senate Bill S7606

2013-2014 Legislative Session

Establishes a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to certain high density area in Kings county

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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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Senate Actions - UPPERCASE
May 15, 2014 referred to local government

S7606 - Bill Details

Current Committee:
Law Section:
Kings County

S7606 - Bill Texts

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Establishes a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to co-located work space and residential units in certain high density areas in Kings county.

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BILL NUMBER:S7606

TITLE OF BILL: An act to establish a demonstration program extending
the J-51 tax exemption to the conversion and rehabilitation of
commercial and manufacturing space to co-located work space and
residential units in certain high density areas in Kings county; and
providing for the repeal of such provisions upon expiration thereof

PURPOSE OR GENERAL IDEA OF BILL: This bill establishes a demonstration
program extending the J-51 tax exemption to the conversion and
rehabilitation of commercial and manufacturing space to certain high
density areas in Kings county.

SUMMARY OF PROVISIONS:

Section 1 establishes a demonstration program to extend the provisions
of the J-51 tax exemption to the conversion and rehabilitation of
commercial and manufacturing space to co-located work space and
residential areas in certain high density, underutilized M-1 zoned
properties in Kings county.

JUSTIFICATION: The J-51 benefit program is a tax incentive for the
renovation of multiple unit residential buildings in New York City. It
was created in to give incent to owners of rent-regulated buildings to
make improvements to their buildings. Through the program, owners are
able to recover approximately 75% of the costs of the improvements and
with a building receiving J-51 funds, it is not allowed to decontrol
rent.

The J-51 tax incentive program has been a driving force in the
rehabilitation of older residential buildings for years. But its reach
must be extended. There are many underutilized properties in Brooklyn
that have yet to receive the benefits of J-51. This bill adapts to a
new modality of an entrepreneurial millennial workforce who will need
to live and work within the same space given the low to non-existent
vacancy rate of affordable housing. This modification to the program,
will continue to make J-51 one of the most successful housing
rehabilitation programs in New York City history.

PRIOR LEGISLATIVE HISTORY: None. This is a new bill.

FISCAL IMPLICATIONS: Minimal.

EFFECTIVE DATE: This act shall take effect immediately and shall
expire and be deemed repealed in five years after such effective date.

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

                                  7606

                            I N  S E N A T E

                              May 15, 2014
                               ___________

Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT to establish a  demonstration  program  extending  the  J-51  tax
  exemption to the conversion and rehabilitation of commercial and manu-
  facturing  space  to  co-located  work  space and residential units in
  certain high density areas in Kings  county;  and  providing  for  the
  repeal of such provisions upon expiration thereof

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

  Section 1. There is hereby  established  a  demonstration  program  to
extend  the  provisions  of the J-51 tax exemption to the conversion and
rehabilitation of commercial and manufacturing space to co-located  work
space  and  residential units in certain high density, underutilized M-1
zoned properties in Kings county. For purposes of this section, J-51  is
a  property  tax  exemption  and  abatement for renovating a residential
apartment building in certain counties of the city  of  New  York.  Such
credit  varies  depending  on  the  building's  location and the type of
improvements and shall be extended to the county of Kings.
  S 2. This act shall take effect immediately and shall  expire  and  be
deemed repealed five years after such effective date.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15228-01-4

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