Bill Text: NY A02965 | 2019-2020 | General Assembly | Introduced

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Bill Title: Exempts certain low income housing accommodations from local real property taxation in a city with a population of one million or more.

Spectrum: Partisan Bill (Democrat 11-0)

Status: (Introduced - Dead) 2020-01-08 - referred to real property taxation [A02965 Detail]

Download: New_York-2019-A02965-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          2965
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 28, 2019
                                       ___________
        Introduced by M. of A. BICHOTTE, BLAKE, GOTTFRIED, LAVINE, SIMON, ORTIZ,
          SEAWRIGHT,  COOK, WALKER, RICHARDSON -- Multi-Sponsored by -- M. of A.
          GLICK -- read once and referred to  the  Committee  on  Real  Property
          Taxation
        AN  ACT  to  amend  the real property tax law, in relation to exemptions
          from local real property taxation of certain low income housing accom-
          modations in a city with a population of one million or more
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subdivision  1  of section 420-c of the real property tax
     2  law, as amended by chapter 104 of the laws of 1999, is amended  to  read
     3  as follows:
     4    1. In a city having a population of one million or more, real property
     5  owned  by a corporation, partnership or limited liability company formed
     6  for the purpose of providing  housing  accommodations  for  persons  and
     7  families  of low income as defined in section two of the private housing
     8  finance law and used for such purpose, shall be exempt from  local  real
     9  property taxation, provided that such corporation, partnership or limit-
    10  ed  liability company: (a) is organized as a non-profit housing develop-
    11  ment fund company pursuant to article  eleven  of  the  private  housing
    12  finance law and is not established or controlled by a for-profit entity,
    13  or  is  a non-profit housing corporation as defined in article eleven of
    14  the private housing finance law which is not incorporated as  a  housing
    15  development  fund  company  as  defined in article eleven of the private
    16  housing finance law and is not established or controlled by a for-profit
    17  entity, or is a wholly-owned subsidiary of such a company or is a  part-
    18  nership  or  limited liability company the controlling interest of which
    19  is held by such a company or corporation or by a wholly owned subsidiary
    20  of such a company or by a corporation sponsored  or  formed  by  such  a
    21  company or corporation; and (b) has received a loan from a municipality,
    22  the  state or the housing trust fund corporation established pursuant to
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00426-01-9
        A. 2965                             2
     1  section forty-five-a of the private housing finance law or any successor
     2  corporation; and (c) enters into a regulatory agreement with the munici-
     3  pality, the state or the  housing  trust  fund  corporation  established
     4  pursuant  to  section forty-five-a of the private housing finance law or
     5  any successor corporation guaranteeing the provision of housing accommo-
     6  dations for persons and families of low income; and (d) is a participant
     7  in the federal low income housing tax credit program established  pursu-
     8  ant  to  section  forty-two  of  the  internal  revenue code of nineteen
     9  hundred eighty-six, as amended. Any exemption pursuant to  this  section
    10  shall expire upon the expiration or termination of the regulatory agree-
    11  ment.
    12    §  2.  Subparagraphs  4  and  5  of  paragraph (a) of subdivision 4 of
    13  section 420-c of the real property tax law, subparagraph 4 as  added  by
    14  chapter 522 of the laws of 2004 and subparagraph 5 as amended by chapter
    15  526 of the laws of 2004, are amended to read as follows:
    16    (4)  The  term "charitable organization" shall mean (i) an entity, not
    17  established or controlled by a for-profit entity,  formed  for  purposes
    18  that  include  providing housing accommodations for persons and families
    19  of low income and that has received  written  recognition  of  exemption
    20  pursuant  to  section  501(c)(3)  or  section  501(c)(4) of the internal
    21  revenue code of nineteen hundred eighty-six, as amended, or any  succes-
    22  sor  statute,  from  the  United States Internal Revenue Service, or any
    23  successor agency, or (ii) a corporation, partnership or limited  liabil-
    24  ity  company wholly owned and wholly controlled by an entity, not estab-
    25  lished or controlled by a for-profit entity, formed  for  purposes  that
    26  include providing housing accommodations for persons and families of low
    27  income  and  that has received written recognition of exemption pursuant
    28  to section 501(c)(3) or section 501(c)(4) of the internal  revenue  code
    29  of  nineteen  hundred  eighty-six, as amended, or any successor statute,
    30  from the United States Internal Revenue Service, or any successor  agen-
    31  cy.
    32    (5)  The  term "eligible entity" shall mean a corporation, partnership
    33  or limited liability company at least [fifty] fifty-one percent  of  the
    34  controlling interest of which is held by a charitable organization.
    35    §  3.  This  act  shall take effect immediately and shall apply to all
    36  projects approved on or after the date on  which  this  act  shall  have
    37  become a law.