senate Bill S5050

2013-2014 Legislative Session

Authorizes the city of New York to implement provisions related to the Foundation for Sephardic Studies, Inc.

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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
May 07, 2013 referred to cities

S5050 - Bill Details

See Assembly Version of this Bill:
A7153
Current Committee:
Law Section:
Real Property

S5050 - Bill Texts

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Authorizes the city of New York to implement real property exemption provisions for certain assessment rolls related to the Foundation for Sephardic Studies, Inc.

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BILL NUMBER:S5050

TITLE OF BILL: An act to authorize the city of New York to implement
provisions related to the Foundation for Sephardic Studies, Inc.

PURPOSE: This bill authorizes the City of New York take measures to
prevent the sale and/or foreclosure of tax liens on a property owned
by Foundation for Sephardic Studies, Inc

SUMMARY OF SPECIFIC PROVISIONS: This bill would authorize the City of
New York to implement the provisions of the act, so to prevent the
sale and or foreclosure of tax liens on a property owned by Foundation
for Sephardic Studies, Inc The bill would authorize the commissioner
of the Department of Finance of the City of New York to accept from
the Foundation for Sephardic Studies, Inc, an application for
exemption from real property taxes pursuant to ยง 420-a of the Real
Property Tax Law. If satisfied that the Foundation for Sephardic
Studies, Inc, would otherwise have been entitled to said exemption,
the Commissioner of the Department of Finance, upon approval by the
City Council of New York City, may grant exemption from all taxation
with respect to the subject tax rolls and cancel taxes, fines,
penalties and interest remaining unpaid, and make appropriate
correction of the subject assessment rolls.

JUSTIFICATION: The Foundation for Sephardic Studies, Inc., a
not-for-profit corporation, acquired title to a property in the City
of New York, borough of Brooklyn, that would otherwise be entitled to
a tax exemption if such corporation had acquired the property on or
before the taxable status date and filed the appropriate paperwork.
The tax liens against the property are scheduled to be sold to a third
party in the near future. It is intended by this bill to undo the
hardships that will be suffered if the organization is required to pay
the property taxes due as described above.

PRIOR LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: None to State.

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

                                  5050

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               May 7, 2013
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Cities

AN ACT to authorize the city of New York to implement provisions related
  to the Foundation for Sephardic Studies, Inc.

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

  Section  1. The city of New York is hereby authorized to implement the
provisions of this act, so to prevent the sale and/or foreclosure of tax
liens on a property owned by  Foundation  for  Sephardic  Studies,  Inc.
Notwithstanding  any other provision of law to the contrary, the commis-
sioner of the New York city department of finance is  hereby  authorized
to  accept from Foundation for Sephardic Studies, Inc., a not-for-profit
corporation, an application  for  exemption  from  real  property  taxes
pursuant  to  section  420-a  of  the real property tax law for the 2003
through 2008 assessment rolls, for the parcel owned by such  corporation
in the city of New York, borough of Brooklyn, designated as block 07089,
lot  07  in such borough. If accepted, the application shall be reviewed
as if it had been received on or before the taxable status  date  estab-
lished for such assessment rolls.
  If satisfied that such corporation would otherwise be entitled to such
exemption  if such corporation had filed an application for exemption by
the appropriate taxable status date, the commissioner of  the  New  York
city  department  of  finance,  upon approval by the city council of the
city of New York, may grant exemption from all taxation with respect  to
the subject tax rolls due and owing by such corporation on the effective
date of this act and cancel taxes, fines, penalties and interest remain-
ing  unpaid,  and  make appropriate correction of the subject assessment
rolls.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10753-01-3

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