S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6496--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               June 14, 2019
                                ___________
 
 Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules  --  recommitted  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
   certain provisions relating to exemption from taxation of  alterations
   and improvements to multiple dwellings
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The opening paragraph of paragraph (a) of subdivision 1  of
 section  489  of  the real property tax law, as amended by chapter 72 of
 the laws of 2019, is amended to read as follows:
   Any city to which the multiple  dwelling  law  is  applicable,  acting
 through  its local legislative body or other governing agency, is hereby
 authorized and empowered, to and including January first,  two  thousand
 [twenty] TWENTY-ONE, to adopt and amend local laws or ordinances provid-
 ing  that  any  increase in assessed valuation of real property shall be
 exempt from taxation for local purposes,  as  provided  herein,  to  the
 extent such increase results from:
   §  2.  The  closing  paragraph  of  subparagraph 6 of paragraph (a) of
 subdivision 1 of section 489 of the real property tax law, as amended by
 chapter 72 of the laws of 2019, is amended to read as follows:
   Such conversion, alterations or improvements shall be completed within
 thirty months after the date on which same shall be started except  that
 such  thirty month limitation shall not apply to conversions of residen-
 tial units which are registered with the loft board in  accordance  with
 article  seven-C  of  the multiple dwelling law pursuant to subparagraph
 one of this paragraph. Notwithstanding  the  foregoing,  a  sixty  month
 period for completion shall be available for alterations or improvements
 undertaken  by  a housing development fund company organized pursuant to
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD13375-02-0

 S. 6496--A                          2
 
 article eleven of the private housing finance law, which are carried out
 with the substantial assistance of grants, loans or subsidies  from  any
 federal,  state or local governmental agency or instrumentality or which
 are  carried out in a property transferred from such city if alterations
 and improvements are completed within seven  years  after  the  date  of
 transfer.  In  addition, the local housing agency is hereby empowered to
 grant an extension of the period of completion for any  project  carried
 out  with  the substantial assistance of grants, loans or subsidies from
 any federal, state or local governmental agency or  instrumentality,  if
 such  alterations or improvements are completed within sixty months from
 commencement of construction. Provided, further, that  such  conversion,
 alterations  or  improvements  shall  in any event be completed prior to
 June thirtieth, two thousand [twenty] TWENTY-ONE.  Exemption for conver-
 sions, alterations or improvements pursuant to  subparagraph  one,  two,
 three  or  four  of  this  paragraph  shall continue for a period not to
 exceed fourteen years and begin no sooner than the first  quarterly  tax
 bill  immediately  following  the  completion of such conversion, alter-
 ations or improvements. Exemption for alterations or improvements pursu-
 ant to this subparagraph or subparagraph five of  this  paragraph  shall
 continue for a period not to exceed thirty-four years and shall begin no
 sooner  than  the  first  quarterly  tax  bill immediately following the
 completion of such alterations or improvements. Such exemption shall  be
 equal  to the increase in the valuation which is subject to exemption in
 full or proportionally under this subdivision for ten or  thirty  years,
 whichever  is  applicable. After such period of time, the amount of such
 exempted assessed valuation of such improvements  shall  be  reduced  by
 twenty  percent  in each succeeding year until the assessed value of the
 improvements are fully taxable.   Provided, however, exemption  for  any
 conversion,  alterations  or  improvements  which are aided by a loan or
 grant under article eight, eight-A, eleven, twelve, fifteen  or  twenty-
 two of the private housing finance law, section six hundred ninety-six-a
 or  section ninety-nine-h of the general municipal law, or section three
 hundred twelve of the housing act of  nineteen  hundred  sixty-four  (42
 U.S.C.A.  1452b),  or  the Cranston-Gonzalez national affordable housing
 act (42 U.S.C.A. 12701 et.  seq.), or started after July first, nineteen
 hundred eighty-three by a housing  development  fund  company  organized
 pursuant  to article eleven of the private housing finance law which are
 carried out with the substantial assistance of grants, loans  or  subsi-
 dies  from any federal, state or local governmental agency or instrumen-
 tality or which are carried out in a property transferred from any  city
 and  where alterations and improvements are completed within seven years
 after the date of transfer may commence at  the  beginning  of  any  tax
 quarter  subsequent  to  the  start  of  such conversion, alterations or
 improvements and prior to the completion of such conversion, alterations
 or improvements.
   § 3. This act shall take effect immediately.