Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jan 03, 2018 |
referred to local government |
May 04, 2017 |
referred to local government |
Senate Bill S5876
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Local Government 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
2017-S5876 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A1526
- Current Committee:
- Senate Local Government
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §§467-a, 458, 458-a, 458-b, 459-c & 467, RPT L
- Versions Introduced in Other Legislative Sessions:
-
2015-2016:
A10660
2019-2020: A223
2017-S5876 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5876 TITLE OF BILL : An act to amend the real property tax law, in relation to coordinating the treatment of tax transparent entities eligible for real property tax abatements PURPOSE OR GENERAL IDEA OF BILL : Relates to coordinating the treatment of tax transparent entities eligible for the real property tax abatement. SUMMARY OF PROVISIONS : Section 1 amends paragraph (b-1) of subdivision 2 of section 467-a of the Real Property Tax Law to include a single member limited liability company, or a single member limited liability company in which ownership is held exclusively by spouses for the current benefit of a person or persons who would otherwise be eligible for an abatement. For purposes of this paragraph, a trust shall be deemed to include a legal life estate. Section 2 amends subdivision 7 of section 458 of the Real Property Tax Law to include a single member limited liability company, or a single member limited liability company in which ownership is held exclusively by spouses, for the current benefit of a person or persons who would otherwise be eligible for an abatement. For purposes of this
2017-S5876 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5876 2017-2018 Regular Sessions I N S E N A T E May 4, 2017 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the real property tax law, in relation to coordinating the treatment of tax transparent entities eligible for real property tax abatements THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (b-1) of subdivision 2 of section 467-a of the real property tax law, as added by chapter 97 of the laws of 2013, is amended to read as follows: (b-1) Notwithstanding any other provision of law to the contrary, the provisions of this section shall apply to any dwelling unit held in trust [solely] OR BY A SINGLE MEMBER LIMITED LIABILITY COMPANY OR BY A LIMITED LIABILITY COMPANY IN WHICH OWNERSHIP IS HELD EXCLUSIVELY BY SPOUSES for the CURRENT benefit of a person or persons who would other- wise be eligible for an abatement, pursuant to this section, were such person or persons the owner or owners of such dwelling unit. FOR PURPOSES OF THIS PARAGRAPH, A TRUST SHALL BE DEEMED TO INCLUDE A LEGAL LIFE ESTATE. § 2. Subdivision 7 of section 458 of the real property tax law, as added by chapter 377 of the laws of 1995, is amended to read as follows: 7. Notwithstanding any other provision of law to the contrary, the provisions of this section shall apply to any real property held in trust [solely] OR BY A SINGLE MEMBER LIMITED LIABILITY COMPANY OR BY A LIMITED LIABILITY COMPANY IN WHICH OWNERSHIP IS HELD EXCLUSIVELY BY SPOUSES for the CURRENT benefit of a person or persons who would other- wise be eligible for a real property tax exemption, pursuant to subdivi- sion one, two or three of this section, were such person or persons the owner or owners of such real property. FOR PURPOSES OF THIS SUBDIVI- SION, A TRUST SHALL BE DEEMED TO INCLUDE A LEGAL LIFE ESTATE. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03054-01-7
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