Assembly Bill A7125

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7125
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 23, 2021
                                ___________
 
 Introduced  by  M.  of  A.  BRAUNSTEIN  -- read once and referred to the
   Committee on Real Property Taxation
 
 AN ACT to amend the real property tax  law,  in  relation  to  extending
   certain  time  periods  relating  to exemption from taxation of alter-
   ations and improvements to multiple dwellings to  eliminate  fire  and
   health hazards

   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 section 1 of
 item RRR of subpart B of part XXX of chapter 58 of the laws of 2020,  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-one] TWENTY-TWO, to adopt and amend  local  laws  or  ordinances
 providing 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
 section 2 of item RRR of subpart B of part XXX of chapter 58 of the laws
 of 2020, 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.
              

                                                            LBD10959-01-1

 A. 7125                             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-one]  TWENTY-TWO.    Exemption  for
 conversions,  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.