Bill Text: NY A06073 | 2021-2022 | General Assembly | Amended
Bill Title: Provides that a certain time limit for purposes of filing a final application for a tax abatement shall not apply to certain construction projects.
Spectrum: Partisan Bill (Democrat 10-0)
Status: (Introduced - Dead) 2021-06-10 - substituted by s5882a [A06073 Detail]
Download: New_York-2021-A06073-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 6073--A 2021-2022 Regular Sessions IN ASSEMBLY March 9, 2021 ___________ Introduced by M. of A. PERRY, TAYLOR, HYNDMAN, ZINERMAN -- read once and referred to the Committee on Real Property Taxation -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the real property tax law and the administrative code of the city of New York, in relation to providing that a certain time limit for purposes of qualifying for a tax abatement shall not apply to certain brand-new from the ground up construction sited on property purchased from the city of New York The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph (a) of subdivision 5 of section 489-cccccc of the 2 real property tax law is amended by adding a new subparagraph (iii) to 3 read as follows: 4 (iii) Notwithstanding any provision of law to the contrary, the time 5 limit to file a final application for benefits as specified in subpara- 6 graph (ii) of this paragraph shall not apply to brand-new construction 7 from the ground up located on property purchased from the city of New 8 York where such property which is the site of the new construction was 9 purchased from the city of New York for the purposes of an eligible 10 development pursuant to this article and where the sales agreement with 11 the city of New York for such property includes a restriction preventing 12 the sale or transfer of such property for a period of five years or more 13 and where the first valuation and assessment for the purposes of proper- 14 ty taxes occurred within that period of restriction from sale, provided 15 the project meets the other requirements of this title. 16 § 2. Paragraph (1) of subdivision e of section 11-270 of the adminis- 17 trative code of the city of New York is amended by adding a new subpara- 18 graph (c) to read as follows: 19 (c) Notwithstanding any provision of law to the contrary, the time 20 limit to file a final application for benefits as specified in subpara- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08932-10-1A. 6073--A 2 1 graph (b) of this paragraph shall not apply to brand-new construction 2 from the ground up located on property purchased from the city of New 3 York where such property which is the site of the new construction was 4 purchased from the city of New York for the purposes of an eligible 5 development pursuant to this article and where the sales agreement with 6 the city of New York for such property includes a restriction preventing 7 the sale or transfer of such property for a period of five years or more 8 and where the first valuation and assessment for the purposes of proper- 9 ty taxes occurred within that period of restriction from sale, provided 10 the project meets the other requirements of this title. 11 § 3. This act shall take effect immediately and shall apply to 12 projects for which a final application for benefits was filed on and 13 after January 1, 2018.