Senate Bill S8994

2023-2024 Legislative Session

Grants real property tax abatement to rent-controlled or rent regulated properties when the maximum authorized rent exceeds 1/2 of the tenants' household income

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Sponsored By

Current Bill Status - In Senate Committee Finance Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S8994 (ACTIVE) - Details

See Assembly Version of this Bill:
A2389
Current Committee:
Senate Finance
Law Section:
Real Property Tax Law
Laws Affected:
Amd §§467-b & 467-c, RPT L
Versions Introduced in Other Legislative Sessions:
2015-2016: A7938
2017-2018: A6669, A8979
2019-2020: A7308
2021-2022: A3292

2023-S8994 (ACTIVE) - Summary

Authorizes application of the property tax abatement for rent-controlled or rent regulated properties occupied by senior citizens or disabled persons, to those units occupied by tenants paying the maximum allowable rent when such rent exceeds 1/2 of the household income; provides for state payments to cities affected thereby equal to 10% of lost real property tax revenue.

2023-S8994 (ACTIVE) - Sponsor Memo

2023-S8994 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8994
 
                             I N  S E N A T E
 
                               April 8, 2024
                                ___________
 
 Introduced by Sen. FERNANDEZ -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities 1
 
 AN ACT to amend the real property tax law, in relation to tax abatements
   for  dwelling units occupied by certain persons residing in rent-cont-
   rolled or rent regulated properties; and providing state aid to cities
   affected by such tax abatements

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The section heading of section 467-b of the real property
 tax law, as amended by chapter 188 of the laws of 2005,  is  amended  to
 read as follows:
   Tax abatement for rent-controlled and rent regulated property occupied
 by  senior  citizens  or  persons  with disabilities OR PERSONS PAYING A
 MAXIMUM RENT OR LEGAL REGULATED  RENT  WHICH  EXCEEDS  ONE-HALF  OF  THE
 COMBINED INCOME OF ALL MEMBERS OF THEIR HOUSEHOLD.
   § 2. Paragraph b of subdivision 1 of section 467-b of the real proper-
 ty tax law, as amended by chapter 188 of the laws of 2005, is amended to
 read as follows:
   b.  "Head  of the household" means a person (i) who is sixty-two years
 of age or older, [or] (ii) who qualifies as a person with  a  disability
 pursuant  to subdivision five of this section, OR (III) WHO PAYS A MAXI-
 MUM RENT OR LEGAL REGULATED RENT WHICH EXCEEDS ONE-HALF OF THE  COMBINED
 INCOME  OF  ALL  MEMBERS  OF  THEIR  HOUSEHOLD,  and  is entitled to the
 possession or to the use or occupancy of a dwelling unit;
   § 3. Subdivision 2 of section 467-b of the real property tax  law,  as
 amended  by  chapter  747 of the laws of 1985, paragraph (c) as added by
 chapter 553 of the laws of 2015 and paragraph (d) as  added  by  chapter
 343 of the laws of 2016, is amended to read as follows:
   2.  The  governing body of any municipal corporation is hereby author-
 ized and empowered to adopt, after public hearing,  in  accordance  with
 the  provisions  of  this  section, a local law, ordinance or resolution
 providing for the abatement  of  taxes  of  said  municipal  corporation
 imposed on real property containing a dwelling unit as defined herein by
 one  of the following amounts:  (a) where the head of the household does
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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