Bill Text: NY A03491 | 2021-2022 | General Assembly | Amended

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Bill Title: Relates to the taxation of property owned by a cooperative corporation.

Spectrum: Partisan Bill (Democrat 11-0)

Status: (Vetoed) 2022-12-23 - tabled [A03491 Detail]

Download: New_York-2021-A03491-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         3491--B
                                                                Cal. No. 127

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                    January 27, 2021
                                       ___________

        Introduced   by   M.  of  A.  GALEF,  ABINANTI,  MAGNARELLI,  SEAWRIGHT,
          J. RIVERA, HYNDMAN, WILLIAMS, COOK, STIRPE, WALLACE -- Multi-Sponsored
          by -- M. of A. THIELE -- read once and referred to  the  Committee  on
          Real  Property  Taxation  -- reported and referred to the Committee on
          Ways  and  Means  --  committee  discharged,  bill  amended,   ordered
          reprinted as amended and recommitted to said committee -- ordered to a
          third  reading,  amended and ordered reprinted, retaining its place on
          the order of third reading

        AN ACT to amend the real property tax law and the real property law,  in
          relation  to  the  taxation  of property owned by a cooperative corpo-
          ration

          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 581 of the real property tax law
     2  is amended by adding a new paragraph (d) to read as follows:
     3    (d) The provisions of paragraph (a)  of  this  subdivision  shall  not
     4  apply  to  real property owned or leased by a cooperative corporation or
     5  on a condominium basis in a municipal corporation, other than a  special
     6  assessing  unit,  which has adopted, prior to the taxable status date of
     7  the assessment roll upon which its taxes will be levied, a local law or,
     8  for a school district, a resolution providing  that  the  provisions  of
     9  paragraph  (a) of this subdivision shall not apply to such real property
    10  within that municipal corporation; provided, however, the provisions  of
    11  this  paragraph  shall  not  apply to real property owned or leased by a
    12  cooperative corporation or on a condominium basis that had  been  previ-
    13  ously  subject  to  the  provisions of paragraph (a) of this subdivision
    14  prior to January first, two  thousand  twenty-three;  provided  further,
    15  however,  the provisions of this paragraph shall not apply to real prop-
    16  erty owned or leased by a cooperative corporation or  on  a  condominium
    17  basis  that is participating in an affordable housing tax credit program

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08115-04-1
        A. 3491--B                          2

     1  or has a regulatory agreement with a federal,  state,  or  local  agency
     2  related to affordable housing requirements.
     3    §  2.  Subdivision  1  of  section  339-y  of the real property law is
     4  amended by adding a new paragraph (g) to read as follows:
     5    (g) The provisions of paragraph (b)  of  this  subdivision  shall  not
     6  apply  to  real property owned or leased by a cooperative corporation or
     7  on a condominium basis in a municipal corporation other than  a  special
     8  assessing  unit,  which has adopted, prior to the taxable status date of
     9  the assessment roll upon which its taxes will be levied, a local law or,
    10  for a school district, a resolution providing  that  the  provisions  of
    11  paragraph  (b) of this subdivision shall not apply to such real property
    12  within that municipal corporation; provided, however, the provisions  of
    13  this  paragraph  shall  not  apply to real property owned or leased by a
    14  cooperative corporation or on a condominium basis that had  been  previ-
    15  ously  subject  to  the  provisions of paragraph (b) of this subdivision
    16  prior to January first, two  thousand  twenty-three;  provided  further,
    17  however,  the provisions of this paragraph shall not apply to real prop-
    18  erty owned or leased by a cooperative corporation or  on  a  condominium
    19  basis  that is participating in an affordable housing tax credit program
    20  or has a regulatory agreement with a federal,  state,  or  local  agency
    21  related to affordable housing requirements.
    22    § 3. This act shall take effect immediately and shall apply to assess-
    23  ment rolls prepared on the basis of taxable status dates occurring on or
    24  after January 1, 2023.