§ 467-i. Real property tax abatement. An eligible building shall
receive an abatement of real property taxes as provided in this section
and the rules promulgated hereunder.

1. The amount of such tax abatement shall be determined pursuant to
regulations promulgated by the commissioner of the state department of
taxation and finance. The value of such tax abatement shall be
determined based upon a formula to be established by the commissioner of
the state department of taxation and finance that shall reflect the
value of the major capital improvement, the economic loss imposed upon a
building owner as a result of changes to the amortization period
authorized for major capital improvements pursuant to this title and
such other factors as the commissioner may establish, including
appropriate discount rates and time periods.

2. Such tax abatement shall commence on July first following the
approval of an application for tax abatement by the department of
finance on a form prescribed thereby providing the amount of the major
capital improvement approved by the division and the amount of units in
the eligible building.

3. Such abatement may not be carried over to any subsequent tax year
and shall not reduce or be offset by any other tax benefit provided,
approved or calculated by the city or the state.

4. "Eligible building" shall mean for the purposes of this section a
class two building located in a city of a million or more which is
subject to either the emergency housing rent control law or to the rent
and rehabilitation law of the city of New York enacted pursuant to the
emergency housing rent control law or to the emergency tenant protection
act of nineteen seventy-four.

5. With respect to administration of the tax abatement program
authorized in this section, no local agency shall consider or adopt any
eligibility criteria that are different than those promulgated by the
state department of taxation and finance.