senate Bill S8133

2015-2016 Legislative Session

Relates exemption of new multiple dwellings from taxation; in relation to establishing the affordable housing tax exemption program; and to repeal certain provisions of such law relating thereto

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Sponsored By

There are no sponsors of this bill.

Archive: Last Bill Status - In Senate Committee Rules Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 13, 2016 referred to rules

S8133 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Real Property Tax Law
Laws Affected:
Rpld §421-a subs 16 & 16-a, sub 17 ¶(p), amd §421-a, add §421-aa, RPT L

S8133 (ACTIVE) - Summary

Relates to the exemption of new multiple dwellings from taxation; establishes the affordable housing tax exemption program; defines terms of such program; outlines benefits, tax payments, limitations on benefits for non-residential space, concurrent exemptions or abatements, termination or revocation (view more) makes related provisions.

S8133 (ACTIVE) - Sponsor Memo

S8133 (ACTIVE) - Bill Text download pdf

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

                                  8133

                            I N  S E N A T E

                              June 14, 2016
                               ___________

Introduced  by COMMITTEE ON RULES -- read twice and ordered printed, and
  when printed to be committed to the Committee on Rules

AN ACT to amend the real property tax law, in relation to  exemption  of
  new  multiple dwellings from taxation; in relation to establishing the
  affordable housing  tax  exemption  program;  and  to  repeal  certain
  provisions of such law relating thereto

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

  Section 1. Subdivisions 16 and 16-a of section 421-a of the real prop-
erty tax law are REPEALED.
  S 2. Paragraphs (a), (m) and (n) and subparagraph (i) of paragraph (f)
of subdivision 17 of section 421-a of the  real  property  tax  law,  as
added  by  section 63-c of part A of chapter 20 of the laws of 2015, are
amended to read as follows:
  (a) Definitions. For purposes of this subdivision:
  (i) "Affordable housing eighty  percent  units"  shall  mean  dwelling
units that: (A) are situated within the extended affordability property;
(B)  upon  initial  rental  and  upon each subsequent rental following a
vacancy during the extended affordability period,  are  each  affordable
and  restricted  to occupancy by individuals or families whose household
income does not exceed one hundred percent of the  area  median  income,
adjusted  for  family  size,  at  the time that such household initially
occupies such dwelling unit; and (C) upon initial rental and  upon  each
subsequent  rental following a vacancy during the extended affordability
period, are collectively affordable and restricted to occupancy by indi-
viduals or families whose household income does not exceed an average of
eighty percent of the area median income, adjusted for family  size,  at
the time that such household initially occupies such dwelling unit.
  (ii)  "Affordable housing one hundred thirty percent units" shall mean
dwelling units that: (A) are situated within an  extended  affordability
property;  and  (B)  upon initial rental and upon each subsequent rental
following a vacancy during the extended affordability period,  are  each
affordable  and restricted to occupancy by individuals or families whose
household income does not exceed one hundred thirty percent of the  area
median income, adjusted for family size, at the time that such household
initially occupies such dwelling unit.

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