S T A T E O F N E W Y O R K
________________________________________________________________________
579--B
2015-2016 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 7, 2015
___________
Introduced by M. of A. BRAUNSTEIN, BENEDETTO, MOSLEY, JAFFEE, DenDEKKER,
COLTON, O'DONNELL -- Multi-Sponsored by -- M. of A. COOK, HIKIND,
LALOR, RIVERA -- read once and referred to the Committee on Real Prop-
erty Taxation -- recommitted to the Committee on Real Property Taxa-
tion in accordance with Assembly Rule 3, sec. 2 -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee -- again reported from said committee with amend-
ments, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the real property tax law, in relation to the eligibil-
ity for J-51 tax abatements to reflect cost of living adjustments
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 17 of section 489 of the real property tax law,
as added by chapter 4 of the laws of 2013, is amended to read as
follows:
17. (a) For purposes of this subdivision, "substantial governmental
assistance" shall mean:
(i) grants, loans or subsidies from any federal, state or local agency
or instrumentality in furtherance of a program for the development of
affordable housing approved by the local housing agency, including,
without limitation, financing or insurance provided by the state of New
York mortgage agency of the New York city residential mortgage insurance
corporation; or
(ii) a written agreement between a housing development fund corpo-
ration and the local housing agency limiting the incomes of persons
entitled to purchase shares or rent housing accommodations therein.
(b) Any local law or ordinance providing for benefits pursuant to this
section must also provide the following with respect to conversions,
alterations or improvements completed on or after December thirty-first,
two thousand eleven:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02117-05-6
A. 579--B 2
(i) except as otherwise provided in this section with respect to
multiple dwellings, buildings and structures owned and operated either
by limited-profit housing companies established pursuant to article two
of the private housing finance law or redevelopment companies estab-
lished pursuant to article five of the private housing finance law, or
with respect to a group of multiple dwellings that was developed as a
planned community and that is owned as two separate condominiums
containing a total of ten thousand or more dwelling units, any multiple
dwelling, building or structure that is owned as a cooperative or a
condominium that has an average assessed value [of thirty thousand
dollars or more] per dwelling unit THAT EXCEEDS THE ASSESSED VALUATION
LIMITATION AS PROVIDED IN PARAGRAPH (C) OF THIS SUBDIVISION shall only
be eligible for such benefits if the alterations or improvements for
which such multiple dwelling, building or structure has applied for the
benefits pursuant to this section were carried out with substantial
governmental assistance; and
(ii) no benefits pursuant to this section shall be granted for the
conversion of any non-residential building or structure into a class A
multiple dwelling unless such conversion was carried out with substan-
tial governmental assistance.
(C) ASSESSED VALUE LIMITATION. (I) FOR FINAL ASSESSMENT ROLLS TO BE
COMPLETED PRIOR TO TWO THOUSAND EIGHTEEN, THE ASSESSED VALUE LIMITATION
SHALL BE THIRTY THOUSAND DOLLARS.
(II) FOR THE FINAL ASSESSMENT ROLL TO BE COMPLETED IN TWO THOUSAND
SEVENTEEN THE ASSESSED VALUE LIMITATION SHALL BE THE PREVIOUSLY APPLICA-
BLE ASSESSED VALUE LIMITATION OF THIRTY THOUSAND DOLLARS INCREASED BY
THE COST-OF-LIVING ADJUSTMENT PERCENTAGE OF TWO THOUSAND EIGHTEEN. FOR
THE PURPOSES OF THIS COMPUTATION, THE COST-OF-LIVING ADJUSTMENT PERCENT-
AGE OF TWO THOUSAND EIGHTEEN SHALL BE EQUAL TO THE "APPLICABLE INCREASE
PERCENTAGE" USED BY THE UNITED STATES COMMISSIONER OF SOCIAL SECURITY TO
DETERMINE THE MONTHLY SOCIAL SECURITY BENEFITS PAYABLE IN TWO THOUSAND
EIGHTEEN TO INDIVIDUALS, AS PROVIDED BY SUBSECTION (I) OF SECTION FOUR
HUNDRED FIFTEEN OF TITLE FORTY-TWO OF THE UNITED STATES CODE.
(III) FOR FINAL ASSESSMENT ROLLS TO BE COMPLETED IN EACH ENSUING YEAR,
THE APPLICABLE ASSESSED VALUE LIMITATION, COST-OF-LIVING ADJUSTMENT
PERCENTAGE AND APPLICABLE INCREASE PERCENTAGE SHALL ALL BE ADVANCED BY
ONE YEAR, AND THE ASSESSED VALUATION LIMITATION SHALL BE THE PREVIOUSLY
APPLICABLE ASSESSED VALUE LIMITATION INCREASED BY THE NEW COST-OF-LIVING
ADJUSTMENT PERCENTAGE. IF THERE SHOULD BE A YEAR FOR WHICH THERE IS NO
APPLICABLE INCREASE PERCENTAGE DUE TO A GENERAL BENEFIT INCREASE AS
DEFINED BY SUBDIVISION THREE OF SUBSECTION (I) OF SECTION FOUR HUNDRED
FIFTEEN OF TITLE FORTY-TWO OF THE UNITED STATES CODE, THE APPLICABLE
INCREASE PERCENTAGE FOR PURPOSES OF THIS COMPUTATION SHALL BE DEEMED TO
BE THE PERCENTAGE WHICH WOULD HAVE YIELDED THAT GENERAL BENEFIT
INCREASE.
S 2. This act shall take effect immediately.