Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 09, 2016 |
referred to cities |
Senate Bill S7532
2015-2016 Legislative Session
Sponsored By
(D, WF) 47th Senate District
Archive: Last Bill Status - In Senate Committee Cities Committee
- 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
2015-S7532 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A10087
- Current Committee:
- Senate Cities
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §420-a, RPT L
2015-S7532 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7532 TITLE OF BILL : An act to amend the real property tax law, in relation to exempting from taxation certain real property owned by the General Society of Mechanics & Tradesmen of the City of New York and to make certain technical changes PURPOSE OF BILL : This bill will allow the General Society of Mechanics and Tradesmen of the City New York to be treated as exempt from New York City property taxes for space within its building that is rented to other not-for-profit organizations, as long as the revenue received from such rent is less than the total reasonable operating costs. SUMMARY OF SPECIFIC PROVISIONS : Section 1: Adds a new subdivision 16 to section 420-a of the real property tax law stating that, notwithstanding any provision of law to the contrary, real property located at 20 West 44th Street, New York, NY shall be exempt from New York City property taxes provided that such property continue to be used exclusively for educational and cultural purposes and rental to not-for-profit associations and organizations; title to such property shall not be conveyed to another
2015-S7532 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7532 I N S E N A T E May 9, 2016 ___________ Introduced by Sen. HOYLMAN -- read twice and ordered printed, and when printed to be committed to the Committee on Cities 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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