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Assembly Bill A10087

2015-2016 Legislative Session

Relates to certain leases of property by nonprofit organizations and makes certain technical changes

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Archive: Last Bill Status - In Assembly Committee

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2015-A10087 (ACTIVE) - Details

See Senate Version of this Bill:
S7532
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง420-a, RPT L

2015-A10087 (ACTIVE) - Summary

Relates to certain leases of property by nonprofit organizations and makes certain technical changes.

2015-A10087 (ACTIVE) - Bill Text download pdf 

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

                                  10087

                          I N  A S S E M B L Y

                              May 10, 2016
                               ___________

Introduced  by  M.  of  A.  GOTTFRIED  --  read once and referred to the
  Committee on Real Property Taxation

AN ACT to amend the real property tax law, in relation to exempting from
  taxation certain real property owned by the General Society of Mechan-
  ics & Tradesmen of the City of New York and to make certain  technical
  changes

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

  Section 1. Section 420-a of the real property tax law  is  amended  by
adding a new subdivision 16 to read as follows:
  16.  NOTWITHSTANDING ANY PROVISION OF THIS CHAPTER OR ANY OTHER LAW TO
THE CONTRARY, REAL PROPERTY LOCATED AT 20 WEST 44TH STREET, NEW YORK, NY
10036,  THE  FEE  TITLE  TO  WHICH  WAS  ACQUIRED  IN  EIGHTEEN  HUNDRED
NINETY-NINE  BY THE GENERAL SOCIETY OF MECHANICS & TRADESMEN OF THE CITY
OF NEW YORK, A TAX-EXEMPT ORGANIZATION PURSUANT TO SECTION 501(C)(3)  OF
THE  INTERNAL  REVENUE  CODE, AND WHICH HAS BEEN USED EXCLUSIVELY BY THE
SOCIETY FOR CARRYING OUT THEREUPON  EDUCATIONAL  AND  CULTURAL  PURPOSES
SINCE  THE  DATE ON WHICH THE FEE TITLE WAS ACQUIRED BY THE SOCIETY, AND
FOR RENTING OUT SPACE TO OTHER NOT-FOR-PROFIT ASSOCIATIONS AND ORGANIZA-
TIONS, AND IS CURRENTLY BEING USED FOR SUCH PURPOSES,  SHALL  BE  EXEMPT
FROM TAXATION AS PROVIDED IN THIS SECTION AND THE CITY OF NEW YORK SHALL
CANCEL  AND  ANNUL  ANY  UNPAID REAL PROPERTY TAXES THAT HAVE ACCRUED ON
SUCH  REAL  PROPERTY,  TOGETHER  WITH  ANY  INTEREST  ACCRUING  THEREON,
PROVIDED  THAT:  (I) SUCH PROPERTY SHALL CONTINUE TO BE USED EXCLUSIVELY
FOR SUCH EDUCATIONAL AND CULTURAL PURPOSES AND RENTAL TO  NOT-FOR-PROFIT
ASSOCIATIONS AND ORGANIZATIONS; (II) TITLE TO SUCH PROPERTY SHALL NOT BE
CONVEYED  TO  ANOTHER OWNER; AND (III) THE RENTAL INCOME RECEIVED BY THE
SOCIETY DOES NOT EXCEED THE SOCIETY'S TOTAL REASONABLE OPERATING COSTS.
  S 2. Subdivision 13 of section 420-a of  the  real  property  law,  as
added by chapter 630 of the laws of 1997, is renumbered subdivision 15.
  S  3.  This  act  shall take effect immediately and shall be deemed to
have been in full force and effect on and after July 1, 2012.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14896-04-6

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