senate Bill S1819

2013-2014 Legislative Session

Exempts new multiple dwellings from local taxation

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to housing, construction and community development
Jan 09, 2013 referred to housing, construction and community development

Co-Sponsors

S1819 - Bill Details

Current Committee:
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง421-a, RPT L
Versions Introduced in 2011-2012 Legislative Session:
S2894

S1819 - Bill Texts

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Exempts new multiple dwellings from local taxation; extends period until June 15, 2011.

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BILL NUMBER:S1819

TITLE OF BILL:
An act
to amend the real property tax law, in relation to exemptions of new
multiple dwellings from local taxation

PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this legislation is to extend the effectiveness of
421-a tax benefits for buildings whose construction commences prior
to June 15, 2011.

SUMMARY OF SPECIFIC PROVISIONS:
This bill would make available the benefits of the 421-a program 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 1,
1992 and before June 15, 2011, only if construction is commenced
after January 1, 1975, and before June 15, 2011, provided that such
commencement period shall not apply to multiple dwellings eligible
for benefits under this subdivision.

JUSTIFICATION:

Section 421-a of the Real Property Tax Law has provided tax benefits
for construction of new residential buildings in the City of New York
since 1971. Section 421a benefits are available for up to 25 years
depending upon the location of the multiple dwelling and the
inclusion of affordable housing units. The law provides a period of
full exemption followed by a phase-out to full taxation. The 421-a
program has been primarily responsible for encouraging the
construction of new housing in New York City since 1971. Since 1985,
the 421-a program has also been responsible for generating affordable
units both in Manhattan and in the outer boroughs. The continuing
shortage of affordable housing in the City of New York necessitates
the extension of this essential tax exemption program that serves as
an incentive for the development of new housing. The proposed
legislation would ensure that the 421-a program continued to fulfill
this mission by extending the program.

PRIOR LEGISLATIVE HISTORY: None.

FISCAL IMPLICATIONS: None.

EFFECTIVE DATE:
This act shall take effect immediately.

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

                                  1819

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced by Sens. ESPAILLAT, PERKINS, RIVERA -- 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 exemptions of
  new multiple dwellings from local taxation

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

  Section 1. The opening paragraph of clause (A) of subparagraph (iv) of
paragraph (a) of subdivision 2 of section 421-a of the real property tax
law,  as  amended  by  section 41 of part B of chapter 97 of the laws of
2011, 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 that commence
construction after July first, nineteen hundred  ninety-two  and  before
June fifteenth, two thousand [fifteen] SIXTEEN 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 section 42 of  part  B
of chapter 97 of the laws of 2011, is amended to read as follows:
  (ii)  construction  is commenced after January first, nineteen hundred
seventy-five and before June fifteenth, two thousand  [fifteen]  SIXTEEN
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. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02991-01-3

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