senate Bill S3843A

Signed By Governor
2013-2014 Legislative Session

Makes a technical correction to the additional real property tax exemption for certain redevelopment company projects

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Archive: Last Bill Status Via A5900 - Signed by Governor


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

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Actions

view actions (18)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Nov 13, 2013 signed chap.478
Nov 01, 2013 delivered to governor
Jun 18, 2013 returned to assembly
passed senate
3rd reading cal.176
substituted for s3843a
Jun 18, 2013 substituted by a5900a
Jun 11, 2013 amended on third reading 3843a
vote reconsidered - restored to third reading
Jun 11, 2013 returned to senate
recalled from assembly
Mar 18, 2013 referred to housing
delivered to assembly
passed senate
Mar 13, 2013 advanced to third reading
Mar 12, 2013 2nd report cal.
Mar 11, 2013 1st report cal.176
Feb 22, 2013 referred to housing, construction and community development

Votes

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Mar 11, 2013 - Housing, Construction and Community Development committee Vote

S3843
9
0
committee
9
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Mar 11, 2013

Bill Amendments

Original
A (Active)
Original
A (Active)

S3843 - Details

See Assembly Version of this Bill:
A5900A
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §125, Priv Hous Fin L

S3843 - Summary

Makes a technical correction to the additional real property tax exemption for certain redevelopment company projects.

S3843 - Sponsor Memo

S3843 - Bill Text download pdf

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

                                  3843

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 22, 2013
                               ___________

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 making
  technical corrections to the 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. Paragraph (a-3) of subdivision 1  of  section  125  of  the
private  housing  finance  law,  as  added by chapter 415 of the laws of
2012, is amended 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]  LESSER  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 residen-
tial 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.
                                                           LBD07329-01-3

S3843A (ACTIVE) - Details

See Assembly Version of this Bill:
A5900A
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §125, Priv Hous Fin L

S3843A (ACTIVE) - Summary

Makes a technical correction to the additional real property tax exemption for certain redevelopment company projects.

S3843A (ACTIVE) - Sponsor Memo

S3843A (ACTIVE) - Bill Text download pdf

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

                                 3843--A
    Cal. No. 176

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 22, 2013
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community  Development  --  reported  favorably  from  said committee,
  ordered to first and second report, ordered to a third reading, passed
  by Senate and delivered to the Assembly, recalled, vote  reconsidered,
  restored  to  third  reading, amended and ordered reprinted, retaining
  its place in the order of third reading

AN ACT to amend the private housing finance law, in relation  to  making
  technical  corrections  to  the 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.  Paragraph  (a-3)  of  subdivision 1 of section 125 of the
private housing finance law, as added by chapter  415  of  the  laws  of
2012, is amended 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] FORTY
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]   (I) THE TAXES PAYABLE BY SUCH COMPANY IN ACCORDANCE WITH
THE RESOLUTION FOR SUCH REDEVELOPMENT COMPANY THAT WAS APPROVED  BY  THE

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

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