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 |
Jun 11, 2013 |
vote reconsidered - restored to third reading 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 |
Senate Bill S3843
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A5900 - 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
Actions
Votes
Bill Amendments
2013-S3843 - Details
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Amd §125, Priv Hous Fin L
2013-S3843 - Sponsor Memo
BILL NUMBER:S3843 TITLE OF BILL: 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 PURPOSE: This bill would correct a technical error in Chapter 415 of the laws of 2012 to insure that the original intent of the legislation is upheld. SUMMARY OF PROVISIONS: Section 125 1 (a-3) is amended to limit the amount of taxes which must be paid by a local redevelopment company during an extension of the tax exemption benefit which has been granted by a municipality under Article 9 to the lesser of 1)10t of the annual rent or carrying charges on the project, minus utilities for the residential portion of the project, or 2)the taxes which were payable by the redevelopment company immediately prior to the expiration of the initial tax exemption period. JUSTIFICATION: Chapter 415 of the laws of 2012 allows local governments the option to extend existing property tax abatements to existing affordable housing projects under the private housing finance law Article 5. These
2013-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
2013-S3843A (ACTIVE) - Details
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Amd §125, Priv Hous Fin L
2013-S3843A (ACTIVE) - Sponsor Memo
BILL NUMBER:S3843A REVISED MEMO 06/13/13 TITLE OF BILL: 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 PURPOSE: The purpose of this bill is to alter the calculation for the maximum taxes that could be assessed to redevelopment companies that have their tax exemption period extended by a local legislative body. SUMMARY OF PROVISIONS: This bill would set the amount of taxes paid by a redevelopment company during such additional tax exemption period. The taxes would not be less than the taxes payable by such company in accordance with the resolution for such redevelopment company that was approved by the local legislative body and that was in effect immediately prior to the expiration of the initial tax exemption period, or if there is no such resolution the taxes payable by such company in accordance with the exemption authorized pursuant to Article -V of the Private Housing Finance Law. JUSTIFICATION:
2013-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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