Assembly Bill A4488

2019-2020 Legislative Session

Relates to wealth ratio adjustments for certain school districts containing non-profits exempt from real property taxes

download bill text pdf

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Archive: Last Bill Status - In Assembly 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

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2019-A4488 (ACTIVE) - Details

Current Committee:
Assembly Education
Law Section:
Education Law
Laws Affected:
Amd §3602, Ed L
Versions Introduced in Other Legislative Sessions:
2011-2012: A10480
2013-2014: A1588
2015-2016: A3814
2017-2018: A6573

2019-A4488 (ACTIVE) - Summary

Relates to wealth ratio adjustments for school districts with higher than average assessed value holdings of real property which are exempt from taxation under the real property tax law.

2019-A4488 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4488
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 4, 2019
                                ___________
 
 Introduced  by  M.  of A. B. MILLER, BLANKENBUSH, FINCH -- read once and
   referred to the Committee on Education
 
 AN ACT to amend the education law, in relation to wealth  ratio  adjust-
   ments  for  school  districts  with higher than average assessed value
   holdings of real property exempt from taxation under the real property
   tax law

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision  3  of  section  3602 of the education law is
 amended by adding a new paragraph a-1 to read as follows:
   A-1. WEALTH  RATIO  ADJUSTMENT  FORMULA  FOR  SCHOOL  DISTRICTS  WHICH
 CONTAIN  NOT-FOR-PROFIT CORPORATIONS IN EXCESS OF THE STATE AVERAGE. (1)
 AS USED IN THIS SECTION THE FOLLOWING TERMS  SHALL  HAVE  THE  FOLLOWING
 MEANINGS: "NOT-FOR-PROFIT CORPORATION" SHALL MEAN ANY ENTITY EXEMPT FROM
 REAL PROPERTY TAXES UNDER THE REAL PROPERTY TAX LAW. (2) "STATE AVERAGE"
 SHALL  MEAN THE AVERAGE ASSESSED VALUE OF PROPERTY OWNED BY NOT-FOR-PRO-
 FIT-CORPORATIONS THROUGHOUT THE STATE. (3) "WEALTH RATIO" SHALL  INCLUDE
 THE  COMBINED  WEALTH RATIO AND THE COMBINED WEALTH RATIO FOR FOUNDATION
 AID AS DEFINED IN THIS  ARTICLE.  THE  COMMISSIONER  SHALL  DEVELOP  AND
 IMPLEMENT AN ADJUSTMENT TO THE WEALTH RATIO FORMULA FOR SCHOOL DISTRICTS
 WHICH  CONTAIN  NON-PROFIT  CORPORATIONS IN EXCESS OF THE STATE AVERAGE.
 SUCH FORMULA SHALL ADJUST THE WEALTH RATIO DOWNWARD BY A  PERCENTAGE  OR
 PORTION  OF  A PERCENTAGE, BASED UPON THE PERCENT OF NON-TAXABLE PROPER-
 TIES  OWNED  BY  NOT-FOR-PROFIT  CORPORATIONS  LOCATED  IN  THE   SCHOOL
 DISTRICT, WHICH EXCEED THE STATE AVERAGE. THE GOAL OF SUCH ADJUSTMENT IS
 TO  KEEP SCHOOL DISTRICTS WHOLE WHEN LOCAL INCOMES ARE STRONG, BUT THERE
 IS A CONCENTRATION OF NOT-FOR-PROFIT CORPORATIONS EXEMPT FROM REAL PROP-
 ERTY TAXES UNDER THE REAL PROPERTY TAX LAW.
   § 2. This act shall take effect on the three hundred  sixty-fifth  day
 after it shall have become a law, provided, however that the commission-
 er  of education shall have the authority to promulgate any rules neces-
 sary for the implementation of this act on or before such date.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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