SUCH AMOUNT.
  S  11.  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
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.

S. 7793                             7

  (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 FIFTEEN:
  (I) IF THE CITY TAXABLE INCOME IS FORTY-TWO 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  FORTY-TWO  THOUSAND
DOLLARS  BUT LESS THAN TWO HUNDRED FIFTY 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 SUBTRACT-
ING  FROM  ONE  HUNDRED  PERCENT, A PERCENTAGE DETERMINED BY SUBTRACTING
FORTY-TWO THOUSAND DOLLARS FROM CITY TAXABLE INCOME, DIVIDING THE RESULT
BY TWO HUNDRED EIGHT THOUSAND DOLLARS AND  MULTIPLYING  BY  ONE  HUNDRED
PERCENT.
  (III) IF THE CITY TAXABLE INCOME IS TWO HUNDRED FIFTY 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
OF SECTION 11-604 OF THIS TITLE FOR ITS TAXABLE YEAR  ENDING  WITHIN  OR
WITH THE TAXABLE YEAR OF THE TAXPAYER.

S. 7793                             8

  (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  12.  If  any provision of section eleven 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 13. 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] FOURTEEN, 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  14.  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 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  subpara-
graph  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  subsi-
dies  from any federal, state or local governmental agency or instrumen-
tality or which are carried out in a property transferred 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  of  completion  for  any
project  carried out with the substantial assistance of grants, loans or
subsidies from any  federal,  state  or  local  governmental  agency  or
instrumentality, if such alterations or improvements are completed with-
in  sixty  months  from commencement of construction. Provided, further,
that such conversion, alterations or improvements shall in any event  be
completed   prior   to  December  thirty-first,  two  thousand  [eleven]
FOURTEEN. Exemption for conversions, alterations or improvements  pursu-
ant  to  subparagraph  one,  two,  three or four of this paragraph shall

S. 7793                             9

continue for a period not to exceed fourteen years and begin  no  sooner
than  the  first quarterly tax bill immediately following the completion
of such conversion, alterations or improvements.  Exemption  for  alter-
ations  or  improvements  pursuant  to this subparagraph or subparagraph
five of this paragraph shall continue for a period not to  exceed  thir-
ty-four  years  and  shall  begin no sooner than the first quarterly tax
bill  immediately  following  the  completion  of  such  alterations  or
improvements. Such exemption shall be equal to the increase in the valu-
ation which is subject to exemption in full or proportionally under this
subdivision for ten or thirty years, whichever is applicable. After such
period  of  time, the amount of such exempted assessed valuation of such
improvements shall be reduced by twenty percent in each succeeding  year
until  the  assessed  value  of  the  improvements  are  fully  taxable.
Provided, however, exemption for any conversion, alterations or improve-
ments which are aided by a loan or grant under article  eight,  eight-A,
eleven,  twelve,  fifteen  or  twenty-two of the private housing finance
law, section six hundred ninety-six-a or section  ninety-nine-h  of  the
general  municipal  law,  or section three hundred twelve of the housing
act of nineteen hundred sixty-four (42 U.S.C.A.  1452b),  or  the  Cran-
ston-Gonzalez  national  affordable  housing  act (42 U.S.C.A. 12701 et.
seq.), or started after July first, nineteen hundred eighty-three  by  a
housing development fund company organized pursuant to article eleven of
the  private housing finance law which are carried out with the substan-
tial assistance of grants, loans or subsidies from any federal, state or
local governmental agency or instrumentality or which are carried out in
a property transferred from any city and where alterations and  improve-
ments  are  completed  within seven years after the date of transfer may
commence at the beginning of any tax quarter subsequent to the start  of
such conversion, alterations or improvements and prior to the completion
of such conversion, alterations or improvements.
  S  15.  This  act shall take effect immediately and shall be deemed to
have been in full force and effect on and after June 1, 2011.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Find your Senator and share your views on important issues.

Do you support this bill?

Senate Bill S7793

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee

Actions

2011-S7793 (ACTIVE) - Details

2011-S7793 (ACTIVE) - Summary

2011-S7793 (ACTIVE) - Sponsor Memo

2011-S7793 (ACTIVE) - Bill Text download pdf

Comments

Do you support this bill?

Get Status Alerts for 2011-S7793

Senate Bill S7793

Share this bill

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee

Actions

2011-S7793 (ACTIVE) - Details

2011-S7793 (ACTIVE) - Summary

2011-S7793 (ACTIVE) - Sponsor Memo

2011-S7793 (ACTIVE) - Bill Text download pdf

Comments