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Senate Bill S7798

2023-2024 Legislative Session

Repeals the tax exempt status of private universities that receive real property tax exemptions of one hundred million dollars or more

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Archive: Last Bill Status - In Senate Committee Local Government Committee

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2023-S7798 (ACTIVE) - Details

See Assembly Version of this Bill:
A8479
Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Amd §420-a, RPT L
Versions Introduced in 2025-2026 Legislative Session:
S1053, A2130

2023-S7798 (ACTIVE) - Summary

Repeals the tax exempt status of private universities that received real property tax exemptions of one hundred million dollars or more during the prior fiscal year.

2023-S7798 (ACTIVE) - Sponsor Memo

2023-S7798 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7798
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             December 8, 2023
                                ___________
 
 Introduced  by  Sens. LIU, CLEARE -- read twice and ordered printed, and
   when printed to be committed to the Committee on Rules
 
 AN ACT to amend the real property tax law, in relation to repealing  the
   tax  exempt  status  of  educational  institutions costing one hundred
   million dollars or more a year in real property tax exemptions

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of section 420-a of the real property tax law
 is amended by adding a new paragraph (c) to read as follows:
   (C)  (I) REAL PROPERTY OWNED BY A CORPORATION OR ASSOCIATION ORGANIZED
 OR CONDUCTED EXCLUSIVELY FOR EDUCATIONAL PURPOSES, AND  WHICH  HAS  BEEN
 USED  EXCLUSIVELY  FOR  EDUCATIONAL  PURPOSES,  SHALL NOT BE EXEMPT FROM
 TAXATION PURSUANT TO PARAGRAPH (A) OF THIS SUBDIVISION IF THE AMOUNT  OF
 REAL  PROPERTY  TAXES EXEMPTED FOR SUCH PROPERTY DURING THE PRIOR FISCAL
 YEAR COSTS ONE HUNDRED MILLION DOLLARS OR MORE.
   (II) MONEYS FROM PROPERTY TAXES IMPOSED ON  PRIVATE  HIGHER  EDUCATION
 FACILITIES  PURSUANT TO SUBPARAGRAPH (I) OF THIS PARAGRAPH SHALL BE USED
 FOR THE CITY UNIVERSITY OF NEW  YORK,  AS  ESTABLISHED  BY  ARTICLE  ONE
 HUNDRED TWENTY-FIVE OF THE EDUCATION LAW.
   §  2.  This  act  shall  take  effect on the same date as a concurrent
 resolution amending the constitution, entitled "CONCURRENT RESOLUTION OF
 THE SENATE AND ASSEMBLY proposing an amendment to section 1  of  article
 16  of the constitution, in relation to real property tax exemptions for
 educational institutions", takes effect.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13497-04-3

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