S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2875
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 26, 2021
                                ___________
 
 Introduced  by Sen. KAVANAGH -- 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  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  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
 article eleven of the private housing finance law, which are carried out
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD06386-01-1

 S. 2875                             2
 
 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.