assembly Bill A7930

2021-2022 Legislative Session

Relates to community land trusts

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Sponsored By

Current Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 10, 2022 held for consideration in real property taxation
Jan 05, 2022 referred to real property taxation
Jun 01, 2021 referred to real property taxation

Co-Sponsors

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Multi-Sponsors

A7930 (ACTIVE) - Details

See Senate Version of this Bill:
S6326
Law Section:
Real Property Tax Law
Laws Affected:
Amd §§420-a & 422, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8526
2019-2020: S3469

A7930 (ACTIVE) - Summary

Relates to tax exemptions for community land trusts and income-restricted homeownership property.

A7930 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7930
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 1, 2021
                                ___________
 
 Introduced  by  M.  of  A. DAVILA, RAMOS, WEPRIN, J. RIVERA, RICHARDSON,
   WILLIAMS, WALKER, BARRON, PRETLOW, PICHARDO, SIMON,  COLTON,  DICKENS,
   DE LA ROSA,  GLICK,  COOK, GOTTFRIED, CRUZ -- Multi-Sponsored by -- M.
   of A. THIELE -- read once and referred to the Committee on Real  Prop-
   erty Taxation

 AN ACT to amend the real property tax law, in relation to tax exemptions
   for  community land trusts and income-restricted homeownership proper-
   ties
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  420-a of the real property tax law is amended by
 adding a new subdivision 17 to read as follows:
   17.  OTHER THAN IN A CITY HAVING A POPULATION OF ONE MILLION OR  MORE,
 ANY  LAND  OWNED  BY  A  COMMUNITY  LAND  TRUST  AND SEPARATELY ASSESSED
 IMPROVEMENTS OWNED BY THE RESIDENTS THEREOF, SHALL BE EXEMPT FROM  LOCAL
 REAL  PROPERTY  TAXATION  AND  EXEMPT FROM SPECIAL AD VALOREM LEVIES AND
 SPECIAL ASSESSMENTS TO THE EXTENT PROVIDED IN SECTION FOUR HUNDRED NINE-
 TY OF THIS ARTICLE.
   (A) FOR THE PURPOSES OF THIS SUBDIVISION, "COMMUNITY LAND TRUST" SHALL
 MEAN A CORPORATION ORGANIZED PURSUANT TO THE NOT-FOR-PROFIT  CORPORATION
 LAW AND EXEMPT FROM TAXATION PURSUANT TO SECTION 501(C)(3) OF THE INTER-
 NAL REVENUE CODE THAT SATISFIES THE FOLLOWING CRITERIA:
   (I)  SUCH  NONPROFIT CORPORATION'S PURPOSE IS THE CREATION AND MAINTE-
 NANCE OF PERMANENTLY  AFFORDABLE  SINGLE-FAMILY  OR  MULTI-FAMILY  RESI-
 DENCES;
   (II)  ALL  DWELLINGS AND UNITS LOCATED ON LAND OWNED BY SUCH NONPROFIT
 CORPORATION IS SOLD TO A QUALIFIED OWNER TO BE OCCUPIED AS THE QUALIFIED
 OWNER'S PRIMARY RESIDENCE OR  RENTED  TO  PERSONS  OR  FAMILIES  OF  LOW
 INCOME; AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08406-02-1