S T A T E   O F   N E W   Y O R K
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                                 2218--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 22, 2015
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government -- recom-
  mitted to the Committee on Local Government in accordance with  Senate
  Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the real property tax law, in relation to extending  the
  construction  period  for  certain  new  multiple  dwellings which are
  exempt from local taxation

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

  Section 1. The opening paragraph of clause (A) of subparagraph (iv) of
paragraph (a) of subdivision 2 of section 421-a of the real property tax
law,  as  amended by section 63-a of part A of chapter 20 of the laws of
2015, is amended to read as follows:
  Unless excluded by local law, in the city of New York, the benefits of
this subparagraph shall be available in the borough of Manhattan for new
multiple dwellings on tax lots now existing or hereafter  created  south
of  or adjacent to either side of one hundred tenth street that commence
construction after July first, nineteen hundred  ninety-two  and  on  or
before  December  thirty-first,  two thousand [fifteen] TWENTY provided,
however, that such a multiple dwelling receives its first  temporary  or
permanent  certificate of occupancy covering all residential areas on or
before December thirty-first, two  thousand  nineteen,  and  solely  for
purposes  of determining whether this clause applies and notwithstanding
any local law to the contrary, "commence" shall mean the date upon which
excavation and construction of initial footings and foundations lawfully
begins in good faith or, for an eligible conversion, the date upon which
the actual construction of the conversion, alteration or improvement  of
the  pre-existing  building  or structure lawfully begins in good faith,
only if:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08203-02-6

              

S. 2218--A                          2

  S 2. Subparagraph (ii) of paragraph (c) of subdivision  2  of  section
421-a of the real property tax law, as amended by section 63-b of part A
of chapter 20 of the laws of 2015, is amended to read as follows:
  (ii)  construction  is commenced after January first, nineteen hundred
seventy-five and  on  or  before  December  thirty-first,  two  thousand
[fifteen]  TWENTY  provided,  however, that (A) such a multiple dwelling
receives its first  temporary  or  permanent  certificate  of  occupancy
covering  all  residential areas on or before December thirty-first, two
thousand [nineteen] TWENTY-FOUR, (B) solely for purposes of  determining
whether  this  subparagraph applies and notwithstanding any local law to
the contrary, "commence" shall mean the date upon which  excavation  and
construction of initial footings and foundations lawfully begins in good
faith  or,  for  an  eligible conversion, the date upon which the actual
construction of the conversion, alteration or improvement of the pre-ex-
isting building or structure lawfully begins in good faith, and (C) such
commencement period shall not apply to multiple dwellings  eligible  for
benefits under subparagraph (iv) of paragraph (a) of this subdivision;
  S 3. This act shall take effect immediately.