S T A T E O F N E W Y O R K
________________________________________________________________________
6460--C
2009-2010 Regular Sessions
I N A S S E M B L Y
March 4, 2009
___________
Introduced by M. of A. PERALTA -- read once and referred to the Commit-
tee on Real Property Taxation -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee --
again reported from said committee with amendments, ordered reprinted
as amended and recommitted to said committee -- recommitted to the
Committee on Real Property Taxation in accordance with Assembly Rule
3, sec. 2 -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee
AN ACT to amend the real property tax law, in relation to authorizing
the local legislative body of a city having a population of one
million or more the authority to grant an exemption for real property
used for professional major league sports
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Section 429 of the real property tax law, as added by chap-
2 ter 459 of the laws of 1982, is amended to read as follows:
3 S 429. Real property used for professional major league sports. Real
4 property within a city having a population of one million or more, used
5 by both a professional major league hockey team which is a member of the
6 National Hockey League and a professional major league basketball team
7 which is a member of the National Basketball Association to play their
8 home games [shall] MAY be exempt from taxation to the extent said taxes
9 are the obligation by lease or otherwise of the owners of franchises for
10 such teams, provided THAT THE LEGISLATIVE BODY OF SUCH CITY ADOPTS A
11 LOCAL LAW PROVIDING FOR SUCH EXEMPTION AND that such owners enter into a
12 written agreement with the chief executive officer of the municipality
13 in which such property is located to play their home games within such
14 municipality for a period of at least ten consecutive years. The tax
15 exemption provided herein shall be granted to real property being used,
16 in whole or in part, for the aforesaid purposes on the date such agree-
17 ment is executed and shall apply to taxes which become due and payable
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09975-06-0
A. 6460--C 2
1 after the aforestated agreement is executed and shall continue with
2 respect to such property as long as both of said teams play their home
3 games therein and no longer. Such exemption shall not apply with respect
4 to any improvement to such property made after the date such agreement
5 is executed which improvement is not used for the provision of facili-
6 ties or services related to sports, entertainment, expositions,
7 conventions or trade shows. If one or both of said teams shall cease to
8 play their home games in said property at any time, the tax exemption
9 provided herein shall cease immediately and such property shall imme-
10 diately be restored to the tax rolls and thereupon become subject to
11 taxation and shall be taxed pro rata for the unexpired portion of the
12 taxable year.
13 S 2. This act shall take effect on the thirtieth day after it shall
14 have become a law.