Senate Bill S7709

Signed By Governor
2013-2014 Legislative Session

Relates to authorizing the granting of an additional real property tax exemption for certain redevelopment company projects

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


  • 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

Do you support this bill?

Please enter your contact information

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

2013-S7709 (ACTIVE) - Details

See Assembly Version of this Bill:
A9937
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง125, Priv Hous Fin L

2013-S7709 (ACTIVE) - Summary

Relates to authorizing the granting of an additional real property tax exemption for certain redevelopment company projects.

2013-S7709 (ACTIVE) - Sponsor Memo

2013-S7709 (ACTIVE) - Bill Text download pdf

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

    S. 7709                                                  A. 9937

                      S E N A T E - A S S E M B L Y

                              June 2, 2014
                               ___________

IN SENATE -- Introduced by Sen. HOYLMAN -- read twice and ordered print-
  ed,  and  when  printed  to  be committed to the Committee on Housing,
  Construction and Community Development

IN ASSEMBLY -- Introduced by COMMITTEE ON RULES -- (at request of M.  of
  A. Gottfried) -- read once and referred to the Committee on Housing

AN  ACT to amend the private housing finance law, in relation to author-
  izing the granting of an 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. Subdivision 1 of section 125 of the private housing finance
law is amended by adding a new paragraph (a-4) to read as follows:
  (A-4) ANY INCONSISTENT PROVISION OF LAW  NOTWITHSTANDING,  IN  A  CITY
HAVING  A  POPULATION  OF ONE MILLION OR MORE, WHERE A LOCAL LEGISLATIVE
BODY HAS ACTED TO EXTEND THE TAX EXEMPTION  OF  A  MUTUAL  REDEVELOPMENT
COMPANY  FOR  THE MAXIMUM PERIOD PROVIDED FOR IN PARAGRAPH (A-2) OF THIS
SUBDIVISION, THE LOCAL LEGISLATIVE BODY  MAY  GRANT  AN  ADDITIONAL  TAX
EXEMPTION FOR A PERIOD OF UP TO FIFTY YEARS, PROVIDED THAT THE AMOUNT OF
TAXES  TO  BE  PAID DURING ANY SUCH PERIOD OF TAX EXEMPTION SHALL BE NOT
LESS THAN AN AMOUNT EQUAL TO THE GREATER OF (I) TEN PER  CENTUM  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 DURING THE TAX YEAR
COMMENCING JULY FIRST, TWO THOUSAND AND ENDING ON  JUNE  THIRTIETH,  TWO
THOUSAND  ONE.  SUCH  GRANT  OF AN ADDITIONAL TAX EXEMPTION PERIOD SHALL
TAKE EFFECT UPON THE EXPIRATION OF THE MAXIMUM PERIOD  PROVIDED  FOR  IN
PARAGRAPH (A-2) OF THIS SUBDIVISION.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15433-01-4


              

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.