Bill Text: NY A01049 | 2017-2018 | General Assembly | Introduced

---

Bill Title: Establishes a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to co-located work space and residential units in certain high density areas in Kings county.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2018-05-31 - held for consideration in real property taxation [A01049 Detail]

Download: New_York-2017-A01049-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                          1049
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    January 10, 2017
                                       ___________
        Introduced  by  M.  of  A.  RICHARDSON  -- read once and referred to the
          Committee on Real Property Taxation
        AN ACT to establish a  demonstration  program  extending  the  J-51  tax
          exemption to the conversion and rehabilitation of commercial and manu-
          facturing  space  to  co-located  work  space and residential units in
          certain high density areas in Kings  county;  and  providing  for  the
          repeal of such provisions upon expiration thereof
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. There is hereby  established  a  demonstration  program  to
     2  extend  the  provisions  of the J-51 tax exemption to the conversion and
     3  rehabilitation of commercial and manufacturing space to co-located  work
     4  space  and  residential units in certain high density, underutilized M-1
     5  zoned properties in Kings county. For purposes of this section, J-51  is
     6  a  property  tax  exemption  and  abatement for renovating a residential
     7  apartment building in certain counties of the city  of  New  York.  Such
     8  credit  varies  depending  on  the  building's  location and the type of
     9  improvements and shall be extended to the county of Kings.
    10    § 2. This act shall take effect immediately and shall  expire  and  be
    11  deemed repealed five years after such effective date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05597-01-7